This week I’ve decided to go back to doing what we here at Forbes Burton – How to Close a Company do best, helping business owners that could be at their wits end with a failing company.
Going back to a "KISS principle" approach I'm going to present a two part list of things which we have come across as problems for businesses across the UK and offer a little insight in what it means to a business owner and some hopefully helpful pointers to deal with the matter, not all of these may apply to your business, but I hop there is something that is a close match so you can benefit from it. Don't let the recession cramp your style take positive action to solve your business problems.
Remember that If you do need to discuss closing a business we're here to help you. We have phones open during the working week, the number at the top of your screen or you can e-mail us from our contact pages with questions.Without further ado, lets have a look at the tips for business...
- Keep on top of your finances, understand what your business is making and how much it’s costing to run, use of financial planning can avoid issues altogether often this is available as a free service from your business account manager at your chosen bank.
- If you’re running a business, part of it the set up could be relatively easy but the actual running of the business might be beyond you, courses on or self-learning of managerial skills could be essential especially if you have a small team of people to oversee. Failing to understand or correctly use the resources of the business could be very bad news.
- While entering into a growing market, or even taking up a seemingly empty niche might seem like a sure thing, your knowledge of that market is essential, blindly stumbling in without knowledge and research could end up leaving you stranded and not knowing what to do. Selling jeans needs different thinking than cleaning pools, every sector requires those working in it to understand it.
- It’s no secret that the UK is faced with economic struggles which extend well beyond any individual business. Look for reputable resource on how to tighten the belt and batten the hatches to ride out the storm, figuratively speaking of course, in reality it could mean making tough cutbacks or re-sourcing suppliers.
- Make sure your sales are working in hand with your marketing, and be sure that what you’re are promoting and taking money for can be supplied. Failure to meet your customers’ expectations will cause a few unhappy remarks and directly effects what ends up in your businesses bank account.
- Know and believe in what you sell or supply, if you are assured of that which you are presenting the person to whom you are selling will be more inclined to have trust in you and the product, being anxious or unsure about things will be picked up on by most people and it is easily passed to the customer that will most likely not then be interested in closing a deal.
- If you hire staff, have you checked their competency? We sometimes take for granted very simple matters but does John know which wrench to use, does Jo know how to transfer calls. Training your staff so that they can easily undertake their tasks is essential, poorly trained or badly motivated staff are not in the interest of a successful business.