An overwhelming majority of listed businesses in the Philippines belong to the micro, small, and medium business category in terms of size. According to the Department of Trade and Industry, they represent 99.52 percent of all enterprises and they employ 63.19 percent of the Philippine workforce. The sad reality is, many of these businesses do not reach their fifth anniversaries.
Although it seems that several factors cause these falls, there are only five truly deadly sins that influence the failure of a small business. As an owner or manager, you should lessen or avoid the following altogether.
Here are the top deadly business sins to avoid:
Running a small business can feel like you’re sailing in open waters. There are a lot of things to be afraid of and even one small hole in the boat can lead to catastrophe.
Fear of innovation is one of its deadliest manifestations. The digital world doesn’t care if your family’s been doing business a certain way for decades. There is an urgent call to adapt to the realm of social media and digital marketing and data-driven decision-making that no one can ignore. These innovations have proven themselves vital in navigating the seas of the modern enterprise.
The ability to organize is a requirement for running businesses. There is no excuse for forgotten appointments and missed commitments, especially since technology has given you so many empowering tools to help with things like that. And disorganization is immediately recognizable and equally unforgettable – thanks to review sites and social media comments.
There are hundreds of apps now that can help with tasks like scheduling and bookkeeping. There’s no need to overwhelm your phone’s Reminders.
Many people have a tendency to overestimate themselves when running their businesses. Taking everything on is often unproductive and unhealthy. There is also the question of whether you truly are trained to handle certain tasks. In most cases, it often helps to slow down and reevaluate your capabilities.
Outsourcing has become an excellent option for small businesses. Digital marketing, for example, is not a skill you can learn overnight. It’s often better to work with an SEO agency in the Philippines and outsource your SEO for better business yields.
The old adage saying business is a commitment will always be true, regardless of how technology has changed the dynamics. If your commitment to your business falters, the consequences can be devastating. No one will care about your enterprise more than you will and a lack of commitment is evident to both your clients and your employees.
On that note, your responsibility shouldn’t end with your business. You also have to show your people that you are committed to them if you expect them to commit back. Having a genuine interest in their growth and well-being gives them a boost in morale and productivity.
Just because you’re enjoying success now, doesn’t mean you can be complacent about the future. Huge strides in communication and technology have direct and immediate effects on businesses and they often require everyone to get acclimated. Planning can help in most situations but flexibility is just as important. There is no one recipe for success and the sooner you come to terms with that, the more vigilant you can be.
Running a business can be grueling and draining enough at times when you’re doing it right. These deadly sins only make it worse, especially because they eventually lead to failure business. Avoid these pitfalls at all costs. With enough hard work and creativity, you can succeed.