3 Warning Signs That Your Business Is Failing

Every business needs to reevaluate their business goals and objectives at least every six months if not even more. Not only do they need to reevaluate, but also to follow through and then follow-up. A lot of businesses make “verbal goals” but don’t act towards making their goals achievable. You’ve probably heard the saying that if you want different results you have to do different things. You can’t keep doing what you’ve always been doing because you’re most likely guaranteed to get the same results every time.

HERE’S 3 SIGNS THAT YOUR BUSINESS IS FAILING:

1.     You Have High Employee Turnover—

There are a number of factors that contribute to employee turnover. The main two main contributors to high employee turnover are job satisfaction and job alternatives. Employees are most likely to quit if they are not getting paid like others in their field, they worry about job security, they are not rewarded, there’s no opportunity for growth, or maybe because they have a strong work ethic and their employees don’t. Also, the work environment is considered in job satisfaction. Employees may be feel they are in a hostile environment, the firm size is too small, or the job content is boring. As far as job alternatives, you may be working a job that is below your educational level. Therefore, you look for jobs that match skill level, experience and your career desire. Let’s be honest—employee turnover is expensive on so many levels and is a major factor on why your business is failing. 

     
     2.     Employers Have Lost Their Passion For Work/Career—

Evidence of this is shown when employers rarely ever show up to work and when they do, they’re busy handling their personal business lives. They also start making their associates and other employees do ALL the work. Some employers stop improving their skills in their field and are content in their career. Others have other side-businesses that keep them busy and their passion is focused on their new venture.

     3.     Employers Are Content And Don’t Market Their Business—

Look, you’re not the only business in your field. There’s lots of competitors ready to go the extra 100 miles to make their business a success. They invest in marketing, they aren’t content with their current business state and they are always keeping up with new trends. Competitors that are well-known aren’t afraid to take both financial and business risks either.

RESULTS OF COMPANIES FAILING:

1)    Your employers don’t communicate with the staff or with managers.

2)    Bills are piling up and are remaining unpaid.

3)    The best, most valuable employees are leaving and often times the employers don’t make an effort to make them stay by offering them a package they can’t refuse.

4)    They are losing clients/customers/patients.

5)    The business managers are micromanaging employees and focusing their attention on each worker’s efficiency.

6)    Staff perks are being cut-down or eliminated.

7)    Supplies are either being returned or not ordered. The quality of supplies may be low.

8)    Employees are given additional tasks without being given a raise.

                                               i.     Employees are doing jobs that would normally be split between 2-3 people

9)    Employees are looking for new jobs. Sometimes they are job searching at work!

10) Customers are complaining a lot and leaving

11) People quit (and they replace them with lower-paid under skilled employees)

12) There’s lay-offs

13) Low or no bonuses

14) Employees get demotions

15) The accountant/bookkeeper is constantly stressed out