Running a business has variables that the management of the business needs to keep in mind. A founder of a business is going to run into issues regardless of how well prepared they are as every business is different. Growing pains are sure to occur but the important part of this is how a founder reacts to these problems. Panicking is rarely the right response as a quick decision could haunt the business for years. An action like that of taking out a high interest loan instead of laying people off is a perfect example of this. This loan could haunt the business for years while most business have plenty of employees that could be let go without impacting the company’s overall performance. The following are growing pains businesses can encounter and how a founder can deal with these appropriately.
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Keeping Cash Flow Healthy By Renting Equipment
Renting equipment needs to be done carefully as the quality of the equipment can differ immensely. Red-D-Arc ensures quality when renting their equipment out by stating on their website “one of the leading suppliers of industrial, medical and specialty gases, and hardgoods, such as welding equipment and related products in the United States.” Being able to find a plasma cutter rental in Houston or a welder in Dallas is a huge convenience that can help a company save money. Renting instead of buying technological equipment can also help a company that does not have a huge influx of venture capital money. Renting can be a great way to raise capital to purchase the equipment at a later date without impacting business operations currently.
Dealing With Your First Toxic Employee
The best hiring practices don’t ensure that at one point a toxic employee will start to stir up trouble. This could come in the form of undermining policies or even starting different types of office drama. The best thing that can happen is to reprimand this person for these behaviors in private. If this changes the behavior that is great but if it does not a public reprimand might do the trick. If this doesn’t at least the staff will see that certain behavior is not tolerated. Continuation of the toxic employee working at the company can ruin morale so they will have to be terminated. Termination becomes difficult if the employee is an all-star but doing this will show staff that not matter how great you are at your job, certain behavior will not be tolerated at the company.
Data Breach Compromising Client Information
Companies of all sizes have been the victims of hackers with some of the largest brands in the world being hacked leading to customer data being leaked by the millions. The best thing that any business can do is to be proactive about their online security. Hiring an outsourced digital security company can be wise as 24-hour monitoring is essential when dealing with the data of important clients. Changing passwords when employees leave or are terminated is imperative as many people turn vengeful when let go. The passwords should also be on a need to know basis only just to keep the company safe going forward. In the case of a data breach, being honest with clients is the best policy as the company does not want them finding out on their own. Clients might leave but there will be those that will be understanding as hacks are extremely prevalent.
Penalized By Google Due To Blackhat Marketing Techniques
Hiring a digital marketing company or freelancer can be dangerous if they are using blackhat SEO techniques. These are the techniques Google has warned against and will penalize a website for utilizing. Asking a company or individual what their tactics are is important as it could leave your company at risk. Those that are unwilling to reveal their “secret” formula are most likely moving search engine rankings through less than ethical tactics in the eyes of Google. Researching these freelancers or companies can help reduce the risk of running into these issues. In the case that it does happen, finding a company to help the website recover from the Google penalty needs to be done. A penalty can plummet the company website down the rankings for main keywords related to the business so recovery needs to be done.
Powering Through The Slow Periods During The Year
The slow periods of the year are natural in most industries but the goal should be to keep generating revenue during these times. Ramping up the sales efforts before these times of the year can help do just that. Hiring freelance sales professionals that have worked in the industry previously can be extremely valuable. The company does not have to carry these salespeople through the year but this is also a great way to find a diamond in the rough. Creating other streams of revenue can be wise but this is not possible with all businesses.
Growing pains happen in all businesses so be proactive about solving issues once they arise. Problems do not solve themselves and many times they compound only worsening. Assess where your company can be at risk and where it needs to be repaired, the world is waiting for the next successful company!
About Carson Derrow
