We asked business owners their top fears and heard the ways to minimise that risk.

 

  1. Getting too much work and not coping with it. While it sounds like a nice problem to have, but how do you handle it? If you are fully booked out or can’t meet your purchases, it is time to consider raising prices, saying no to some jobs that are less favourable, 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.

  2. 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 problems again. Consider asking for more reviews from known happy clients to dilute the bad reviews. You may be able to make an improvement because of the bad review and launch the improvement 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. 

  3. Artificial intelligence (AI) and will this obsolete my business. Find out ways how AI will help instead of hindering you in your business. Be wary that sometimes AI can make huge mistakes, so keep some elements of human supervision. Why not have another business you can run as a backup? I am sure every owner wonders what they would do if they sold their business. Same applies to the AI threat, have a backup 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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