Category Failure

Lifestyle Businesses Benefit From Online Collaboration

Many people assume, quite wrongly, that if you are a lifestyle business there is no need for online collaboration, in any sense. But, online collaboration can be a great way to increase the efficiency of your lifestyle business whilst at the same time providing your customers with exactly what they are looking for. There are…

The worst business start-up mistakes

Although many people decide to try and realise their dream of starting their own business, unfortunately it often turns into a nightmare for them. It is estimated that around a third of new small businesses fail within two years and that figure rises to more than 50% over five years. The problem that many face is making…

Small Business Lists – 5 Positive Effects of Failure

If you have suffered a business set-back, here are some reasons why it may be helpful in the long-term.   Learning Experience – Failure is often a necessary step on the path to success. Without failure it can be hard to make any substantial improvements. Unrealistic Expectations – Often something which is perceived a failure…

Do you have concern for your business or only for yourself?

I had an interesting conversation about my view that management control over employees is a myth. I have believed for some time now that an office is often a total waste of money and completely unnecessary. Most of the time I’m told it’s OK when you work by yourself, but not if you have employees,…

Which intention did you have for your small business?

I recently spoke with one of my readers about his small business, when she all of a sudden declared she felt like a business failure. I was somewhat surprised by her statement as I thought she had established a nice little business, was making enough money and had a good work/life balance. She explained that…

The Week Ender: Waiting for small business success?

What is business success? I guess it can be different things to different people, for some it may be the big pay day when they sell the business. For others it may be getting your business to tick over, generate a good income and still have time for your family. Have you asked yourself what…

Q & A: What protection does a limited liability company offer to small business owners?

Sooner or later you will think about doing a little more business, protecting yourself more, and that will bring you to the question of changing business and trading environment All small business, micro business, sole traders, freelancers and home businesses can be run in the form of limited liability companies.A limited liability company - LLC in the US, Ltd. in the UK - is a legal entity, like a different person, so you, the business owner is not direct liable for any debt. The company is to be conducted by laws governing limited liability companies, and providing you do, your company has "limited" liability.The protection a limited company offers is that when the business fails, and you have to close it down, the company is only liable with it's assets, i.e any positive bank balance, inventory and other assets.What does a limited company not protect you from?

Bookkeeping for Small Business

More important than that, you will learn new things about your business: You may have higher (good) or lower (bad) sales, than you expected?Your cost in your business may be higher (bad) or lower (better) than you expected?Your cash-flow may be better or worse do to the above two points?You may need to outsource some business processes to lower your fixed cost structure, to make your business more recession proof or just more profitable?You may need to ramp up your sales and marketing activities for your small business products or services?You may also have to adjust your SWOT analysis and your business goals?You will be surprised how creative you can be, once you know about and understand a problem in your business plan.... There is no excuse not to do it, all the tools are available for free, for anyone.If you feel the initial process of business planning is too much for you, than get your accountant or bookkeeper to help you to set your cash-flow fore-casting, SWOT analysis with you, doing it online will give you strategic advantages, like you can work with your accountant or bookkeeper in real time in different places, this lowers your cost, no time wasted and is good for the environment.I would like to make one more point here, the aim of all this planning is not to get it spot on - no, the aim is to understand what is happening in your business, that is why you should be doing it.

Small Business Failure – Reason: Funding

if you are don't start a business, because you are not ready and whatever you do do not borrow any money from anyone.If you read this and think this is all b*** s*** - and you may be right, of course - let me know why you think you need to borrow money? Maybe we could come up with an idea that would allow you start your small business, without having to borrow money and loosing some of the control in your small business.You can see other reasons for small business and personal business, like contractors, freelancer, self-employed, sole-trader and virtual assistants failures in my Health Check Category, if you can add to this list please do so, I would welcome your comments.

Small Business Failure – Reason: Management Control

You can pick and choose what you do work-wise everyday, you can not pick and choose what you should know about and make decisions about - this is your business, not your staffs business - act like it.Am I running my business or is it running "itself"?... When I hire people I always hire people who do something better than I, but you have to stay involved.You can see other reasons for small business and personal business, like contractors, freelancer, self-employed, sole-trader and virtual assistants failures in my Health Check Category, if you can add to this list please do so, I would welcome your comments.

Small Business Failure – Reason: Cash-Flow

Check your cash-flow each time before you make a bigger purchase or hire staff which is not in the plan, you will quiet easily see if you can afford to do it or not.How much reserves does my business have?... On those terms you should get an overdraft, even if you do not need it, so if something unexpected happens you got the cash-flow reserve.The importance of your cash-flow situation can not be overestimated, as long as you can pay your bills you are in business - as the saying goes: Cash Is King!You can see other reasons for small business and personal business, like contractors, freelancer, self-employed, sole-trader and virtual assistants failures in my Health Check Category, if you can add to this list please do so, I would welcome your comments.

Small Business Failure – Reason: Fixed Cost

Even if you have staff - outsourced of employed - doing your bookkeeping and organize the payments for you, you need to make the decisions of when your suppliers get paid, so you can control your cash-flow.There are many more questions you could ask yourself, here I just wanted to get you going. If you have any more issues or are uncomfortable with any of your costs and answers to the above questions, then you should get some professional advice.Running out of money is the reason most small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer-, Professional-, Personal businesses fail, not controlling your fixed costs is one of the main reasons for this.

Small Business and Start-Up Efficiency

In todays networked world it is possible to "grow" your business virtually and increase your efficiency at the same time - rather than "grow" your fixed cost structure and decrease efficiency.Her I just want to talk about which steps one might take to a more efficient small business: look at you business critically and understand what your core business isfocus on your core business and objectives, do not waste time with non-core activities - outsource thosere-evaluate work processes, remove non-value-add activities, work out how to do thatre-evaluate your outsourced activities, are you getting a professional and efficient servicecheck your clients perception of your small business, ask for feedbackThe drive for efficiency is an continuous effort in every business, not only small and start-up businesses, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer-, Professional-, Personal businesses. It is this kind of thinking that will determine success or failure of your small business venture.How efficient is your business - to think about that is a much more fascinating way to spend some "free and quiet time", than watching television - it's more exciting and rewarding too.

Why businesses fail and go bust!

While the government passed the Late Payment of Commercial Debts (Interest) Act 1998 to protect the rights of businesses, not many businesses actually use it.Small business, like home-, micro-, lifestyle-, mobile-, SME-, SMB-, SOHO-businesses are losing out due to the chaos created in their cash-flow but also on precious funds that they could have charged clients for late payment.... They are effectively financing their clients business and should charge interest on money owed in excess to what their bank charges the business.You can always outsource your bookkeeping and credit control function, use a virtual assistant and WinWeb's On-Demand Small Business Infrastructure approach to solve this problem - you want to stay in business (?)

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