One of the most common oversights why countless businesses fail
Anyone who has ever tried to set up their own business understands it’s an extremely hard challenge that they embark on. I am certain you’re familiar with the fact that over 50% of small businesses go out of business in the first year & that 95% go out of business within the first 5 years. [...]
Six Ideas That New Business Start – Ups Could Last the Current Economic Recession
It’s a demanding economic environment at the moment for new and developing business ventures. But by cutting overheads and becoming firmer with service providers, new small businesses may flourish.
This commentary highlights half-a-dozen “tactics” for surviving in a downturn.
1. Accept that cash is crucial
Look after your money – if you’re out of cash and cannot access [...]
3 habits of successful business owners
The habits of successful business owners are a topic worthy of much discussion. Have you often wondered why some company heads earn significantly more than other successful business chiefs?
In this article, we will discuss 3 habits most highly successful business entrepreneurs employ on a daily basis.
1. Learn your business
One of the key elements present in [...]
Stop playing Santa- you’re in the business to make money
Words like “corporate responsibility” and “business conscience” have become quite the buzz of late. Many people think that businesses have become too selfish and that, in their pursuit for profits, they should also give something back to society. Now that all sounds good if you’re Bill Gates or Sir Richard Branson and can afford that [...]
Stick to the knitting – focus on your core business
Small business owners who are looking to grow their business are often tempted by the idea of diversifying into other products or services. However, a countless number of business ventures fail utterly when their owners decided to diversify away from the core of the original business. Expanding into other product lines or services takes a [...]
You Don’t have to Have all of the Answers; It is okay to Seek Help Once in a While
If you are too proud to ask for help in your business, you are missing out on many valuable learning opportunities. Mentoring is an essential tool to utilise in business. Mentors, business associates, friends and family can all provide valuable insight to assist you in your business success. Mentoring is one of the best sources [...]
How to Set up Effective Terms and Conditions Before you Sell on Credit
Setting up effective terms and conditions can be a challenge for many small business owners when they are formulating their payment infrastructure. Extending credit can be an effective small business strategy as it allows your business to establish customer loyalty and to increase sales with customers who would not do business with your company otherwise. [...]
Selling Your Business: When Is the Right Time?
Whatever your reason, finally deciding to sell your business is probably one of the hardest decisions to make. Suffice it to say that letting go of something that you have worked so hard for is akin to letting go of a family member or loved one. Nevertheless, it is still a decision that you may [...]
Outsource to Reduce Your Tax Liability
The business practice known as “outsourcing” was coined in the 1980s. Outsourcing is a process involving the commission or transfer of a business process to an outside organisation capable of fulfilling that function. Many types of business functions can and are being outsourced, such as accounting, customer support, human resources, information technology, real estate management, [...]
Take control of your life – use your time effectively
Time Management is perhaps one of the most talked about subjects not just in the business world but in our social circles as well.
The concept or the idea has been elevated to the point that it has become an abstract principle or an ideal – much like those taught in monasteries and temples of ancient [...]
