How do you know your business is not making any progress? Here are some tips to help you in checking that:
- No new clients
If you are the CEO or COO of the company, then you ought to converse with new and potential clients on a regular basis. On the off chance that this is not happening, it implies either that your organization is not motivated enough in the business or your representatives such as your employees or managers are not working hard. Whichever way this is a colossal issue. Henceforth, you need to get new customers to generate revenue.
- No public exposure
If your set target audience does not have any information about your existence, if your family and friends are not involved in promoting the business, or you do not have a strong presence in the market then it will very difficult to draw in more customers and it is an indication that something is truly off-base. At the end of the day, your business ought to have exposure, and at least your target market should know about your organization.
- Repeating mistakes
Presidents and business visionaries don’t do this deliberately, however in the event that you continue committing the same errors without acknowledging it, then your organization is not doing great. If you are not able to figure out the main reasons or the root cause of problems then, your business is doomed.
- Stacking unpaid bills
a company which is successful is the one that pays all of its bills on time. This is a high priority for any company and if you find it difficult to pay those bills then it implies that your cash flow is strapped. This is a difficult situation that requires immediate attention.
if you just look back and notice that your organization has not changed anything, for instance not launched any product or changed any process, then you organization is struggling. As a matter of fact, even top organizations need to introduce or innovate new products in order to stay atop in the market.
- High employee turnover
In the event that your workers are not satisfied with the job, they will quit, and after that you would likely need to hire new people who have to be trained and eventually even also quit. This is a prominent warning sign that your organization might be stuck in an unfortunate situation.
- Heavy debt
Your business in on the verge of failing, if you are drowning in debts. For any business to thrive, some debt is necessary however if its excessive that you are not able to generate any profit, then that not very good for business.
- Revenue and profits
Ok, you have this business for quite some time, yet you are not making enough profit or revenue. We know that, it take at least five years to be established. But after that time, if your revenue is not good then you need to face the truth that your business is failing totally.