Signs that your Business is Struggling

ByLaura Harvey
Signs Your Business Needs Help

The business world can be rough, tough, and competitive. Capitalism fosters a competitive climate in which only the strongest survive. So how can your company climb into the category of strong survivors? You can help your company not only stay in the game, but become an industry leader, by constantly finding ways for the business to evolve and remain essential in the marketplace.

Trust your instincts–if it feels like your business is in trouble, don’t wait to find out how right you are. Be sensitive to the warning signs as early as possible so you can right the wayward ship and get back on course.

Complacency
Complacency is toxic in the business world. Competition is the key to capitalism and your competitors will not allow you to rest on your laurels. Overconfidence is often the culprit behind complacency. Even at times when your company is doing well, be careful not to get too comfortable or take your eye off the ball because your competition is waiting in the sidelines for you to let your guard down. Keep an eye on your competitors to stay abreast of their strategies and innovations. And you should always be analyzing your company and looking for ways to improve.

Instability
Along with complacency, one of the biggest causes of a business’s decline is the exact opposite: instability. While complacency is to be avoided, change for change’s sake can be just as destructive. Some companies, especially large ones, might be full of executives who feel they need to justify their existence and offer up restructurings. Be wary of any suggestion of a restructuring because, while it has been vital for some companies in the past, it is also often a move companies make when bereft of other ideas. Constant turbulence is not a good antidote for lagging profits.

Lack of purpose
If you find that you or your fellow executives focus far more on numbers than on ideas, vision, or serving your customers, your business could be headed down a bad road. When companies prioritize numbers over people, they often lose their way. Seeing your customers, clients, or shareholders simply as numbers can cause a bad disconnect which can lead to loss of market share or, worse still, unethical business practices. Keeping the attitudes and behaviours of your team and of yourself in check can be difficult. It’s not always easy to step back and clearly assess yourself and your trusted colleagues, but it’s a wise habit to develop.

Laura Harvey
Laura Harvey

Laura Harvey stands as a beacon of entrepreneurial support and expertise, embodying the spirit and drive of the community she serves. As the proud owner of Ontario Business Central Inc., Laura's journey is one of dedication, passion, and an unwavering commitment to nurturing the entrepreneurial landscape in Canada.

With over three decades of experience as a corporate specialist coupled with over 25 years of entrepreneurial ventures, Laura brings a wealth of knowledge and insight to her role. Her expertise is not just theoretical; it's built on the real-life challenges and triumphs of navigating the business world. This unique blend of professional and personal experience positions Laura as a relatable and trusted guide for those embarking on their entrepreneurial journey.

Beyond her role at Ontario Business Central, Laura has extended her outreach through the innovative YouTube series "Taking the Leap." This platform allows her to connect with new business owners, offering them a stage to share their stories and insights. "Taking the Leap" is more than just a series; it's a community where aspiring entrepreneurs can find inspiration, learn from the experiences of others, and gain practical advice on crucial corporate tasks like registering a business, updating business information, understanding tax account intricacies, and much more.

Laura's contributions extend into the digital world through her in-depth blogs for Ontario Business Central. Here, she delves into topics essential for entrepreneurs and business owners looking to start, manage, and grow their ventures. Her writing is a reflection of her passion for supporting entrepreneurial advancement and a testament to her deep understanding of the corporate sphere.

Laura Harvey is not just an entrepreneur; she's a mentor, guide, and fellow traveler on the path of business ownership. She embodies the ethos of "walking the walk," providing both the tools and the encouragement for others to thrive in their entrepreneurial endeavors. Whether through her written words, her YouTube series, or her hands-on approach at Ontario Business Central Inc., Laura is dedicated to uplifting and assisting new and established business owners alike.

You can find Laura on Linkedin and Twitter and Youtube.

https://twitter.com/ONTBUSCEN
https://www.linkedin.com/in/laura-harvey-362b2740/
Taking The Leap YouTube Series