Pay attention 3 steps so business does not go bankrupt

dulichbinhhung.xyz – To be able to become a reliable businessman does require persistence and a willingness to work hard, not caring about prestige, being willing to try and daring to challenge oneself. Business is indeed an investment full of risks, but it can be minimized by accurately reading opportunities and clear business planning.

Even so, it cannot be denied that in running a business and business, losses are certain to occur and become a risk that you inevitably have to go through. As a businessman, failure or bankruptcy can be a frightening image considering that not a little capital has been spent, both financial capital, time and energy.

Everyone who does business must be afraid of losing. But how can we know whether we are successful or not in business if we have never tried it? Profit or loss, progress or failure of a business depends entirely on the people who run it. Nothing is instant in this world because everything needs process, struggle and sacrifice.

When you decide to become an entrepreneur, you have to prepare everything, not just intentional capital and determination. An entrepreneur must be able to rack his brain so that the product sells no matter what, has a certain strategy in order to prevent or be able to anticipate things that can trigger losses.

The following are things that need to be considered to avoid bankruptcy in business, including:

The importance of effective and efficient management

Business management is considered effective if the desired goals can be achieved in a timely manner. Meanwhile, business management is called efficient if the results are optimal with minimal use of resources and capital. Not a few businesses have to be willing to lose a lot of money because they fail to maintain operational effectiveness and efficiency so that they have to end up bankrupt.

1. Owe to get capital

Debt turns out to be a big opportunity that can cause a business to go bankrupt. The imbalance between the capital owned and the amount of debt that must be borne makes profits continue to decrease, causing continuous losses.

Therefore, try to use existing funds (personal savings) as capital. Why? It should be noted that actually a big business doesn’t have to start with big capital either. Also consider if you want to rent a place or shop. Most people actually think, build an office/business place first, then start developing a business. This is of course a big mistake and very wrong, you might immediately lose money because you push yourself too hard at the beginning, especially if the funds come from debts.

2. Be selective in choosing work partners

The role of partners in business is very important. Sometimes there are decisions that cannot be taken alone and require someone to discuss the problem at hand. For example, by asking people who understand and trust you better, asking for the opinion of business partners, managers/superiors, or employees. The more people that are invited to discuss, the greater the chance to get ideas that were not thought of before.

On the other hand, if you choose the wrong work partner, then you must be prepared to fall into the abyss, aka bankruptcy. When just starting a business, choosing the wrong people can increase the potential for bankruptcy. In addition to trust that is not necessarily maintained, the person does not really understand the conditions of the business that is being run so that he may be careless and not even consider the decisions he wants to make in advance.

3. Build closeness with consumers

Communication that is built with consumers is not just to ensure satisfaction with the services provided. There are lots of strategies that can be prepared by reading market movements including competitors. In addition, closeness to consumers can also help read trends as well as find out what steps are being taken by competitors.

Conclusion

However, if there is no good relationship and communication, businesses cannot know what consumers want and will lose competitiveness with competitors.

Hello, my name is Laura Keyhl usually called Laura. I am a professional writer on several sites, one of which is this blog.

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