Written By Millionaire’s Digest Team Member: Alexis Esguerra
Founder & Owner of: Business and Beyond
Millionaire’s Digest Team, Contributor and Business Writer
Imagine yourself as the boss. Watching everyone of your staff do their daily duties and responsibilities as you motivate them and spend time with them. As you approve any decision for the future of your business and then it hit you. You are facing too much optimism while planning to build up your business and didn’t think of any possibility that one or more events might occur and lead you and your business hanging on the air.
So as a business enthusiast, you should be ready to face one or more of this problem and make sure that your decisions would not lead to these problems:
1. Demoralized employee – this is the hardest problem you’ll ever face as an entrepreneur. If you have made a mistake in managing your employees, this problem will haunt you for the rest of your entrepreneurial life. Employees are the lifeblood of any business and if you let them down, you should be ready if ever they decide to let your business down. Managing people of your own is not an easy task. What more is managing their ego, emotions and loyalty towards you and your business? If you think that you can easily replace any employee you have, then go ahead and assert yourself, and ready yourself for new training and mistakes ahead of the way. You’ll surely miss those employees who have done the dirty work for you. As the saying goes, you’ll never know the value of a person once its gone.
2. Customer satisfaction – as every business says, “The customer is always right.”. Then we could look at it the same way as “The customer is a big problem”. Being on entrepreneurship means you have to satisfy the demands of the customer to maintain them as customers. They are also the hardest hurdle you might face not knowing the damage they can do to your business. You might not notice what they do once they get out of your vicinity with that mad face of their own. You could think of them spreading rumors like air, talking about their rants on social or worse, filling a case that would mess up the identity of your business. The only recommendation I could to you is to never let them out mad or else, something bad is about to happen.
3. Incompetent supplier – once the business is operational, the common problems you’ll have to face is your suppliers. From delayed delivery of supplies or materials, to substandard quality of products or service they have rendered or to the worst problem as being treated as the least priority for you are their smallest client. In times like these, if you could get another supplier to offer their service to you at a reasonable price, you might want to reconsider it to avoid the crap. You could have more peace of mind if you are certain that your supplier would help you reach the top and become your buddy towards reaching your goals.
4. Taxes and other licenses – this is by far another problem you can avoid but if you aren’t able to do so, prepare your bank account as this will be costly. Once you have started to operate a business you should make sure that you have complied with all the registrations and licenses to begin with. If you want your business to grow tremendously, you should hire a consulting firm to help you on the proper papers on your way to success. I have seen a lot of businesses that have potential yet, they have not grown exponentially after being in operation for a few years because of one thing, they lack capital and the bank won’t lend them money because they have failed to comply with their business papers. Others have also been discovered by the authorities and found out that they failed to pay the correct taxes since they operated their business. Being thrift is a good thing when it comes to business decisions but when it comes to decisions like consultancy and tax matters, you should think twice as these have hindered a lot of businesses.
Once you have been in business, or already in business, I wish that you would be prepared in facing these problems or might as well avoid them as possible. These problems have been long the problem of any business enterprise and these have also hindered and even shut down businesses with a lot of potential. Consider the following problems in planning and establishing your business and for sure, you will have that financial freedom you have dreamed of. Have anyone of you have more problems to share that we can talk about?
Article Credits: Alexis Esguerra
Millionaire’s Digest Team, Contributor