What helps you prevent losses in your business?

[eldavis]

As business owners, i am pretty sure most of us have various ways and strategy we use to prevent losses in our business. In most cases losses cannot be avoided in business, but we must try our best to be able to control it to a certain level. For me i always make sure i carry out proper research first before making any investment or business deal. And i always try my best to create a backup plan.

 

[astutimeliana723]

By doing marketing research we can prevent as best as possible the occurrence of failures and losses in business. Indeed, in some cases failure/loss in business cannot be avoided, but the risks can be minimized. So, we need to consider taking business decision options with the smallest risk.

 

[cherry123]

It is very bad to have losses in a business. So it is always good to make sure you carry out proper research before making or starting any business now

 

[Niyi Briggs]

I make sure that at every point in time, I am always keenly studying the market to knows when to contract or expand production. The market changes can make one to incur losses.

 

[Springtime]

It is essential to conduct research from time to time to understand the needs of your customers. To avoid losses in business, other than research, you also need proper financial management. Do not spend what you cannot afford.

 

[cherry123]

Yes do your research from time to time to know more about the trends and understand the needs of your customers. it is also pertinent to also do proper financial management.

 

[Stardom22]

It is evident that losses can't be avoided in any kind of business. What is there is that we can try as much as we can to minimise the losses incurred in the business.

 

[Niyi Briggs]

It is evident that losses can't be avoided in any kind of business. What is there is that we can try as much as we can to minimise the losses incurred in the business.

While this is true, practical steps must be taken to minimize the losses. In a 10 time business cycle, making losses more than two times is just being careless and it is unsustainable.

 

[Sophie]

Learning I would say a wise man once said that experience is the best teacher but a wise man learns from others experience when we are constantly learning we are bound to improve

 

[Etini Willie]

You have to closely monitor the financials of your business. That would make you to detect when a loss is possibly imminent. And to take measures to stop it from escalating.