Business is a concept that is presumed to exist forever for the next future but unfortunately most businesses start nicely and collapse along the way. These are some of the reasons I believe are the causes of the collapse of many businesses.
Trust
Trust as a word is very deep and has a level of influence on business success. Most people can’t even leave their business in the care of their own workers or management for a second. This is as a result of the fear that, monies or resources left in their care and management of these individuals will be stolen, and misappropriated. Business without trust is like life without hope - there is no future. Business is established on hope not fear. Otherwise, there would be no need for risk taking.
Capital
Capital as in the form of both Human and Cash cannot be overlooked as far as Business is concerned. Here in our system everyone thinks, they have to do everything by themselves. Business is people and money. You need people with best ideas and skills to define and redefine the future of your business. You need people with money to help grow or expand your business. Strategic alliance and good business friendship is a good tool for bringing small businesses together to generate the needed human resource and Cash for running a world trending Business. Most businesses cannot stand tough times because the needed capital (both Human and Cash) are not available to meet the changing environment.
Structure
Structure is the organized diagrammatical representation of your business with layed down responsibilities, directions, controls and integration of tasks to enhance organizations' performance and existence in the future. A lot of so called Business owners cannot leave their business for some number of days and if they do, the business will collapse within a twinkle of an eye. Why?... Because their businesses have no structural systems necessary to hold them in their absence. The Business exist because they exist, if they leave, the business collapse (the business leaves with them). In a null shell organizational structure is the business itself.
Technology
The world is changing and so as lifestyle is changing. Business is now dynamic. Therefore a business that does not follow the dynamisms of the world would be left redundant. The wake of digital business is a vivid example of dynamisms of business world. Now most business profits are reducing due to low customer leads, process of business transactions. The impression here is, you either follow dynamisms or be left behind. You cannot practice the old principles and practices of business in this changing and social lifestyle world, and expect to stay around for the next 10years. No! You would be thrown out of proportion and existence.
Inclusion
The wake of covid-19, is a test to the dynamism of business world and most businesses are collapsing or have either collapsed. There is a total loss of capital, business operation and transactions have changed as in the way it is being carried out before the outbreak, you cannot meet people face to face before you do business with them; hence trust. Hmmm! You need a good structure to assist your business operations and management. The question now is, where is the stand of your business? Can it abide in these thriving times and can it really continue for the next 10 years? Think about this.!!!
Isaac Agya Koomson
KIA-START UP CONSULT
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