Many small businesses have been sent to their early graves by their owners. These are the very people who otherwise will do anything within their power to keep their businesses from harm’s way.
Much as this may sound strange, it is a common practice for many entrepreneurs to kill their own businesses.
The funny aspect of this phenomenon is that after causing the demise of your darling business, you then go on a blame-apportioning tour. You spare no effort to find scapegoats for the failure of your home business.
Why do we, small business owners, find it difficult to point the accusing finger at our own selves? Well, your guess can only be as good as mine.
But there is one thing you must know. When you fail to recognize your personal role in the collapse of your small business, it becomes easy to look elsewhere for the cause or causes of small business failure.
Lately, I’ve realized one interesting thing about why most small businesses fail too early. In the majority of cases, the owner is the primary source of the difficulties that any small business encounters.
And it is these difficulties that will ultimately result in the collapse of the business.
Now that you know it is within your power, as a home business owner, to unknowingly commit small business suicide, the next thing you want to know is how on earth can it happen to you.
So, let me show you how any small business operator can commit small business suicide. I trust that by the time you finish reading this post, you will learn how to act in the best interest of your small business.
After all, no entrepreneur invests in a startup only to personally engineer its collapse.
You can now take a look at the ways in which you may be gradually working at this moment to end the life of your business. Sadly, like I said before, you might not even realize the harm you’re causing. This is why this post is a timely eye-opener.
1. Refuse to plan ahead.
When you fail to always set your eyes on the future as you go about your business activities, chances are you will be taken unawares should anything go wrong.
It is, therefore, important for you to ensure that your small business is ready to weather any storm on the horizon.
2. Wrongly price your products.
You will begin to lose your customers to your competitors as soon as you decide to overprice your products. With customers gone, your small business is as good as dead and buried.
On the other hand, you can’t sustain a viable business with underpriced products. Rising costs coupled with declining revenue and profits will suck the life out of any business.
3. Refuse to pay the price.
Remember, for every prize, there is a price to pay.
Your refusal to honour your financial commitments such as tax, wages and other bills will quickly send the wrong signals to all stakeholders.
Also, you cannot hope to see your business flourish when you are not prepared to put in the needed work.
4. Do not honour your promises.
Trust matters a whole lot in all business transactions.
Your ability or otherwise to do what you promised your customers, employees and other stakeholders will eventually determine the direction of your small business.
Needless to say, these people are your most valuable assets. So, the level of trust you are able to build will make the difference.
5. Chase only the money.
Greed can kill your business faster than the virus.
Granted, no business can survive without cash flow. And you are in business to make a living. That applies to almost every entrepreneur.
That being said, be aware that you’ve got a giant problem to deal with if all you care about is how to make money.
You see, too much love of money may cause you to invest in a so-called profitable venture for which you have no passion. And without passion, you’ll quit as soon as the challenges begin to come up.
People who chase after only the money are prone to treating employees very shabbily. That, too, is a recipe for disaster.
6. Forget to market the product.
A great product won’t perform if you fail to market it properly. And when the sales are not coming in due to poor or no marketing strategy, know that your small business is on its way out.
7. Hand it over to your relatives and friends.
You might be just lucky in some instances. But never forget that close relatives tend to take too many liberties. Especially when it has to do with how money is spent.
Moreover, the same seriousness you would expect from others will not be forthcoming from friends and relatives that you chose to employ.
All you will get from them is mediocrity.
Worst of all, your relatives or close friends in the business can turn against you, working behind your back to make sure the business never succeeds.
This is when you try to insist on them doing the right thing.
It has never been an easy task to take a business idea and bring it to reality. This should be the best reason why you should avoid the above pitfalls that can cause you to commit small business suicide.