MY BUSINESS IS CRASHING, PLEASE HELP!

Harold S. Geneen says;" In a business world, everyone is paid in two coins: cash and experience. Take the experience first, and the cash will come later". We all have dreams, a vision we are willing to turn into a reality. An idea that brings a bag full of currency notes to our door step, or did I hear someone saying business is meant to be a charity? The looming days of your crash is nigh if your idea of starting a business is for charity. Charity is allowed, but that can only come from your own private purse, and not the business that aims to sustain your life till generations take over. 

In starting and sustaining a business, your hooves have to be strong enough to keep your goal which simply means that your experience must have been an oasis of knowledge combined with wisdom in starting your prospective business. 

 Some guides are designed to help those that detect that challenges are close to them in actualizing their dreams in the business world and wish to tackle such challenges. 

HAVE YOU DONE A RESEARCH ABOUT YOUR BUSINESS IDEA? 

Research is key in anything one is venturing into. Having a dream is a great idea, but seeing how, when, if the dream will be achievable is also a plus. Research on your market, your competitors, your customers, your prospective environment and everything that surrounds your new idea. Check the businesses that have similar idea as yours, their failure and what makes them thrive. 

HAVE A BUSINESS PLAN:

There is no conservative way of drawing your business plan, just be liberal and get more knowledge on how to go about it.  A business plan can be said to be a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may as well contain background information about the organisation or team attempting to reach those goals. Aristotle Onassis says; " The secret of business is to know something nobody else knows".  You can always get this during your research and inculcate it in your business plan. 

FINANCIAL MANAGEMENT: 

Ideas generation is the first to start a business, then funding is a cogent part that determines if a business will be actualized and if it will travel far. In a business, making money is great, but a skill to know the management of cash flow, expenses and other financial matters is germane. Although experts recommend at least six months worth of cash on hand, they also say business owners should assume they will not make a penny for a year. Reason you have to accumulate some cash at hand inorder not to go bankrupt. 

ARE YOU A GOOD LEADER?

Management of a business is an important aspect in determining how far a business can go. A poor management skill could end a business within a twinkle of an eye, so leadership qualities shouldn't be ignored while operating a business. " One of the test of leadership is the ability to recognise a problem before it becomes an emergency" says Arnold H. Glasow. This is the more reason you have to train and know more about your business to give you more confidence. Your staff welfare is as good as the success of your business, because a well motivated staff will always deliver with a heart full of good outcome. 

UNDERSTAND YOUR CUSTOMERS AND COMPETITORS; 

This is where your brand comes into play. Jeff Bezos says; " A brand for a company is like a reputation for a person. You learn reputation by trying to do hard things". Your brand should stand out than your competitors' and this will make your uniqueness a great patronage for your customers. Learn from the mistakes of your competitors to further the satisfaction of your customers. "There is only one boss. The customer, and he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else"says; Sam Walton

OVER EXPANSION:

Do not be deceived by the evenly patronage of customers, hence your motivation in expanding rapidly without putting some vital things into consideration. Ensure your first start up is stable, and avoid a case where you can no longer effectively manage the expansion.

"If you don't drive your business, you will be driven out of business" B.C Forbes

and Colin Powell says; " There are no secrets to success. It is the result of preparation, hard work, and learning from failure". Learn, relearn and unlearn to sustain your business.