Learn how to prevent business Failures.
Do you have a business that you fear it might start failing. Don’t worry much, we can help you wih some solutions that will help to sustain it in the meantime. When starting a new business you must always be prepared for the worst. You must have a clear strategy on how you are going to handle your cash flow. If your business plan doesn’t work as you had planned it, consider making new adjustments that will save your business from sinking.
Always prepare for failure
Most businessmen in Nairobi are so much focused on success such that they cannot envision failure. When failure comes, it hits them so hard such that they are unable to adjust their plans and overcome their problems. Even in the most powerful military, solders must change their battle plans when bullets start flying. When you are hit by a problem, make the necessary changes very fast.
Develop a good business plan
A great business plan is the one that extensively explains a business on its commencement. It shows how you will succeed through production, finance, marketing etc and all things that are needed in order to start it. It also clearly projects how much one can spend and make after a certain period of time. When writing a business plan, always underestimate your earnings and overestimate your expenditure.
Cash Flow is king
In to the contrary belief, a business should not rely so much on its profits other than its cash flow. Example…how money comes in fast and goes out of the business. If revenue comes in a periodic cycle when you are highly pressed by the weight of debts, then that business is not doing well.
Build a strong relationship with your employees.
If you are running a small business that you would like to grow, its very important that you build a strong relationship that will make the employees feel motivated to work for you. Your company employees are like family to you. Give them some birthday gifts, presents and vocational parties to make them happy.
Always value your first customers
The first people to access your goods and services are the one that markets your business or company. If they are not impressed by your services, they will send a negative review and rating that can affect your business in terms of attracting new customers.
Get yourself a good business mentor
Unless this is not your first business you are starting or you have adequate experience in the industry, there is a lot of information you must know before managing your own business. Life is to short to make all the mistakes, learn from others. A business mentor will use his or her own experience to guide you through your business plans and help you to avoid all the pitfalls he went through.
