We asked business owners their top fears and heard the ways to minimise that risk.
- Getting too much work and not coping with it. While it sounds like the nice problem to have, how do you handle it. If you are fully book out or can’t meet your purchases it is time to consider raising prices, saying no to some jobs that are less favorable, use outsourcing, get more staff, train staff better, do a brainstorm of staff to see where efficiencies can be gained, improve productivity and efficiency in software or equipment.
- Poor google customer ratings, trolling and bad reviews. Everyone who has experienced these would know they are very stress-full, worrying and critical. Consider responding to the complaint on the same media that it was made. Take on the investigation as to what actually occurred. Respond and take responsibility to rectify and rehabilitate the business from such problem again. Consider asking for more reviews from know happy clients to dilute the bad reviews. You may be able to make an improvement because of the bad review and launch the improvement once implemented as a sign of your business moving with feedback. Also, seek to identify the customer lodging the bad review and invite them to see the business about rectifying the complaint, speaking with them may diffuse their anger and perhaps you can turn it into a situation where you made large efforts to make them happier.If you suspect a bad google review is by a non genuine client, you can request google to review a suspected non genuine review. This may occur when you fell someone made it up and is fictitiously posted to damage your online reputation.
- Artificial intelligence (AI) and will this obsolete my business. Find out ways how AI will help instead of hinder you in your business. Be wary that sometime AI can make huge mistakes, so keep some elements of human supervision. Why not have another business you can run as an backup. I am sure every owner wonders if they sells their business what they would do. Same applies to the AI threat, have a back up career or business to run. Get behind an AI in your industry and see if it can improve your technical skills or services provided.
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