Business Knowledge and Insights
Welcome to the September edition of the Cavendish Business Newsletter
Accelerating with Impact Your Business and Personal Growth with Success
Featured business articles online this month include:
How-To Series of articles: Click on each one below for powerful information for your success.
`Motivate Your People in De-Motivating Times`
`10-Step Double-Dip Recession Survival Guide for Entrepreneurs`
`Management without Vision`
`15 Executive Summary Mistakes - Business Plan Tips`
What Causes Businesses to Fail?
The answer is rarely simple. Just as there are multiple factors to starting a business, there are usually multiple factors to dissolving one.
Listing causes like running out of money or too few customers — which happens way too often — is something like saying the cause of death was failing to breath.
Click on the images below for comprehensive information to help you in your success planning.
Recommended Reading from Up & Running and LivePlan
Ø We have so much great stuff on the Bplans blog, Up & Running and our LivePlan Blog. We want to make sure you don't miss a thing. Here's our list of recommended reads for this week:
ü [Guest Post] Harnessing Fear: Overcoming the Emotional Challenges of Starting a New Business
Even when a business idea is fuelled by passion, turning a vision into a successful business often brings an entrepreneur face to face with fear – of the unknown, of taking risks, and of being judged by others.
ü [Social Media] So You Want to Start a Blog: Tactical Tips for Making it Work
The blogosphere is enormous. To really be able to reach your target audiences takes thoughtful planning and execution. When you connect through blogging and other social media tools, it’s possible to build meaningful dialogue and deeper relationships with your target audiences.
ü [Planning] Increase Your Growth Potential by 30% with the Right Business Plan
The debate about whether entrepreneurs should write a business plan or not has raised some interesting issues. New research indicates ventures that write a business plan increase their growth potential by around 30%.
ü [Financing] Funding Your Company for Growth
Funding your business can certainly be the most challenging part of starting a successful venture. Palo Alto Software's CEO Sabrina Parsons breaks down the eight most common methods of funding and what each entails.
ü Click on the images below for comprehensive information to help you in your success planning.
Never Believe in Causes of Business Failure!
What causes business failure? Obviously that’s a great question, but seriously, isn’t that like asking what causes death? The answer being a vast and mushy mess of different causes and factors plus the occasional, rare, simple and obvious cause like getting run over by a bus?
Listing causes like running out of money or too few customers — which happens way too often — is something like saying the cause of death was failing to breathe.
Nobody will ever be able to tell us in any organized and useful way what causes business failures without a lot more work than I’ve ever seen done on the subject. Business survivors don’t because they didn’t fail. And people who failed are hard to find in any organized and statistically random way, and without starting with a random list a survey will be flawed. Furthermore, people who failed don’t often really know why. If they did, they might have fixed it. And people who failed, when they do have a good idea why, aren’t all that likely to tell anybody the truth.
So why the lists? First, because we read them. They’re interesting. Second, more important, because they serve as reminders. This morning I encountered two such posts from within the last week, 7 common mistakes young founders make on Business Insider and Top 3 Reasons Why Lifestyle Businesses Fail on business to community. Both posts are interesting, both have good reminders, but neither really works because the one lists mistakes made by people young and old, not just young founders; and the other lists reasons any business, not just lifestyle businesses, fail.
My favorite among the mistakes of young founders were listening too much to others, mismanaging money, and not charging enough for their services. I’m sorry to say it, but I’m an old founder now, and none of those mistakes are common to young people. Welcome to humanity. And not charging enough for services is one of my absolute favorite and most common mistakes made by all small businesses — but that’s just me, with anecdotal evidence and related stories.
And those reasons lifestyle businesses fail? The three reasons put forth — vitamin vs. aspirin, launched without validation, and going outside your network — don’t work well, and where they do work well they apply as much to any other business as to a lifestyle business.
Two of those three boil down to what I call no real need, my all-time personal favorite reason for business failure, but — again — based on stories and anecdotal evidence. The vitamin vs. aspirin idea doesn’t work because we all know lots of vitamin sellers make boatloads of money, and, more to the point, at least in developed consumer-oriented economies like ours, people spend way more money on things they want than they do on things they need. Is soda pop or fancy bottled water an aspirin or a vitamin? How about a gourmet meal? A vacation? The problem isn’t aspirin vs. vitamin, it’s want to buy or not.
And launching a product without validation isn’t the cause of the failure; it’s that after it launched, nobody wanted it. I’ve been directly involved with several very successful products launched on hunches, without validation. Oh, and by the way, have we heard of Steve Jobs? He said “it’s not the customers’ job to know that they want.” There too, the problem isn’t pre-launch validation or not, it’s want to buy or not.
But still, like I said above, these lists are good if they’re interesting and they serve as reminders. So I hope this one, and the two I link to, serve as reminders about the dangers of under pricing and the critical importance of selling something people want to buy.
`Formula for Success` by Colin Thompson -
Foreword by Karl George OBE
http://www.cavendish-mr.org.uk for details by clicking on the publications button.
`How to Create Breakthrough Strategies that Drives Performance = The Secrets to Success`
click on the connection below for comprehensive information for your success.
Now visit below for solutions;
Secrets for Success to share with you? http://www.success100.co.uk
Contact Colin Thompson to share ideas with you. See details below.
"How You Can Start, Build, Manage or Turn Around Any Business"
IPEX World is delighted to be working with Colin Thompson in providing up-to-date business information in enabling you to run your business better. Many excellent solutions to share with you for success.
Business. Advice Section - New Solutions now available on the website http://www.ipex.org
The Executive Boardroom
In today’s challenging and competitive business world, you cannot afford to be average. You need to achieve your potential, compete more profitably and lead a winning organisation.
It all revolves around the boardroom! Strategy, tactics, growth, investment, risk, value, products, service, compliance – they are all plates you have to spin as a leader, director, senior manager or business owner - and it’s a challenge!
Now with the launch of The Executive Boardroom you have the answer to managing the turbulence of the economy, finding strategies and tactics to achieve growth and managing the “business of business”.
The Executive Boardroom is where you will meet like-minded leaders, to hear of fresh and focused thinking, to discuss ideas and to gain that vital and winning edge. Comprehensive details from;
Business NewsLetter September 2012!