As we move closer to BREXIT , one thing is clear. We live in uncertain times. The ongoing trade wars between the USA and almost every other country, including China.The tensions between Russia and the Western world and the growing chaos in the middle East are just a few headline grabbers. I could go on and on but I think the point has been made. So, what do you need to do to ensure that you and your SME business succeed in uncertain times like these? To start with, we all need to do two things. Sell more products and services to customers who are willing to pay a premium price that earns a healthy profit. Next, we need to keep as much of the profit as possible out of the hands of the tax man by using all the legally available deductions, relief’s and allowances at the time. Below, are a few essentials that need to be implemented right now to ensure that you are better prepared to take advantage of the threats and the opportunities that emerge in the uncertain business environment. If you have recently started your business or if your business is already established you should take some time to reflect on these top 10 essential tips and make an effort to apply the most relevant ones to your business. If you have implemented some of them, find ways to improve the outcomes you get. From time to time, you will find me referring to the 80/20 rule (sometimes called Pareto principle). In the context of this article, it means you should focus on the two to three items that...
Understanding the reasons why businesses fail, can be a helpful way of identifying where you are in your business lifecycle and helping you put plans in place to avoid becoming a failed business statistic. Over the past 50 years there have been many studies that look at the issue of business performance in a bid to to better understand why some businesses fail and others succeed. Reasons for business failure can be classed into two general groups, namely internal factors and external factors.This article focuses on owner managed businesses and looks at internal factors only as these are usually within the control of the business owner. So, here are our 10 reasons why owner managed businesses fail. 1.Lack of Industry Experience Every business has an industry and business environment in which it operates. In order to succeed, the internal resources and skills within a business must match the needs of the industry or environment in which the business operates. Lack of relevant experience or skills in a business can lead to poor organization of a firm and its resources and subsequently end up in business failure. 2.Inappropriate and Inadequate Financing Financing is the bedrock of any business growth, whether in the startup phase or in a later stages of the business life cycle. For many failures it is not just the lack of finance but also the use of inappropriate financing. For example, using short term sources of finance for long term projects can lead to trouble. Proper financial planning involves looking at various sources of funding and understanding the costs and benefits of each...
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