The majority of small businesses fail due to internal deficiencies such as:
1. Management: Often times inexperienced managers make decisions that can have huge financial impacts on an organization. For example, inconsistent management practices can lead to human rights allegations, unionization, or key talent leaving your business for other opportunities.
2. Operations: Failing to develop standardized operational practices necessary to reduce risk can have devastating results. New business owners frequently lack relevant business and management expertise in areas such as finance, purchasing, selling, production, and hiring and managing employees. Unless they recognize what they don't do well and seek help, they may soon face disaster; for example, financial or information theft, poor planning resulting in overspending, or confidential client records being made vulnerable.
3. Legislation: Every business in Canada has the obligation to meet the requirements under Employment/Labour Standards, Occupational Health & Safety, Human Rights and more. Simply believing that you and your employees know what to do will not protect your business. Not having the applicable documentation in writing can result in large fines or charges that may include a cease of operations until your business complies.
4. Vision: Not having a clear vision of how your company functions and where you see its future can result in customer disengagement, wrong hires and ultimately ineffective decisions that don’t support your company’s longevity.
5. Entrepreneur Burnout: Operating your own business requires a huge investment in time, money, energy, and emotion. The expectation to know everything and handle all components can lead to long days, limited time away from work, and ultimately may result in burnout which will drain your motivation, creativity, and drive to excel.
The good news is that if business failure is caused by internal deficiencies, then employers can implement the strategies necessary to mitigate them.
During this webcast you are going to learn about:
• Common Internal Threats
• What You Can do to Protect Your Business and Mitigate Risks
• Essential Policies to Develop
• How to Gain Support
• The importance of Implementation