A small British eCommerce company, M&M Direct, was enjoying an exponential expansion onto the German market until during one weekend their online customers transformed the successful development into a market debt by claiming the pay the difference twice guarantee for finding a cheaper product elsewhere. Indeed, M&M Direct was proud of its claim of presenting customers with the cheapest alternative on the market. Unfortunately, the tool they used to check market prices was not up-to-date anymore. On the wake of this tragedy, the company dropped the best price guarantee and subsequently lost the trust of German customers. Years later, they still haven’t recovered their market position. Of course, every business is doomed to hit a few bumps along the way. But sometimes, the issues are only the tip of the iceberg!
The office issues that need organisation
A simple issue such as getting your staff holiday mixed up is the result of poor organization within the company. At first, it seems harmless. All you need to do is call back your staff or call the clients to apologize. But it can be damaging in the case of a significant mix-up, such as what happened the Ryanair recently that forced the company to cancel several hundreds of thousands of flights and to face legal pursuits for the lack of support they show to the customers touched by the plane cancellation. A small issue can cost them their market position.
The growth issues that need planning
Picture the scene: You’ve got a fantastic business idea; all you need is to make it happen to get rich. Except that investing all your savings in the realisation of the concept didn’t work. You may be smiling, but this is very common for newcomers to the world of entrepreneurship. The first lesson that everyone needs to learn is that funding your business needs strategic planning, that’s why business financing solutions such as swiftfinancial.com offer customizable loan options and active capital alternatives to help entrepreneurs tackle a variety of growth scenarios. Requesting fundings without a growth strategy is the best way to waste money and go bankrupt before you’ve even started.
The expansion issues that need addressing
For a lot of companies, recruiting is the most crucial part of your expansion. It is also the part that is the most likely to fail, according to socialtalent.com, if you’re not careful about your strategic approach. Indeed, recruiting is not only a matter of increasing the number of employees in your team but also meeting measurable business objectives, such as nailing a 2% revenue growth with the skills of new employees for example. Not defining your goals means that a company could be investing in employees who are not delivering the appropriate results. Would you be surprised to know that too many companies are still not using the best interview practices for their recruiting process? In fact, for a lot of employers, the interview should be about selling the role to a candidate and showing why your company is attractive. However, the interview time is still primarily spent on going through the CV of a candidate section by section. This poor interview management leads to the potential loss of relevant candidates.
Are you having troubles keeping an organized business, finding the funds you need or recruiting new employees? It’s time to address the underlying issues of these problems before they crash your business.
0 Responses to “3 Tiny Bumps That Can Break Your Business”