You want to ensure the longevity of your business, so you must address any issues that prevent you from reaching this goal.
Here are the greatest threats to your business longevity.
Eliminate high costs in your business model, such as employee churn. High levels of churn mean your business could lose thousands each year. Another issue is using services that don’t provide the best rates. Always price check any service to guarantee it doesn’t negatively affect your budget.
If you’re buying fuel and lubricants, make sure you check the average price so you’re not paying any more than you should.
Downtime could cost your business income and is a massive concern, so have backups in place to prevent it. Consider buying a backup generator so a new power supply kicks in as soon as the original turns off, and then you won’t lose more than a minute of business operations.
Low productivity drives up costs in your business, and you’ll waste time and money. Add more training if you’re using a team to cut wastage out of your model completely.
Bad reviews are a major threat to your business, and polls suggest more than 80% of customers check reviews online before making a purchase. Positive word of mouth can produce high levels of business growth, and negative reviews cause customers to avoid your business. Figure out why you’re getting negative reviews, and address them publicly to show you’re listening and want to improve.
Take action to handle these threats to the longevity of your business so you can be successful.
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