5 External Factors That Can Hurt Your Business

By and large, the success or failure of your business will depend on the strength of your ideas, how you’re able to apply those ideas, and your ongoing energy and motivation. However, there is another thing that’ll impact how well your business goes, and it’s a big one: external factors. These are the things that aren’t directly linked to the internal operations of your company but which can still have a big impact. In this blog, we’ll run through some of the biggest ones. Most of them can be handled, or the impact can at least be minimised with some effort.

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The State of the World

Your company doesn’t exist all on its own — it’s part of the much broader capitalist system. While it can seem strange to think that what happens in, say, the White House can have an impact on your business, the fact is that it can. Here in the UK, many businesses are beginning to feel the effects of Brexit — sometimes for better, sometimes for worse. As well as trade deals, supply chain issues in one corner of the world can have a knock-on effect on your operations, especially if one of your suppliers is affected.

Your Lifestyle

If you’re going to make your business as great as possible, then you’ll need to bring your best self to the table. You can’t come up with your best ideas and bring all the necessary energy if you’re running on empty, and this is where your lifestyle comes in. If you’re staying up late, eating unhealthy food, or otherwise just feeling a little frazzled, then it doesn’t matter what they say about keeping your personal and business lives separate — you’ll be impacted. So much make sure that you’re looking after yourself. You’ll be happier, and your business won’t suffer.

Your Relationships

It’s not just you that has an impact on your relationships. The people close to you can also have an effect. This can happen through, say, an illness in the family that means you can’t give your business the attention it needs. Or it could be through the breakdown of a relationship. This can be an uncomfortable time and can even cause problems if you’re married. At that point, you may need experienced divorce solicitors to ensure that your business doesn’t become a battleground when you’re discussing the terms of the divorce. Love can be a wonderful thing, but it can also cause problems when the love ends.

Social Media Errors

We live in an age when customers have high expectations not only of a company’s products and services, but also the way they conduct themselves. If you’re a little too opinionated on your social media channels, then it’s possible that customers may take exception to your views, and boycott your business. There have been plenty of people who have lost their jobs or had their business inundated with negative reviews all because of something they posted on Twitter, Instagram, or Facebook, so avoid those controversial posts.

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