[et_pb_section fb_built=”1″ _builder_version=”4.16″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.23″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f3f2f6″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Intro” _builder_version=”4.27.4″ header_2_font_size=”32px” header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n
Running a successful business takes dedication, sacrifice, and resilience\u2014many business owners know that it becomes their life. However, an unsuccessful business can sometimes require more dedication. Swan diving your company into the ground can be quick or take years of poor management. Ultimately, you\u2019ll need extraordinary negligence to destroy your company, so let’s dig in and see how you can successfully fail at running a business.<\/p>\n
Successful businesses analyse and report on their financial data to plan, forecast, and maintain the health of their business and its activities. Most companies use accounting software<\/a> to manage their finances and eliminate the busy work of manual entry, so they can focus on being efficient and effective in what they do.<\/p>\n When running a failing business, just don\u2019t do it. Feel free to ignore cash flow<\/a>, accounts receivable<\/a>, etc. Run your business on gut feel alone, and ignore the data; ignorance is bliss.<\/p>\n Your business is only as good as its reputation, so good companies spend resources to establish, grow, and maintain their brand. A business will use social media, website hosting, customer relationship management, and a whole suite of tools to ensure it has leads, sales, and an image its customers can recognise. As a failing business owner, it’s better to pull the plug on your internet and go off-grid.<\/p>\n Why have an online presence for easy customer access when you can make it a challenge and have them bushwhack to find you? Better yet, when a customer does manage to find your business and interact with you, bully them out of the store. Business would be much easier if it weren\u2019t for those pesky customers; show them who’s boss.<\/p>\n Customer feedback is of incredible value to businesses. These are just a few things an innovative business will use customer feedback<\/a> for:<\/p>\n But we aren\u2019t running a successful business here, so if you see a customer, ignore them. You should snipe back at their Google review, too\u2014that\u2019ll teach ’em.<\/p>\n Employees are the backbone of every successful company. Motivated workers who are valued and nurtured provide a thriving work environment. A happy workforce maintained by good leadership<\/a> reduces staff turnover and increases your organisation’s productivity.<\/p>\n Of course, this is for businesses that want to thrive, but not in our case. Did you know that labour is the most expensive business cost? You\u2019ve got a company to run into the ground! You don\u2019t have time for payroll, work culture, and training (Links). Better yet, just don\u2019t pay them\u2014they aren\u2019t going to be staying long anyway.<\/p>\n Businesses across Australia take compliance very seriously. Ensuring things like BAS and payroll are dutifully reported and maintained throughout the year is critical to a healthy business ecosystem. Rules and regulations give Aussie businesses legitimacy; without them, the country’s business landscape would resemble the Wild West. When a company doesn\u2019t play by the rules, more often than not, it gets caught and receives consequences for it. But not you. No, our failing business is different. Who cares what a TPAR is? Contractors know the risk of working with a company with a cancelled ABN.<\/p>\n Stay the course and break the rules. In no time, you\u2019ll run your business into the ground. Remember, the ATO is just a vibe.<\/p>\n Following these guidelines will undoubtedly cause your business to go into insolvency, bankruptcy or worse, prison. 99% of companies wouldn\u2019t dream of operating this way, yet not all businesses actually succeed. ABS data shows that between 12% and 14% of businesses exit the market annually<\/a>.<\/p>\n Starting a business is a life-changing endeavour for you, your family, the workers you employ, the customers you serve, and the wider community\u2014this is why it\u2019s essential to get it right, and sometimes that means seeing what\u2019s wrong. So, put these unhelpful tips aside and work on running your business successfully.<\/p>\n [\/et_pb_text][ba_social_share icon_bg=”#03002e” icon_padding=”10px|12px|10px|12px|true|true” layout=”classic” show_text=”off” btn_padding=”0px|0px|0px|0px|false|false” btn_bg_color=”RGBA(255,255,255,0)” _builder_version=”4.23″ _module_preset=”default” custom_margin=”50px||||false|false” custom_padding=”25px||||false|false” custom_css_before=” content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;” border_width_top_main=”1px” border_color_top_main=”#e4e4e4″ border_radii_icon=”on|5px|5px|5px|5px” global_colors_info=”{}” custom_css_before_last_edited=”off|desktop”][ba_social_share_child _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”facebook” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”linkedin” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”email” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Tired of success? Check out our hot tips on what not to do when running your business. <\/p>\n","protected":false},"author":36,"featured_media":294911,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":" Tired of success? Sick to the back teeth with all talk of stability and strong cash flow? Dreading strong growth, healthy profits, and excellent brand recognition? Then listen up! It\u2019s time to run your business right into the dirt.<\/p> It\u2019s easy, let\u2019s get you started.<\/p> One of the best ways to ruin your business beyond repair is to ignore reporting. When you use business tools like accounting software to run reports on cash flow<\/a>, COGS<\/a>, budget forecasting<\/a> and accounts receivable<\/a>, you gain actionable insights through hard data.<\/p> Instead of steering your business on gut feel, running reports, and then taking the information onboard will help you make better business decisions. We can\u2019t have that.<\/p> Old websites are good websites. If you really want to curb your capacity for growth and profits, you should never update your website.<\/p> Ensure you have:<\/p> By keeping your website stuck firmly in the early 2000s you will make great progress in diminishing your business and becoming unappealing to customers.<\/p> Don\u2019t ever listen to your customers or request feedback. What would they know?<\/p> Understanding feedback leads to a deeper understanding of your client base and increases your capacity to make your customers happy<\/a>.<\/p> When you ask for feedback and then act on it to make changes to your business model, you may run the risk of making and retaining more customers and increasing your profits. Avoid at all costs, (as this will only make your business stronger and more resilient<\/a>.)<\/p> Nobody knows more than you, so never ask for advice or consult with a business advisor. Business advisors are adept professionals, skilled in analysing your data and making sage suggestions on how to improve many facets of your business.<\/p> Business advisors and accountants can help you:<\/p> Such professional advice and assistance will only lead to a healthier business geared toward growth.<\/p> If you\u2019d like to generate a tight ball of stress in your chest and make hasty decisions, you\u2019re best off leaving everything until the very last minute. Wait until the final chance to do your:<\/p> If you plan and work toward getting tasks done with a calm mind and a chance to do things consciously and correctly, you\u2019re only going to run a tighter ship.<\/p> Another surefire way to erode your business is to muddle up your personal and business finances<\/a>. By using business funds for personal purchases and paying for business expenses with personal accounts you\u2019ll generate a wild financial tangle.<\/p> This nest of interwoven finances will make it an absolute nightmare to tease out your real financial position and truly mess with your reporting and tax compliance. So, if you want to spend inordinate hours trying to separate your business finances<\/a> down the track, go right ahead and make it nice and messy.<\/p> If you want to run your ship into a reef, make sure you never adjust course.<\/p> There are a lot of successful business owners out there who keep a finger on the pulse, research the market, listen to feedback, and interpret data to adjust their offerings and business models.<\/p> These business owners tend to benefit from avoiding obsolescence and will make shifts to correspond to the changing tastes of their customers and prevailing market conditions.<\/p> If you want to see diminishing returns, however, don\u2019t be like them \u2013 just remain static.<\/p> Another fantastic way to damage your business is to take employees for granted. It\u2019s often said that a business is only as good as its employees<\/a>, so take advantage of that and neglect your staff. Nothing will demotivate an employee faster than neglect.<\/p> A few ways to do this include underpayments, never giving praise or encouragement, fostering a negative work culture<\/a>, never offering training or education<\/a>, deploying a harsh and unforgiving attitude, and having a general lack of respect. Your business will be suffering in no time!<\/p>","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[343],"tags":[],"class_list":["post-6956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"yoast_head":"\nNeglect your business presence: Become invisible<\/h2>\n
Refuse customer feedback<\/h2>\n
\n
Employees are your enemy<\/h2>\n
The ATO isn\u2019t real<\/h2>\n
Recap<\/h2>\n
1) Ignore reporting<\/h2>
2) Neglect your website<\/h2>
3) Don\u2019t ask for customer feedback<\/h2>
4) Do it all yourself and never ask for advice<\/h2>
5) Leave everything until the last minute<\/h2>
6) Mix up your personal and business finances<\/h2>
7) Never adjust course<\/h2>
8) Create hostile relationships with your employees<\/h2>