When a good business idea doesn’t seem to work, it’s not always the fault of the service or product that is being delivered. In many situations, it’s the leadership and the employees that can make a business fail. Sometimes, renovating the business is all that it takes to turn a mediocre company into a profitable corporation. When Steve Wynn revitalised the Golden Nugget casino in Las Vegas, he turned that establishment around which fueled his future success. What could you do to renovate your business?
Since the financial crisis, Warren Buffett's Berkshire Hathaway has had significant exposure to financial stocks in its portfolio. Q1 2021 hedge fund letters, conferences and more At the end of March this year, Bank of America accounted for nearly 15% of the conglomerate's vast equity portfolio. Until very recently, Wells Fargo was also a prominent Read More
One of the greatest failings in any business is that of the management. An inexperienced or uncaring leader can have detrimental effects on morale, finances and overall business practices. Although good leaders don’t necessarily need to have college degrees, training and experience can be very beneficial in the workplace. Attitude should also be addressed as most employees don’t want to work for an unapproachable manager.
Frivolous spending can come in many forms ranging from business luncheons to company vehicle expenses. While every employee may relish having an expense account with the business, every dime spent in this manner is one that is taken away from improvements such as marketing and technological upgrades. The business should have a solid financial base first and foremost. Otherwise, it is less likely to be self-sustaining and need to rely on personal investments from owners.
Technology can improve virtually any business practice if used correctly. Online budget financial software can be superior to the old pencil-and-paper ledgers of the past. If employees are set in their ways and unwilling to adapt to become more efficient, it may be time to look for new staff. Technology should never be feared as it can reduce a two-week annual tax process into less than an hour of work.
Credits and Debts
Many businesses offer credit lines and tabs to local customers, friends and families. In many situations, these debts remain unpaid for extended periods of time. This is money that is being taken away from the business making it more difficult to survive. It might make a few people upset, but it may need to be done for continuation of the company.
The condition of an establishment can dictate what kind of customer will frequent the business. This is true for real estate, grocery stores, hotels and more. It may be difficult to attract a higher quality of customer if you fill your business with materials that are cheap or unsightly.
Employees are the lifeblood of the business, and unsatisfied employees deliver unsatisfactory work. By allowing employees to enjoy their career, your business can benefit from greater productivity and customer support. In recent studies, people that enjoy their jobs are more likely to provide a superior service compared to those that are not. They are also less likely to quit or call in sick when they’re feeling fine.
Location is vital to the success of nearly any business. By relocating the business to another area, you could increase the foot traffic into the establishment. For example, a computer business located on the main street of your city might have more visitors than if it was located five miles out of town. The closer you are to your primary target audience, the more business you’ll experience.
Although not everyone will have the same success as Mr. Wynn, changing policies and procedures within a failing business can have lucrative results. Don’t be afraid of doing something new for the company as a business should be able to evolve. Renovations can keep things fresh in the workplace while laying the groundwork for greater profitability.