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Business & Entrepreneurship

Actions To Take When Business Fails

They are several actions you can take when business fails. Business is an integrated system of systems. It is comprised of employees and processes, which may be enabled or enhanced through technology and it interfaces with other systems (customers/potential customers, vendors, investors, lenders, and governments).

As with any system, one of the most likely points of failure will be at the interfaces.

1. Communicate your values

This is first action to take when business fails. If your employees don’t know what your values are, what those values really mean, and how they might play out in the real world, then they’re just winging it at best. You cannot over-communicate how you expect your customers to be treated.

CEOs should learn to recycle money well and keep the money of the business in the business (not another business).
Write a compelling essays(inscriptions) and have a clear ideas on the anticipated atmosphere when business is going smooth and perfect.

2. Supervise

Without leadership, your employees will set their own agenda and create their own brand. Sometimes it will be close to your own; other times it won’t be. Go visit your stores as often as possible yourself when your business fails.

3. Hire carefully

Since it’s so vital to have the right people running point on customer experience, make sure you prioritize this in your hiring process. Talk with an expert on hiring and consider using assessments.

4. Pay appropriately for the value your employees provide

If you don’t pay them fairly for this important work, you’ll have problems attracting the right people and holding on to the keepers. This is most reason why new business fails.

5. Reward for good customer experience

Use customer experience as a component of any bonuses or commissions you pay, but avoid incentivizing survey results as this only leads to employees “coaching” your customers on how to answer your surveys. Invite your employees to come to you with ideas on enhancing the customer experience. Your people will support what they help to create.

Another factor is bad leadership. CLICK HERE to continue reading


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Boluwatife Odeyale
Boluwatife Odeyale is an Author, a writer, and a teacher who specializes in self development.He has help both young and adult on building their future careers. He is currently in Crescent University Studying Mass Communication, he is the CEO of B2 Concept- a writing service and Ushering Agency.