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Other Added - Back To Square One!
When you examine the mathematics of a firefight, it’s easy to see why the big company usually wins. Let’s say that the Red squad with nine soldiers meets a Blue squad with six. Red has a 50 percent numerical superiority over the Blue. 9 versus 6. Or it could be 90 versus 60 or 9000 versus 6000. It makes no difference what the number are, the principle is the same.Let’s also
It was dropped by it’s single biggest customer. The owner has now re started as a ‘sole trader’ doing the same subcontract machining and ‘working all hours’ to survive.
He says he has learned his lesson and will not carry out work for businesses in the sector of the company that dropped him and is now doing w
To succeed in business and in life, you need focus. And drive. And an entrepreneurial spirit. That takes motivation. And motivation takes constant exposure to inspiration and wisdom. Often that comes through articles, audiobooks and advice that will keep you focused beyond the horizon.You're busy. Time is a valuable commodity to you. I understand. That's why the successful e
Sounds obvious but how many do it? I am a self confessed infoholic. My addiction is information on topics that interest me; world affairs/politics, business and sport. I am interested in ‘cause and effect’ so the net result is I read a lot.
Not just novels like most people but what interests me. It’s amazing what you see, what it means and what you learn.
Recently I came across two short articles in the same journal on facing pages and they said so much about why people fail in business and yet, do people ever learn?
One article gave statistics on businesses failing from cash flow problems and the other was about a business that went down because it’s single largest customer placed it’s business elswhere.
In summary it goes like this; a survey revealed that in the UK 100,000 businesses fail each year because their owners fail to do any financial planning.
25% of firms never set any financial targets and 35% have never set aside funds for employee development. 20% admitted to beginning to plan when it was too late and 50% blamed this on not having enough time. They were surprised to learn that these causes of failure were greater than adverse trading conditions.
The failed business was a very cost sensitive business that did sub contract machining. It had been established 49 years and employed 12 people.
It was dropped by it’s single biggest customer. The owner has now re started as a ‘sole trader’ doing the same subcontract machining and ‘working all hours’ to survive.
He says he has learned his lesson and will not carry out work for businesses in the sector of the company that dropped him and is now doing wo
The greatest challenge in a trade show is to convey your message forcefully and effectively in the three seconds that customer spends walking by your trade show booth. It is important that your booth looks attractive and grabs the attention of customers by clearly showing the identity of your company and its products. The right booth can create a lasting first impression.Fu
Recently I came across two short articles in the same journal on facing pages and they said so much about why people fail in business and yet, do people ever learn?
One article gave statistics on businesses failing from cash flow problems and the other was about a business that went down because it’s single largest customer placed it’s business elswhere.
In summary it goes like this; a survey revealed that in the UK 100,000 businesses fail each year because their owners fail to do any financial planning.
25% of firms never set any financial targets and 35% have never set aside funds for employee development. 20% admitted to beginning to plan when it was too late and 50% blamed this on not having enough time. They were surprised to learn that these causes of failure were greater than adverse trading conditions.
The failed business was a very cost sensitive business that did sub contract machining. It had been established 49 years and employed 12 people.
It was dropped by it’s single biggest customer. The owner has now re started as a ‘sole trader’ doing the same subcontract machining and ‘working all hours’ to survive.
He says he has learned his lesson and will not carry out work for businesses in the sector of the company that dropped him and is now doing w
Not everything that can be counted counts, and not everything that counts can be counted." Albert EinsteinHow does that brand feel?Sometimes the obvious isn’t all that matters when you brand your product. What may be visible to the commoner off the street may not be what you want to present to your customer. When this happens, close your eyes and let
In summary it goes like this; a survey revealed that in the UK 100,000 businesses fail each year because their owners fail to do any financial planning.
25% of firms never set any financial targets and 35% have never set aside funds for employee development. 20% admitted to beginning to plan when it was too late and 50% blamed this on not having enough time. They were surprised to learn that these causes of failure were greater than adverse trading conditions.
The failed business was a very cost sensitive business that did sub contract machining. It had been established 49 years and employed 12 people.
It was dropped by it’s single biggest customer. The owner has now re started as a ‘sole trader’ doing the same subcontract machining and ‘working all hours’ to survive.
He says he has learned his lesson and will not carry out work for businesses in the sector of the company that dropped him and is now doing w
Any competent business advisor knows that the optimism of would be entrepreneurs can be a little overwhelming at times. Not long ago while doing a little business consulting online for a new franchisor contender, I had to laugh to myself a bit.It is not that the gentleman did not know his business model, as he appeared to be confident and proficient. You see when it comes to
The failed business was a very cost sensitive business that did sub contract machining. It had been established 49 years and employed 12 people.
It was dropped by it’s single biggest customer. The owner has now re started as a ‘sole trader’ doing the same subcontract machining and ‘working all hours’ to survive.
He says he has learned his lesson and will not carry out work for businesses in the sector of the company that dropped him and is now doing w
When the Chief Executive Officer is looking to fill a senior operating or strategy position it is common to consider the possibility of promoting the Chief Financial Officer into that role. After all, CFO’s are senior executives who typically exhibit sound judgment and are used to being charged with great levels of corporate and fiscal responsibility.From the CFO’s side of t
It was dropped by it’s single biggest customer. The owner has now re started as a ‘sole trader’ doing the same subcontract machining and ‘working all hours’ to survive.
He says he has learned his lesson and will not carry out work for businesses in the sector of the company that dropped him and is now doing work for other businesses.
I admire his tenacity and wish him well for the future but these two tales tell us so much that should be applied as normal business practice.
Never rely on a single customer, never stop marketing, prepare an annual business plan with costed goals and timed targets.
Manage against that plan and review progress making adjustments in accordance with the trading position. At all times control cash flow and only spend when you can afford to. Simple but so effective and as important as any ‘day to day’ task.
My experience is that many business owners have a job working for themselves. They do tasks ‘in the business’ and though this is necessary when starting a business the objective must be to develop the business by working ‘on it’ not ‘in it’.
If our business owner had set a financial plan with a costed marketing plan to acquire one new customer in each of the 49 years history - would it have gone bust? I believe not. I am almost certain that in many of those years he was busy working ‘in’ the business not ‘on’ it.
No matter what type of business you consider continuous, targeted and costed marketing is crucial. No customers, no cash flow, no business.
Tip: Look, Listen, Learn and take strong firm action. Do the thing you think you cannot do,
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