One thing that most busineses do not understand is that taking of loans is one aspect that most big organisations usually employ to push their prospective plan,but they must have operated for sometimes and have seen the profit margin from their business before they can go for loans,not for a new start up.
Yes any business owners should avoid employing lazy employees who cannot even work well, is good when employing employees you should go to those one who can deliver your work very well.
So will the knowledge you have about a particular business stop you from experiencing failure in the business line you are going into ?. For me I don't think so. It can only limit it to certain levels.
The experience you have in business will not stop you from experiencing failure but it will give you an insight of how to tackle such situation. Those who are experienced in business knows how to run businesses even if they initially experienced failure.
A businessman must always avoid things that are detrimental to the growth of the business. He must always follow his business plan properly, avoid selling on credit and unnecessary spending.
To be successful in business, you must learn how to cut unnecessary expenses. Have a budget and stick to it and also most importantly, avoid selling to people on credit.
Actually delivery of service to customers below standard is one of the things every entrepreneur should try to avoid because the customers are the sustained of every business enterprise without them the business can not stand.
Accruing debts will lead to the business struggling to grow. Most of the profits from sales would have to used in settling these debts and not much would be left to reinvest into the business.
When having or establishing a business , as a business owner my top priority is to be discipline in my business and avoid anything that could possibly bring down my business directly or indirectly . There are so many of them such as bad and lazy employees, poor management due to bad managers. For me all these things must be avoided.
I know that discipline in the workplace is very good. However, you must always treat your workers with respect and maintain a cordial relationship with them. If not, they won't be at their best in the organization.
I have seen some employers befores that treats their employees badly in most cases believing that they are doing it to protect their business. No matter what may be the reason treating of your employees badly will always have a negative effect on your business.
Any business owner who thinks are treating their employees badly means protecting their businesses are very wrong. This is one of the wrong orientation people need to get away with if they want to venture into businesses. I understand the fact that it is important to be disciplined but not treating your employees badly.
I may not really say treating them badly because some business owners may not treat their employees badly but some of them are very strict. Do you really think that becoming strick this way will guarantee the business success ?
I understand that a business owner needs to be strict when enforcing the rules and regulations of the business. However, he must also be considerate to workers sometimes when making decisions.
