You have
not spoken interacted with any customer
After your
amazing effort ensuring the smooth management of your business for over a month
and you have not spoken to any customer or a customer have not patronized you,
there must be something wrong. Perhaps, you should rethink your marketing
strategy. For this, you can use social media. You don't need to break the bank.
You always
repeat the same mistakes
Mistakes
are acceptable in business. You may have spent money on employing more people
or purchased more machines against the advice of your business consultant. You
should learn from these mistakes. But if you repeat this same mistake again and
again, you will soon run the business aground.
You
recruit new employees weekly or monthly
Your
employees cannot work with you for more than two or three months before they
leave. This means there is something fundamentally wrong. It may be your
relationship or your management skills that may be prompting them to leave.
Your
business is indebted
This sign
is very obvious. If your business is heavily indebted, it is a warning sign you
will soon be unable to service your debts and you have no choice than to
liquidate. Before it gets to that level, you should do something about the
debts.
Significant
drop in turnover
The
economic outlook of Nigeria is not encouraging. The naira is fluctuating and it
has just recently stable at N497 at the parallel market and even the
government is not helping matters with its unclear monetary and economic
policies. Notwithstanding, it doesn’t spell doom for your business. Your
business should still run normally even with the recession. If this is the
case, it may be time to overhaul your business strategy.
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