In these times it is not easy to keep a company alive. Many have to settle for surviving. In an environment where now even the online advertising market falls and the big ones are beginning to have difficulties. Coguan has had to adapt to continue being part of this sector. At the moment we are achieving it although we have to fight and sweat like the rest.
The Crisis Is Not Really the Only Problem for Companies
It is an easy excuse to hide management Maldives B2B List problems and wrong decisions. About when you start you usually run with the maximum possible speed in the wrong direction. It is the lack of experience and the fact of being too motivated that sometimes does not make you the root of the problems.
1. Lack of financial control : many companies die of success because they do not know how to manage cash flow well. It is not a question of how much you sell but of when you charge. Something as basic as this is the hardest thing for a novice entrepreneur to understand.
2. Problems between the partners : at the beginning we are all friends. It is when you have passed the phase of falling in love and you realize that it is more complicated than it seems that problems arise. If you have not put things in writing, you run the risk of ending your partners in front of a judge.
3. Hasty Hiring – One of the things I would now change if I were to start from scratch with Coguan is to hire staff as late as possible. It is one of the most complex tasks in a start-up and the one I carry the worst. You have to develop empathy with the people who work for you. It can be difficult when your priority is to survive the next month and they talk to you about leaving work early when you have to put in overtime.
4. Wrong Business Model
Sometimes it’s luck if you get your model right from the start. It is the most normal thing that you have to adapt it to reality. We are wrong because we have been pushing in the wrong direction for too long.
5. Money-losing customers : Your customers are a potential source of wasted time and money . At first I didn’t think so. He thought that each company required the same dedication without properly analyzing the potential profitability that it was going to generate. In my early days I even did 17 hour round trips in the same day for a 30 minute meeting. Never more…
6. Lack of Business Discipline – The vast majority of companies lack business discipline. U.S. too. Selling is dirty and requires getting into the mud continuously. Twitter and Facebook are fine, but if you’re not willing to be yelled at over the phone from time to time, you won’t sell much.
7. Little investment in marketing : Alex Kei mentions in a video that according to a study by Dun & Bradstreet of the University of Arizona, 90% of companies fail because the owner lacked marketing knowledge. Your product does not sell itself, so get your batteries to learn the basics of marketing to reach your target audience.
When things get tough you have to work harder. The crisis cannot be an excuse for not doing things right. The discipline in the day to day is even for the most motivated entrepreneur in the world a problem. Do not be discouraged by it because it happens to all of us.