How Do You Run a Stress Free Business?

The answer is really quite simple, not have any business at all. Think about it, no more worries about looking after employees, dealing with customers or suppliers or managing the systems and processes that keeps your business moving along quite nicely. They’ll all be gone, and just because you followed these proven principles to failure:

1. Believe your customers will stay loyal
“Once a customer, always a customer” is a thing of the past. New customers have to be acquired all the time, and their loyalty has to be constantly recreated or else they’ll be lured away by your more aggressive competitors. Unless you know your customers well and understand precisely what it is they want, how can you hope to deliver it to them?

2. Don’t motivate your employees
A business is more than just premises and equipment. The human capital of your enterprise is priceless, and the more you invest in your people the greater the return you’ll get.

It has been proven to me time and time again; most people want to work for more than just money. If all you’re giving them is a job and pay they won’t find it hard to either look for more money elsewhere or a workplace that’s really enjoyable and develops their abilities. Your best people will be the first ones you lose and the most expensive to replace.

3. Don’t have a business plan
From my experience with different sizes and types businesses, some owner/operators and others with 40-50 employees, most have a plan, however, most of those plans are poorly documented or not documented at all. The result, is a business that has little idea where it is headed, changes priorities constantly, confuses their employees about the purpose of their jobs and is chasing goals it has little or no chance of achieving.

4. Ignore the competition
No business trades in isolation. Unless it actively works to learn about other businesses in the same industry and studies those with which it’s competing for customers it can miss where the market is going and find itself too far behind to catch up. 

Most importantly, don’t worry about trends in your industry, particularly those your competitors seem to be picking up and running with. Just keep right on doing what you’ve always done and the world will beat a path to your door.

5. Forget about taxes
Whether you like it or not, taxation must be factored into the cash position of your business. It should not be used as a means of supplementing your business or personal lifestyle. Unfortunately, I’ve seen this way too many times than I care to remember. Money needs to be set aside every week for every tax that applies to your organization. And nobody has a longer memory and longer arm (or more money to spend on collections) than the government.

These five ways to kill any business are guaranteed to work. Ignore them and you won’t have to worry about them for very long because they’ll be gone – all except those taxation liabilities that have a way of lingering forever.

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