- CARELESS EXPENDITURES:
The coffee service for every person who walks into your office, trips that don’t produce results, expensive suppliers, etc.
Let them go.
Your accounting process MUST be on point.
Plus, you must see your cash at the end of the month.
- EMPLOYEES WHO AREN’T ADDING MEASURABLE VALUE:
Your cousin’s elder brother’s nephew’s girlfriend’s uncle.
I know he’s family and you’ve been tolerating him in your business.
This isn’t the time for that.
Let him go.
If you can afford to, give him something monthly from your salary.
- PRODUCTS THAT AREN’T MAKING PROFIT:
Yes you’ve invested so much.
Yes you are passionate about it.
But as long as it isn’t making profit, drop it.
Focus on products that are selling, in fact take it a step further.
Focus on the top selling products.
- NOT PAYING TAXES: As you are aware, your governments are either broke or going broke.
They are looking for ways to make money and taxation is one of them.
If your business is eligible to pay taxes, this is time to pay attention to it.
- DOING BUSINESS BY LUCK: You’ve got to have order and strategy in your business.
Take most primary and secondary schools for example.
Many of them couldn’t cope with the trend of online education because they had no structure, no business processes.
Have a vision.
Have a plan to achieve that vision.
Define the right team that will help you achieve that vision.
Setup business processes.
Don’t ignore regulation.
Do business professionally.
Start by STRUCTURING YOUR BUSINESS.