When your business is failing, it's understandable to face the feeling of defeat or having the urge to give up. However, a failing business isn't a reason to quit. While about 50 percent of businesses fail within five years, you don't have to be a part of that statistic. There's still time to turn your business around. If you want to know how to turn around a failing business, there are some key steps that you need to take:
According to the U.S. Small Business Administration (SBA), small businesses make up 99.7 percent of U.S. employer firms and account for 67 percent of new private-sector jobs. That translates into a lot of people transitioning from an “employee” position to “employer” status.
Performance management is an ongoing challenge in most organizations. Managers spend hours huddled over spreadsheets, analyzing employee performance metrics, looking for ways to improve performance and boost production. When mistakes happen – and they do happen – the bulk of the blame is often shoved off onto the employee. What leaders often fail to acknowledge is their role in the errors. This lack of leadership accountability can cause problematic issues to continue repeating. This, in turn, causes a decrease in employee morale as frustration and devaluation increase.
You probably spend most of your waking hours at your workplace, but if that workplace is negative, it creates a toxic environment and a place you won't enjoy being, while also harming overall productivity of the team. However, if that workplace is positive and full of integrity, your vision and the vision of all those involved will soar and your workplace will become an enviable place to be while you watch the company grow and flourish.
Chances are you've heard the saying, "You are only as strong as your weakest link" quite a few times. While this proverb is certainly a rather trite phrase, it is also very true, especially when it comes to your leadership team. No matter how uncomfortable or unpleasant it might be, it is necessary to evaluate every person in your leadership team to ensure everyone is contributing both the quality and quantity necessary. If you're not sure how to determine if you have the right people on your leadership team, here are ten tips that will help you do just that. After all…I’ve heard it before, maybe you have too; EVERY company is just one leadership team away from extinction.
How do you survive when your star employee decides to leave? This is a time when a formal business management system and the EOS operating system may be very useful.
In his breakthrough book, Good to Great, Jim Collins first introduced the concept of moving from a “Good Company” to a “Great Company.” He and a team researched companies who consistently led their industries to see what they could learn.
As the owner or senior manager of a growing company, you know how important it is to create and maintain a work environment where your employees actually want to work.
According to the U.S. Small Business Administration (SBA), 50% of all small businesses fail within 5 years. Most of these failures occur from one of or a combination of the following three factors; company vision, overestimating demand, and being in a saturated market. Not to mention, failing to reach out to a small business coach in time of need.
As an entrepreneur, you understand the value of creating a clear vision and then communicating that vision to your management team. You also the value of objective advice and insights. You value outside advice and are willing to do whatever it takes to achieve the success your desire for you and your company.