5 warning signs your business is about to fail

Man in pain

It is never easy to run a business because you have to give up a lot of things to ensure its smooth running. There will be times when it may seem everything is going fine but unknown to you; you may not be achieving your business’s mission and objectives. Therefore, it is important for you to look for warning signs that your business is going off tangent or is failing. Jumia travel share five of such signs.

  1. You have not spoken or interacted with any customer

After your amazing effort ensuring the smooth management of your business for over a month and you have not spoken to any customer or a customer has not patronised you, there must be something wrong. Perhaps, you should rethink your marketing strategy. For this, you can use social media. You don’t need to break the bank.

  1. You always repeat the same mistakes

Mistakes are acceptable in business. You may have spent money on employing more people or purchased more machines against the advice of your business consultant. You should learn from these mistakes. But if you repeat the same mistakes again and again, you will soon run the business aground.

  1. You recruit new employees weekly or monthly

Your employees cannot work with you for more than two or three months before they leave. This means there is something fundamentally wrong. It may be your relationship or management skills is prompting them to leave.

  1. Your business is indebted

This sign is very obvious. If your business is heavily indebted, it is a warning sign you will soon be unable to service your debts and you have no choice than to liquidate. Before it gets to that level, you should do something about the debts.

  1. Significant drop in turnover

The economic outlook of Nigeria is not encouraging. The naira is fluctuating and it has just recently stabilised at N497 at the parallel market and even the government is not helping matters with its unclear monetary and economic policies. Notwithstanding, this shouldn’t spell doom for your business unless there is something fundamentally wrong with your operation.

Contributed by Adeniyi Ogunfowoke, PR Associate, Jumia Travel

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