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3 signs that indicate that your startup is going in the wrong direction

3 signs that indicate that your startup is going in the wrong direction

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You might have heard that there are many startups that were closed only within months of operation. According to a study, about 9 out of 10 startups fail. These companies didn’t fail in a single day. There were signs which you probably ignored. Here are some signs that tell that your company is going in the wrong direction.

Operation cost is higher than the revenue


Many companies shut down as they cannot maintain their servers anymore. In such case, may be the customers like your product and they want to buy it, but your company cannot afford to keep it running. You have to add money to the company from somewhere else.

No early adopters


The company fails to make what the user wants. When you don’t have customers for your products you start to panic. Your product should be able to attract even a small group of people. Otherwise, it’s a sign that the company will fail.

Poor marketing or advertising


You will have to take your product out for everyone to see. If you don’t do this on time, then you will fail to get the people’s attention. Along with a great product, outstanding marketing approach is needed to sell a product. So, poor marketing is an indicator that your company is not moving in the right direction.

These early signs are actually noticeable. You should take necessary steps to stop your company from going in the wrong direction by acting upon the signs.

5 important factors for change management

5 important factors for change management

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With time businesses will change. The change may occur due to economic condition, political situation, technological advancement, cash flow crisis, etc. You will need to adopt the business processes according to the change taking place. Here are the five important factors you should consider for change management.

Plan

Before you make any changes in your business processes, you should have a good reason for it. You should make sure that any undertaking that you take is realistic and measurable.You should identify what you are going to gain from it. You should make a plan depending on your goals.

Communicate

It is essential to communicate the change to the staff and stakeholders of the company, no matter whether the change is small or large. You should remember that you should communicate using simple terms so that they understand. You should make the announcement of changes promptly. Make sure that you communicate the vital information to the appropriate people.

Give open floor

You should make sure that everyone gets the chance to ask questions and provide recommendations regarding the change. The leadership team must be present.

Motivate

You should motivate the staffs and ensure them that the change will bring positive outcomes for them and the organization. You should make the employees confident to adopt to the change.

Manage the workload

Change in an organization can bring increased workload. When making changes you should make sure that the workload is manageable. Change can take a long time. You should support your employees throughout this time.

You should be ready to consider these factors when there is any change in the business processes. You should not make any changes drastically. You should choose a pace at which your employees will be comfortable.

4 benefits of providing employee training

4 benefits of providing employee training

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It is important to invest in employee training. You will get better performance from them and your company revenue will increase. Training and development of employees are important for the good future of your business. Here are the major benefits of providing employee training.

Support succession planning

If you provide ongoing employee training then it will help in succession planning. Employees will become more experienced and take up senior roles. When you increase your talent pool, it reduces the risk of losing valuable people. You should train employees in the areas of leadership, strategic decision making, people management, etc.

Improve employee value

Training can be used to improve the skill of an employee. It can also let employee learn new skills. Employees that have diverse skill sets will be able to do different kinds of work. So, you can easily fit them into other roles in the company.

Increase employee retention

If you plan your training well then you will be able to retain your employees. They will be able to see a good career path within the organization and they will be motivated to stay here.

Improve operational efficiency

Training makes employees more efficient and productive. They will be able to complete their works with greater efficiency. They will be able to meet the organizational goals.

Employees are the biggest assets of a company. They are the ones who get your works done. By providing effective training to your employees, you will be able to move your company ahead.

Infographic by: www.mindflash.com