Business Advice: Four Reasons Businesses Fail

businesses fail

Anyone who starts a business does so with good intentions. They want to grow a successful business. However, the truth is that many businesses do fail. Most don’t make it past five years for several reasons.  Here are some reasons why even good businesses fail:

  • Not doing your research. It is important to make sure that there is a market for the product or the services that you offer. If not, no matter how good it seems, you are not going to be successful. The same goes for markets that are too saturated. If everyone is doing the same thing, you are going to have to market hard to reach people who don’t already use a business like yours.
  • Not doing enough marketing. Marketing is one of the most important parts of running a business. Even as your client base grows, you need to continue to market yourself in order to keep new business coming in your doors. As soon as you stop marketing yourself, your business is going to slow down.
  • Not welcoming change. Successful businesses change with the market. They are constantly improving their products and services to ensure that they are giving their customers what they want and need. If your business remains the same, you are not going to be able to compete with companies who are constantly improving with the times.
  • Not enough money. Even though most small business owners don’t start with much money, it can be hard to get a loan when times get tough. Instead, make sure that you have enough savings to help you through the rough patch.  Or, ask for a bigger loan in the beginning to get you through the phase when you won’t have much money coming in.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more valuable articles to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.

 

Business Advice: Tips to Be Successful

Starting and growing a business can be quite scary. Not only are you putting yourself out there, you may not have any income to fall back on. You need your business to be successful, not only for yourself, but for your family.

Here are some tips to make a successful business.

  • Be serious. One of the best ways to have a successful business is to take it seriously. Work on your business every day.
  • Be organized. Even the best idea won’t be successful if you are not organized. Not only does your office or shop need to be organized, you do too. Have a working list of things that need to be done. Know where everything is so that you can accomplish what you need to.
  • Be willing to make sacrifices. Running a business takes a lot of time, especially if you want it to be great! You have to be prepared to spend plenty of time working on your business, even when you want to be doing something else – like spending time with your friends and family.
  • Give your customers more than they thought that they wanted. There are so many businesses these days, that you need more than a great product or service in order to survive. You need to give your customers more. Have great customer service and go above and beyond when talking to customers. Show them that you appreciate them and they will return!

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your business profitably, please check out our website www.portalcfo.com.

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3 Tips to Maximize Productivity in your Business

productivity

There are many factors that go into the day-to-day functions of business. For this reason, it’s easy for productivity to lack in the workplace. This makes it difficult to reach important milestones, resulting in a business that appears stagnant. Let’s review 3 tips to maximize productivity in your business.

1. Set attainable goals: Sometimes, businesses underestimate the effectiveness of setting goals. Without goals, you have no real way of tracking progress in your business. If you want to maximize productivity, set attainable goals for your business that you can work towards in a timely manner. This ensures that your efforts are going in the right areas and that your business is progressive.

2. Hire individuals fit for the job: Your business can only be as productive as the employees you have. This means that you need to ensure you hire individuals who are fit for the job and that you understand their strengths and weaknesses. For instance, an employee who is easy to get along with may be best suited for your customer service department. On the other hand, an employee who is very organized may be best suited for project management.

3. Mobile Applications: Businesses are leaning towards mobile technology to maximize their productivity. Mobile applications are an inexpensive and convenient way to be more productive. Mobile apps that focus on time management, organization, and planning are excellent for keeping businesses productive.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more valuable articles to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.

Business Advice: Reasons to Hire a Virtual Assistant

Becoming a Virtual Assistant is a great new way to work at home. It allows parents to make money while taking care of their children the way that they want to. It also allows people to travel the world and work while doing so.

Not only is it a great career, it is also perfect for busy small business owners. If you are struggling in your business and need either some help or more time in your day, you may want to think about hiring a Virtual Assistant. Here are some reasons why.

  • Get the help that you need without needing more office space. When you decide that you need help, the first thing most small business owners worry about is their office space. It can be hard to find room for another office (or even just a desk). If you hire a Virtual Assistant who works at home, you don’t have to even worry about needing any extra space.
  • You only have to pay them when there is work to be done. When a small business owner needs help, they first think about hiring an employee. However, you need to be able to give them a certain amount of hours every week (depending on whether you hire a part or full-time worker). By hiring a virtual assistant, you only have to use them when you need them. You don’t have to worry about keeping them busy for a certain amount of hours every week. This can be really helpful, especially if you only need a few hours a month.
  • More time to focus on your business. One of the biggest problems that business owners face is the lack of time. Could you imagine if you got help for even a few hours a month? How much more work could you do in that time? Even by getting help with just one or two tasks, you might really be able to get some more other essential tasks completed.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your business profitably, please check out our website www.portalcfo.com.

Sign up for our weekly blog email update and follow us on Twitter @portalcfo