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Get control of your own business

Get control of your own business

Ratings: (0)|Views: 127|Likes:
Published by odudurugod

“The question isn't who is going to let me; it's who is going to stop me.”,
because I’m ready to take action now.

“The question isn't who is going to let me; it's who is going to stop me.”,
because I’m ready to take action now.

More info:

categoriesTypes, Research
Published by: odudurugod on Feb 26, 2012
Copyright:Attribution Non-commercial


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============================. When you truly wish others success, you are attracting success. I make it mymantra. "I wish you success. I wish you success. I wish you success.- I truly dowish success to those I choose to do business with, because I choose to do businesswith those who would wish me the same success. I do business with friends.http://moblemoneymaker1.com/network_watch_business_grow.html===========================Don't allow your business growth to go unchecked. Fast unmonitored growth can be just as dangerousas no growth. Pay attention to signs that indicate you may be growing too fast, and take all necessarysteps to control that area.1. Computers, desks and chairs become hard to find. You outgrow your office gear andemployees find it hard to work with the space shortage and furniture scarcity.2. You take on orders much larger than you should take or handle. Don't turn orders down, butdon't sacrifice service and quality either. Make sure you can deliver on your promises.3. You don't know most of the faces of your staff. Once you become unaware of the peopleworking for you, things become impersonal and you will have lost contact with your business mostvaluable asset - your staff. Good staff is worth gold. Keep close to them or they will go elsewhere.4. Employee morale is low, turnover increases, productivity drops. These signs show that thebusiness and its management are growing to a level where staff are not being looked after or listenedto. Watch your employees and discuss problems and take steps to resolve before they escalate.5. You don't know what your competition is up to or what's happening in your industry. Nevertake your eye off your competitors or you will find yourself in major trouble.6. You have more temporary staff employed than permanent ones. Too many temporary staff isnot good for many reasons. Permanent staff is more likely to take an interest in the business and aremore productive and loyal. Temporary employees leave and sometimes take important business andconfidential information with them.
7. You have received customer complaints and negative feedback. Complaints from customersclearly point to something that is not going right. If you don't have customers you don't have a business.Repair this relationship quickly.8. You continually operate in crisis mode. Dealing with an occasional crisis is one thing, runningyour business like a war zone is something else.9. You're running out of cash all the time, Rapid growth can play havoc with your cash flows.Keep control of that cash or your business will quickly fold.Watch the Dangers of Fast GrowthIs your company on a course leading to disaster? Some small businesses are often faced with the"too much, too soon" syndrome, where their business grows far too quickly for its founders to handle.While it is admirable for a well-planned and well-executed new business to grow, some small operationsgrow too quickly because management becomes flushed with early success.The growth of a successful small business should not be measured by sales alone, but also byprofitability. A small business can easily grow too fast. When this happens, cash-flow problems are thefirst warning signs.A lack of adequate profitability, especially in conjunction with such infrastructure problems asrising inventory and receivables and declining employee skills will always result in cash-flow problems atbest - and survival problems at worst.While the founding entrepreneurs would have built a successful business, they would also havecreated a challenge beyond their expertise, management and abilities.They launch into new product lines or services, expand into unfamiliar fields, employ too manyemployees, purchase expensive plant and begin plans for an IPO without the necessary experience,
business skills, capital or support. As a result expenses start to exceed revenues at an increasing paceeach new month and the business finds itself with huge problems to fix.The company then begins to haemorrhage - and dies.Growth Must be Based on Sound EvaluationOften the decision to expand is based more on ego than on sound financial assessment, marketstudies or economic planning. As a result, the business charges ahead to take advantage of availableopportunities even though there is not the required capital for the new direction. Being undercapitalisedsoon causes serious issues that hurt the business.The owner and managers find themselves growing out of touch with their key employees onwhom they must rely and production inevitably falls. Management becomes so involved with trying toadminister all of the new operations acquired that it losses track of its essential core business functions.Mounting overhead soon begins draining cash resources.Cash Shortage Only the StartThese cash-flow problems are only the tip of the iceberg. Just below the surface are other moresubtle indicators associated with too-rapid growth: unhappy customers, unhappy employees, strainedsystems and controls, and burned-out entrepreneurs.Customer complaints increase and satisfactory servicing becomes a problem. Over dependenceon a key customer, supplier, lender, or contract is another pitfall for growing companies. Smallcompanies have to diversify their product lines, trading areas, distribution channels and targetedmarkets in order to prevent disasters.Like it or not, as your business grows, your role within it must change.

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