(Add to Favorites | View All Articles | Resource Directory)
|
|
|
Why Does a Business Fail and What Can You Do to Stop It?
I believe the number one reason why a business will fail is lack of planning. This can be due to various reasons, perhaps because the market research wasn't sufficiently carried out in the first place, or because the financial burden was higher than was planned for etc. Sometimes business failure happens because the business owner is not very savvy at other aspects of the business, such as management, promotion, branding, advertising, public relations, leadership, bookkeeping, or customer follow-up etc. It is important to get the necessary training to ensure all aspects of your home business run efficiently, or to hire help to manage these other aspects. Here are some other reasons to consider: 1. Inadequate accounting records 2. Disregarding or misinterpreting financial records 3. Not controlling costs 4. Fraud due to poor internal control 5. Pricing goods or services too low as a way of getting customers or clients 6. Lack of marketing/selling skills 7. Not carrying adequate and appropriate insurance 8. Failing to adequately train and develop employees 9. Lack of goal and business advancement planning 10. Not seeking advice or professional help when necessary. If you know that most businesses fail because they don't bother to plan properly, what can you do to ensure this won't happen to your business? Have your own business and marketing plan and use it every day! Review your goals on a daily basis. Use that to-do list every day, making sure to cross off your accomplishments. Then make a fresh list every morning of what is left to do, and what other things need to be accomplished in your business/work day. Be ready to talk about your business in every encounter you have during the day. Practice a 30 second speech about your business so you are always ready to share it with people, and make sure you ALWAYS carry business cards with you. It looks professional too. Hire people to do the work that you are not good at, so your business doesn't fail due to your weaker points. Have a Plan-B! Put money by for a rainy day. Find a mentor, someone in your field that can help and encourage you with your business. Join a small business association where you can network with others in your field of business. Work hard and stay motivated. You can make your business a success with the proper planning! Michele Miller is a home-based business owner and medical transcriptionist. She is also the author of an ebook about starting a successful transcription business from home. http://www.medical-transcription-at-home.com
MORE RESOURCES: News provided by Yahoo! News and Google News Small biz acquisition as a tech talent raid strategy - ITBusiness.ca (blog) Bill Aims to Simplify 1099-Ks for Small Biz - Reuters Oh baby! Small biz scores huge Angry Birds deal - CNN This Week in Small Business: Jobs! Small Business Hiring Intentions Best Since January 2008 #1 Amazon Web Marketing Bestseller, Content Is Cash, Nominated For 2012 Small ... - PR Web (press release) VSE Honors 2011 Small Business Suppliers of Choice Wilmington council considers small biz help along with ballpark - WWAY NewsChannel 3 |
|
|
|
RELATED ARTICLES
QSR Quick Service - Fast Food Restaurants Labor Situation in United States One of the major complaints in the QSR Quick Service-Fast Food Restaurants Industry is the deplorable Labor Situation. In United States teen labor has become somewhat slim on ethical standards, showing up on time, drug use (both recreational and problematic), work ethic and trainability. Things to think about before joining a Professional Association I'll be the first to admit that I went a little nuts when I moved I moved recently in terms of going all-out to participate in a variety of professional associations. I had some experience with most of the groups that I visited in other places I had lived, or had clients who had positive experiences with certain groups. Analyzing Customers in Your Business Plan The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services satisfy these needs. Is It Recess Yet?! Confessions of a Self Employed Workaholic I have a confession to make. My name is Caroline and I'm a workaholic. How To Create A Business Note That Is More Attractive To A Note Investor You are selling your small business (business value under $1 million for this article). You would like the buyer of your business to come in with an all-cash offer, or be able to qualify for an SBA guaranteed loan. The 5 Traits of Baby Boomer Business Owners As a practitioner and student of Small Business Marketing, I was recently contemplating ways to enhance my business. I found it fascinating to realize that over 95% of my customers and hot prospects were Baby Boomer's who own a small business. Over 1/3 of online searches are to find local businesses Buyers want both online and local information about where to buy Most small businesses are local in nature, serving people who live nearby. Their customers found them through traditional methods like the Yellow Pages or newspaper ads. Small Business Vendors; Getting the Best Service If you are a small business you know that you must rely on your vendors to make sure you have everything your customers need. Lack of vendor support can lead to upset customers or even loss of your business. Essex Accountant: Accountancy Firm MVP for Your UK Business? Most business owners know when they need an accountant, but they do not realize how important the task is or how much their results can vary. No other job position outside of your own is going to affect your bottom line like an accountant and contrary to common belief, the job is not just about crunching numbers. Hire a Virtual Assistant for those tasks you don't have time for Are you a home or small business owner and you're Webmaster, receptionist, and assistant all in one, but you've found that there isn't enough time in the day to complete all of these administrative tasks? A "Virtual Assistant" could be your answer.In today's tough economical times it's hard to think of hiring someone else to assist you, but it may be more cost effective than you think. Designing a Franchise Training Program If you intend to franchise your company you will need to design a bullet proof training company for your new franchisees. This is above and beyond the training program you will design for them to administer to their new employees. How to make your property management business really take off Discover How Specialized Cost Containment Creates A New Win-Win Position For Property Owner's And YouProperty Management: A simple strategy to increase client loyaltyProperty managers who pro-actively employ advanced techniques to help property owners and anchor tenants reduce operating costs, will most certainly be considered a more valuable business asset. When you can achieve this with lower administrative functions and no out-of-pocket cost to you or your client's, you've created additional benefits. How to Use Graphs and Charts in Your Business Plan Many people ask how many graphs or charts they should have in their business plans. As with most other business planning questions, the answer is "it depends. Common small-business marketing failures When you feel like you're always busy working on your business, but not getting where you want to go, it can be frustrating trying to figure out how to get your marketing on track. It can easily become a "not seeing the forest for the trees" feeling. How To Get Slightly Famous in Print Early in my career, I wrote an article for a small business magazine about self-publishing as a marketing tool for businesses. Because I specialize in helping businesses get into print, the article only took a few hours to write. Loose Lips Sink Ships - The Fastest Way to Put Yourself Out of Business I agree that knowledge should be free, but the next person I see revealing their hard attained business practices in a public forum, I am going to feel the need to approach them, make them choose their own switch from an outside tree, then whip them with it.This is the mistake I see most small businesses make: running their mouths too much. Your Practice is Only as Valuable as Your Referral Base Many physical therapists in private practice have the appearance of a very successful business that is built on the backs of about four to five doctors. Now if anything would happen to any of these guys, the value of these practices would drop markedly. Finding a Venture Capital Firm Many ventures are faced with the challenging task of raising venture capital. The first part of this process is finding the right venture capital firm (VC). Starting A Concrete Cleaning Pressure Washer Business Concrete cleaning can be a lucrative business to start. Here are some tips which will help you do it right. Image of Your Franchise Automotive Outlet is So Important Image of your franchise automotive outlet is so important. Some say image is everything, well then if you buy a franchise you should be constantly thinking of image and cleanliness.
|
| Home | Site Map | Privacy Statement | More Articles |
| © 2006 |