Yes! After spending over 3 yrs in the role of an Entrepreneur, I had experienced that several errors or mistakes that may seem minor to us but eventually create bigger losses in the business if not corrected sooner. Let us know how to avoid business failure by learning how those cost reduction methods.
Plan daily schedule – We hear this “how to plan daily activities “several times in media, magazines or even self development books but seldom implement the same. Yes! Before beginning work, take 5 minutes to jolt down the important meetings or works for the day, what to discuss & which are the ones to be given more priority. Try doing this & it really works wonders.
Remove low performing employees – Yes! Employees who have being providing lesser utility to your company even after receiving training & support needs to be removed from the System. They not only drain your capital but also energy & time.So, another lesson on how to avoid business failure
Plan Internet Usage effectively – You need not have two or 3 internet connections or buy lots of cables for them. Having one internet connection & using a Wi-Fi router will enable several employees of your staff to work from their desks easily. Adopt such cost reduction methods.
Keep Changing Ideas – We should keep changing our marketing ideas if the existing ones do not give results & expenses on them are high. There are several innovative & affordable ways in marketing. This is another way we learn how to manage business expenses.
Selective customers – We need to pitch our proposals & discuss with the right customers. Mostly we see that some of us keep wasting time on customers who maybe neither interested in our product or service. Avoid that.
