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Reasons Why Your Business Is Broken And How To Fix It

Earning an extra dime has always been a dream for many. However, today we explore the reasons why your business is broken and how to fix it.

Each day new ideas are transformed into business opportunities. Starting up has become easy thanks to technology.

A while ago one had to go through a lot. These days one doesn’t even need to visit any office for registration.

The business world is competitive, before starting up one should put in place strategies to utilize. 

To be the best you have to be unique; do what no other businesses aren’t doing and strive to provide the best.

Providing the best can be just as simple as asking for feedback, aftersale services, and asking for recommendations from customers.

The business is broken for it’s the small things that impact and create a change for it. Besides, even businesses start small.

A good business owner is a learner. They are also observant are always strive to know how best they can be.

Both a startup and running business need proper examination, it’s from that one learns what best fits.

A good business owner is strategic. They know how to plan for the success of their business by implementing the best strategies.

What counts as a business

Business is the exchange of products or services with a payment. Can also be defined as an entity involved in commercial, industrial, or professional activities.

These activities may include sales, goods, and services. These are then sold to make a profit and grow the business.

Any activity that is done to bring profit is a business. The aim is to make a profit and grow.
Do businesses need registration?

Yes, for a business to be legal and recognized by law one should register it. Registration also makes customers trust the business.

We all take security seriously. Unregistered business is broken and it’s risky to transact with it since once gone can’t be traced.

Besides, a registered business is reliable and trusting. It never ends well when transacting with the wrong business.

Which business is best to start?

There are a lot of ideas one can consider. However, it’s up to you to choose the best that you love.

Starting a business shouldn’t be influenced by how much you heard someone earns; do something with passion and dedication.

Having the right mindset will help you gain be the best. Also, you will get to earn much more.

Here are the ideas on businesses you can start with little capital:

  • Clothes business
  • Shoe business
  • Car wash
  • A shop

For those who have got an extra dime a lending business is very profitable. I mean just earn from giving out money.

Of course, there are many other lucrative businesses one can start. It’s up to you to find what you love.

Also, don’t go into business because it’s rewarding. Always have a plan in place to guarantee the growth of the business.

Well, not having the right objectives and strategies leads to failure. This is how to know your business is broken and how to fix it.

1. Doing it all by yourself

Well, it’s no lie that a small business can be managed alone. However, to be effective one needs help.

Doing it all by yourself is tiring and one is prone to make a mistake. No one is perfect and this can cost your business.

However, one can avoid all these unnecessities and keep the business running smoothly with the right team.

The right team will always make sure your business is geared towards success and the returns are extra. 

However, to get the right team, one needs to get the hiring right. Don’t just hire because they are from a competitor.

Have the right criteria to check each employee before making them a part of your business.

2. Failure to market the business

A business is broken without marketing. It’s the best strategy to tell people you have a business. Marketing increases reach.

Well, without a plan to increase reach the business also suffers. The local clients are not enough.

Marketing brings new opportunities. Investors also get to know about your business and can easily reach out.

It’s easier to sell a product and hence grow your revenue from marketing. However, this also needs the right timing and plans.

Of course, with many channels of marketing, there are also two marketing methods: Paid marketing and free marketing.

It’s up to you to use the right method and channels to ensure your business reaches many people. Get value for what you do.

3. Not listening to customers

The customers are the business. Without them, there won’t be sales or the business itself.

They help run the business through their transactions. Often many businesses operate without considering them.

The customer’s feedback and reaction are very important. Learning to provide what your customer needs makes the business boom.

“The customer is always right”; once you adopt this the business runs without hitches and it keeps growing.

Always ask for feedback, listen to suggestions from customers, and make the best improvements that best suit the business.

4. Not adapting to market changes

Every day new market trends are evolving.  Different platforms too are being created to grow with the market.

Businesses too need to evolve. Using one strategy will not guarantee business growth.

As a business owner, one needs to be informed. Learn bout the different market strategies and how to work with them.

Adopt the changes and use them to your advantage. These strategies are what make the business grow.

5. Not tracking finances

Finances are what keep the business growing. It’s from them that different operations can be accomplished.

Without them, business running isn’t effective. One needs to keep a financial plan for every business.

A financial plan helps one plan ahead. It also safeguards the business by keeping it from running on debts.

Keeping the books right will also account for how best the business has been running. It also helps one figure out what next.

Well-kept records ensure a smooth process of tax filling. It keeps the business safe and grows it.

6. Just business all the time

Owning an entity requires sacrifice, dedication, and many more. Well, that doesn’t mean being business only.

One needs rest, time to replenish the energy. A well-rested individual is more effective and productive.

Yes, as we input much into the business we also require time for ourselves. One also can choose to get in touch with friends and family.

Business consumes most of our time. Having breaks and time to ourselves increases productivity.

7. Lack of a plan

A plan is crucial for any business. It’s what constitutes the business operations that make up the business.

“Failing to plan is planning to fail” is a good enough context to consider. Each aspect of the business should be accounted for.

The best plan often involves small milestones. These milestones can be monitored weekly or monthly.

You don’t need to have a huge plan. Work with the little plan and impact the biggest changes.

8. Selling irrelevant products

A business is made of products. Often we overrule the fact that a certain product is not being bought.

A business owner seeks to know what product works and what doesn’t. Learn to check the stock and preferences of customers.

Knowing what works will keep the business booming. It allows one to plan and find the right solutions for the business.

9. Lack of employee motivation

This is the team that drives sales. They are behind the customer support and are responsible for the business growth.

Employees need to feel safe and should always be motivated to conduct daily business activities.

Motivated employees are effective. This also transforms into productivity which promotes business growth.

Your business is broken for many reasons. The above a just few that one can use to rectify and promote growth.

A business needs to be nurtured and protected. Components of the business too need to be worked on.

 

Changes That’ll Make A Difference With Your Business

We all have dreams and aspirations; starting a business is a dream come true for most of us. Every startup however needs changes that’ll make a difference.

Before starting a business one needs effort, commitment, dedication, resources, and motivation for growth.

It’s challenging but once one has mastered the art of business, running it becomes easy and fast.

These days also it has become easy to run a business. From registering it online to transacting online. 

One also doesn’t need to have a physical store since the online market is providing it for free.

Social media also has become the largest platform to drive sales and advertise the products and services of a startup.

With this emerging technology, a lot has been achieved. Every day people transact, having a way to turn them into sales grows your business.

Even with technology, word of mouth can’t be beaten. As a business owner, one needs to find a way to connect with the customers.

As we get to know what changes that’ll make a difference with your business, let’s get more information on a business.

Why do businesses fail?

1. Treating every customer the same

Customers are the building force of a business. Every customer has different needs and treating, all the same, is the worst mistake.

“The customer is always right”- should be the driving force for all businesses. Besides, it’s from them that sales are driven.

As a business owner one oughts to understand the needs of different customers. Learn to provide for them without them asking for it.

Customers also feel happy when appreciated. A simple thank you can transform your business and grow sales.

Also, learn to ask for feedback from them. It’s from feedback that you know where you failing and need to improve.

2. Lack of plan

Planning is the stepping stone of every business. The plan gives a layout of how every aspect of the business is to be done.

As Benjamin Franklin said “failing to plan is planning to fail”, doing things without a plan eventually fails.

Plans help us to keep in check with tasks. It also helps us work on priorities and keep scheduling others when we have done the rest.

Besides, without a plan, everything becomes monotonous; which then makes it boring, and eventually, it fails.

A good plan should be simple; doesn’t need to include a whole year to be successful, a day, week, or monthly plan is effective.

3. Resistant to change

Every day new things are coming up. Businesses too need to adopt the best changes to keep growing.

Many people ignore change and associate it with trends. Change, however, contributes positively to the business.

Doing the same thing over and over again doesn’t guarantee success. Just become something that worked 3 years ago doesn’t mean it will work today.

We are evolving and businesses too need to evolve. Change is the best evolve that will guarantee business success.

It doesn’t have to be done instantly; small continuous changes will make a difference.

4. Lack of teamwork

Every employee should be proud to be part of a team. Teamwork should be embraced to promote growth.

Being part of a team makes one feel wanted. It is a motivation and a driving force for employees.

Every business should consider having different teams. With the teams also targets should be created and a reward is given upon delivery.

Members of a team tend to work efficiently and drive motivation towards each other focusing on growth.

As the business owner embrace teamwork, also become part of the team and make great things happen.

5. Focusing on marketing than product

A customer should always come first and product second. Marketing is part of the business but shouldn’t be the first priority.

A good product doesn’t even need marketing. It will sell itself through the customers.

The word of mouth is the strongest marketing tool. One will trust easily the word from a friend than an advert.

Quality is important than quantity. It rather you sell one expensive quality product than have cheap products without sales.

Have the right product, it will boost your sales.

The following are changes that’ll make a difference with your business.

1. Creating an online presence

These days a larger population of people have devices that have an access to the internet. The internet is the largest market that connects everyone together.

Also, these days with the internet you can do unimaginable things. A while ago before purchasing a product one wasted a lot of money.

These days with the internet just a few scrolls and reviews, you are able to buy and get your product from home.

An online presence can be just from social media (Facebook, Twitter, Instagram…) and can also be in form of a website.

A website is the best way to reach out to people all over the world. The good news is that one can just create it in under 10 minutes.

10 minutes? How? 

OLITT is a website builder that helps you drag and drop elements and create the most stunning sites easily.

You don’t need any coding or designing skills to have a website.  OLITT also offers hosting and domains for free!

You spend just 0$ to start transacting and reaching millions of people. Make the right decision and increase your market reach.

And if you have a website to make sure it:

  • Serves as a trusted resource
  • Is SEO-friendly
  • Features relevant content
  • Is easy to navigate
  • Is updated frequently
  • Has your contact information easily visible

2. Having an economics management software

Keeping the books in check guarantees the safety of the business. Funds run the business and need to be secured.

Keeping the records right also helps in planning for the future. A good financial record makes it easy to file returns.

Accounting also helps one know how the business is performing. One also gets to know where and how the finances are spent.

Doing accounting can be a heavy task especially if you work in a financial organization dealing with loans.

Accounting software such as Jisort would come in handy. It will help keep all records updated and provide all financial records.

Jisort also reminds its clients of the due dates to avoid any other charges. It’s safe and easy-to-use software.

Have marketing plans

Marketing means reaching a vast population. Marketing can be done free or as per paid terms.

It depends on how much budget you have set aside. Every product requires a boost to drive sales.

Before choosing any form of marketing one needs to have a plan. Know how different platforms operate and the cost of doing it.

Stick to your budget and don’t overspend. Look for what works and let go of what doesn’t grow your business.

4. Discipline

This is the most important aspect of changes that’ll make a difference with your business.

It’s not about time but also how you work and associate with others. It’s also the self-believe that drives us to be the best.

It simply means working with dedication and attention. Taking work hours seriously and doing things in the right way.

As the owner found the best work ethics and see how the business grows. Lead by example and create the best working environment.

5. Motivate your employees

Motivation promotes growth. A happy employee is more effective than unmotivated individuals.

Motivation starts from acknowledgment and appreciation. A simple thank you to employee x for doing this will make one more productive.

Challenge them to be the best versions of themselves. Make them feel appreciated and feel worthy for working with you.

They are important for they help you interact with your customers. They understand what they need and provide for them.

Find the best way to appreciate each and every member.

6. Staying apprised

Every day new things are coming up. Your business too ought to be updated with daily trends and relevant information. 

Staying informed also helps one deliver the best products.  Social media is a great way to keep informed.

Besides, books also come in handy. As Albert Einstein stated, “Once you stop learning, you start dying”. Information is crucial.

Depending on general knowledge from the business will not help you grow. Always aim to learn something new even if it doesn’t relate to the business.

7. Take a break

Work will never end and money will never be enough. Every day there are new ways to make money.

The body needs rest to function properly. A good manager needs one know how to manage time.

Always working means that one time you will lose focus steam which will lead to business failure.

Have time to relax your mind and body. A 20 minutes break every day can make a difference in your productivity.

It’s crucial to also take enough rest; this helps the mind and body recharge and get enough energy for the next day.

8. Train your employees

No one is perfect. All of us are prone to making a mistake at one time. Firing one because of a mistake doesn’t help.

Instead, adopt the art of training employees on areas they fail. Show them failure is the start of learning; these changes that’ll make a difference.

Training will improve and guarantee the efficiency of the employee. They will also learn not to give up.

Training gives one a second chance; an opportunity to make it happen with confidence and knowledge.

9. React to problems

Problems are part of a business. They show that the business is performing and needs some changes that’ll make a difference.

A business isn’t meant to run smoothly; it has challenges. One needs to have problem-solving skills to manage different issues well.

A key to success is working passionately and always finding solutions to different problems as they come.

The above 9 are changes that’ll make a difference with your business. Staying informed of these will help you grow.

Business too needs change, it’s part of growth. Be part of the change that makes the business succeed and grow.

Responsible For A Business Budget? 9 Best Ways To Spend Your Money

Before starting any enterprise one needs a plan; starting is easy however, maintaining becomes hard. You need ways to spend your money correctly not to incur the losses.

A plan is not enough to keep the business running! One also needs to put in the effort and find ways to reach many people.

The business is mainly made up of the customer and product. Putting customers first will help boom the business. Besides, the customer is always right!

As per product ensure to choose quality over quantity. 

What is a business budget?

It is a financial plan of an entity over a specified time. It can also be defined as a spending plan based on income and expenses.

A budget helps one identify available capital, spending rate and helps in predicting revenue. This then can be used to plan ahead.

A budget can be short-term or long-term based.

Why does a business need budgets?

Well, a budget helps manage finances; which are the driving force for any business and should be managed well.

Here is why you need a budget:

  • To estimate revenue- know what goes where and when; it restricts spending on what isn’t on the budget.
  • To plan ahead- get to assign different projects in different amounts and save the cost of spending on unlisted projects.
  • Helps one track financial goals- one gets to see how the business is performing and where the finance is being applied.
  • Enables one to know what to afford- this helps one take advantage of opportunities and plan how to invest.

What to include in the business budget?

1. Costs and expenses.

This what you intend to spend and how to spend it. Have an outlined way to check on your business spending habits.

These spending’s shouldn’t incur losses to the business; should guarantee business growth and a successful market. Know how to spend your money in a profitable way.

2. Cash flows.

This is the money in, money out in the business. The cash flow should be positive; more should come in less should come out.

Cashflow is the building factor for every business thus should be always checked on and maintained well.

3. The estimated revenue

This is the estimated amount you intend to get from sales and services. It is the rewards you get even after spending on goods and services.

4. The profit

It is what you get after all your expenses are deducted from your revenue. Profits should be greater than expenses.

The higher the profit the higher the growing chance of the business.

The budget should contain many other valuable insights for successful transactions and growth.

How to create a business budget?

  • Research- get to know all that your business needs before accounting for what to budget on.
  • Take a look at your revenue- see how your business has been performing in terms of cash flow.
  • Check your fixed costs- these are costs like bills, payroll, rent, or taxes; add them together first then subtract them from the revenue.
  • Check variable costs- these are costs that change depending on service or product availability and usage.
  • Set aside  Contingency capital- this is crucial to help you pick up in case your business runs into hiccups.
  • Create a profit and loss- thus is to monitor how much gets in, where it goes and whether the allocations are profitable.
  • Set targets- indicate your projections for the business, how you expect the business to perform.

It’s essential to invest in other tools like accounting software to help you manage the books. Also, ensure you have the right team.

Put your plan in the simplest means possible. 

Here are ways to spend money your money on a budget.

1. Marketing

Marketing is the reach to many people. It involves different strategies it all depends on what you want to work on.

Every business needs marketing; it helps people know about the products and services an entity provides.

Marketing is also flexible; one doesn’t need to keep traveling or spending much to reach out to people. The online platform has eased all transactions; social media has saved all.

With just a touch of a button and all people get to know you offer. Isn’t that great? Start marketing now for free!

2. Location

This is where to base your business. A good location should be easily accessible and safe.

Customers need to feel secure when transacting with you. Relocating to a safe and secure place will save your business.

Spend your money on a location that suits your customer. It’s the customers who drive and grow the business through sales and marketing.

3. Have a cash reserve

This means saving for your business. This is important it can save your business when you run into cash issues.

Cash reserve also can help secure loan payments and advance payouts. It will also keep the business running when sales are down.

Cash reserve is crucial and many uses. 

4. Timing payments

Payments should be processed as early as possible. Also, know when to give or receive on credit.

Timely payments save the business from incurring additional charges and fines in transactions. It’s best to know when to pay.

5. Get insurance

This will help save your business by protecting it as per the agreed terms. This means that the business gets paid for losses incurred by unavoidable causes.

Different agencies offer different insurance modes. It up to you to get the best insurance for your business.

6. Hire interns

This is the best team of employees you should get. Interns are always determined and want the business success.

Besides, it doesn’t cost you much to pay them. For them, they need experience more than cash. They are flexible and adapt quickly to changes. 

7. Create online presence

This is the best approach! This approach will gain the business market reach and help you post and share updates of your business.

So how do you create an online presence? It is simple… creating a website, creating social media channels, and a blog.

Website creation is fast and easy. Forget the traditional method of coding and designing… now creation is codeless!

Also, creation is FREE! At OLITT design any kind of website for free! Besides, it takes you less than 10 minutes to go live.

OLITT offers free hosting to enable you to run your site fast and easily.

8. Procuring knowledge materials

Learning shouldn’t stop; it’s from learning that we get knowledge. Get the necessary skills from learning from successful businesses.

Use all the platforms to ensure you are up to current trends. Know what others are doing to be successful in their businesses.

Learn from others and secure your business and prevent repeating costly mistakes.

9. Investing 

Find a way to make more than you earn. Find other open ventures to use your money on and gain profits.

Additionally, you can reinvest in your business, offer a new service or product. Something that will boost sales and cut down costs.

They are many ways to spend your money on a budget. However, it’s essential to make sure you use the money well.

Remember money is the driving force of the business. It should be well utilized and one way is through budgeting.

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