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50% of businesses are at risk, 10% will actually fail despite increasing turnover over within the next 6 months due to hidden weaknesses within the business - Make sure you're not one of them at risk.
There are a number of reasons for this:
Giving unsustainable discounts to customers - pricing product & services below a price the business can afford deliver. This will eventually hit and destroy cashflow.
Not generating enough profitable sales - A drop in sales indicates that the market has changed. The product and services offered are no longer meeting customer needs, new competitors have entered the market driving down prices and or associated material and supplier costs have risen above the economic viability of producing the goods or services. It could also be your sales and marketing is working properly.
Diminishing profit margins even if turnover has increased. Increase turnover can give a false sense of well being. What you are actually doing is producing or selling more for less. If this loss of profit continues it will eventually lead to a crisis in cashflow which will bring the business down.
Going over budget and not identifying the additional costs and passing them on to the customer. This often happens when a business has submitted a fixed price for a piece of work but once started doesn't manage budgets properly or fails to identify any additional costs incurred .i.e. increase in labour, material, subcontractor and other supplier costs due to changes in customer's specification. These additional costs should be quickly identified and passed on to the customers. If these costs are not properly captured your business will have to absorb these.
Not managing planning, forecasting, monitoring and managing cashflow properly. Underestimating the cashflow needs of the business and not monitoring effectively against the changes in forecasted to actual sales turnover, profits margins and the cost of running the business.
The Good News is 80% of business could significantly improve the way their business works - if they can identify and solve the (often hidden) problems that are holding them back!
These businesses are usually holding their own but may lose out due to hidden weaknesses within operational management systems. They keep going because they have a good repeatable business model which generates sufficient cash and work for them to carry on trading. While they may not have immediate scope to double turnover and profits, most businesses do have the opportunity to significantly improve their management skills, reduce costs and optimise the profits and cashflow they are generating by improving the way they set, monitor, measure and manage performance across the critical areas of the business, i.e. sales, operations and finance.
To get started sign up and receive your FREE Online Business Reality Check. (It takes only ten minutes to take and will highlight some key areas where you need to focus on to improve your business. It's already been used by over 2,600 companies.