Business is a funny old thing, you work incredibly hard to build a company from the ground up, and then all of that work can be undone thanks to something so small. Unfortunately, this is the case for many companies around the world who make one tiny error, which leads to massive repercussions. To help you avoid a negative situation like this, I’ll show you some of the smallest things to be cautious of:
A price increase
I’d say the most difficult aspect of running a business is learning how to price everything. On the one hand, you want your prices to be attractive to the consumer. On the other hand, you need them to be high enough to make a profit. As a result, you’re often tweaking your prices to try and find the perfect balance. But, putting a slight price increase on certain products or services could undo all your hard work. If you increase the price my slightly too much, it will madden your customers and cause them to turn away in disgust. You could see a dramatic drop in sales as they opt for a more affordable competitor. I’m not saying you shouldn’t ever increase prices, just be careful with how you do it!
No wet floor sign
Yes, something as tiny as a wet floor sign can play a significant role in the health of your business. Essentially, this all boils down to the premises liability laws. No matter what business you run, if you work in a building, you have a duty to make it safe for everyone inside. Part of this means you need to place clear warnings when hazards are present. For example, there must be a wet floor sign if the floor is slippery. Fail to do this, and people can easily sue your company for a lot of money if they slip on the wet surface. This can put a huge dent in your earnings, meaning you’ll undo months of hard work. Your business could continue to suffer for many months after, and all because of a simple safety mistake.
Smoking breaks
Smoking breaks are pretty much one of the most absurd things in the world. People who smoke are essentially given extra time away from their job to go and have a cigarette. For a business owner, this can mean you lose a good hours worth of working time per day. If you have 10 employees taking a 5-minute break throughout the day, then that’s 50 minutes where you’re down a team member. Add this up over the year, and it’s pretty shocking how much time is taken up by something as seemingly insignificant as smoking. If you cut these out, then your business can remain at peak efficiency, and you don’t lose out on working hours.
Too many business owners are concerned with the big things that they forget about the small things. I hope this short article opens your eyes to some of the tiny things that can undo all your hard work!