How To Kill Your Business In 5 Simple Steps
Building a business, especially if you are in Kenya, is a difficult task. There are so many obstacles that will…
Building a business, especially if you are in Kenya, is a difficult task. There are so many obstacles that will come your way and only those who endure make it.
At the same time, killing a business that you have worked so hard to set up and sustain is very easy. It takes a simple mistake for a business that has been on for years to die within minutes.
Here are 5 simple ways of killing your business:
One: Stop paying employees. Many people think that their business is their products and services. They end up forgetting that it is people who make a business run. The moment you stop paying your employees, they stop working and your customers stop receiving the services. What next? The business dies.
Two: Start lying to customers. There is a lot of competition in Kenya’s SME world. Sometimes to survive, one has to promise to deliver more than the next person but ends up disappointing the customer. Don’t promise heaven and deliver hell. Customers will run.
Three: Accumulate debts. One strange thing about debts is that once you get used to them, there is no going back. There are people who thrive on debts, and their business life cycle is centered around borrowing and paying. Nothing tangible.
Four: Throw loyalty through the window. Loyalty is hard to come by and if you find someone who is loyal to your business, the worst mistake is to turn that loyalty into hate. Many business owners mistake loyalty for desperation. They think when one is loyal, he or she is either desperate or pretending. Identify and value loyalty.
Five: Become greedy with money. Money is good, but it is also the root of all evil. In business, greediness never ends well. When you become greedy, you will forget about your employees, forget about your business, forget about keeping records and managing finances, and the next thing before you know is, death to your business.