There have been thousands of books written with great tips and advise on how businesses can grow and succeed. Before any business can be successful, however, they must also stop doing those things that can stunt growth and eventually lead to failure. Here are the top five things business can do to go out of business:
1. Stop solving problems
Success can bring complacency. When companies first begin they fight hard to do what no one else has done, to create something new or solve a problem in the marketplace. Success and money can bring an attitude of entitlement and some companies fall into the trap of trying to maintain their success instead of looking for new opportunities. Maintaining your success is an allusion. If you are not moving forward, you are falling behind.
2. Let Wall Street drive your strategy
Most of your investors care about one thing—making money. Keep them in mind and you set your strategy, but don’t let them drive your strategy. They are investors for a reason.
3. Treat you employees like things
Management can seem simple when things are going good, but things can change when sales are down. Don’t forget that your employees are the most valuable part of your business. Be an example, lead and inspire them. Don’t get caught commanding or trying to control them like things.
4. Let your products get out dated
This is an obvious one. If your products become out dated, no one will buy them. Continue to innovate with product designs and features. This can also apply to the packaging and presentation of your product.
5. Stop exceeding customers expectations
The #1 reason customers come back to you for anything is because of their experience in dealing with you. They want value. They want quality. They want service. Slack off on any of these, and they will not come back.
-Brock
