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Application of these factors that are essential is a part of direction that is good. Let Us Examine a Few of the Bank of the United States report’s decisions. Based on the study of Hagen, in the Business Planning category, 78% of companies fail because of lack of a business plan that is well developed. At auction, get exactly what you need without paying full cost. If you rolled out of bed with a business idea that is great and don’t wish to be part of the statistic, run to your bank, receive a small business plan template, and write your plan! Honor the time clich that is demonstrated, If you don’t plan, you plan to fail.

Direction is about before it occurs, planning for success. Sun Tzu, the sixth century Chinese philosopher, at his epic work The Art of War, gave a sound small business advice that still applies today: Whenever your plan is profound and far reaching, then what you earn with your calculations is much, so you could win before you fight. Whenever your thinking is near sighted and shallow is small, before you do struggle, so you lose. From the Financial Planning class, a whopping 82% of companies failed because of poor cash flow management abilities by beginning with little money, followed. Business leadership is about taking financial liability, conducting solid financial planning and research, and understanding the distinctive financial dynamics of one’s business.

Before even starting a company, show your strategy to your accountant and obtain their counsel. What a concept. Asking for the advice of somebody who see the bottom line realities of small business day in and day out, somebody who sees the birth certificates, successions, and autopsy reports of tens of thousands of businesses. Many individuals will ignore this advice and finally meet with business disaster. The 3rd small business failure factor profiled in the report, and a critical one, was Marketing. Over 64% of the companies surveyed from the Marketing category failed due to owners reducing the importance of correctly promoting their business followed by dismissing their competitors.

Again, as a business leader, you should be capable to efficiently communicate your idea to the correct people and understand their distinctive wants and needs. Direction is all about taking initiative, taking action, getting things done, and making decisions. If you are not doing anything of importance to market and promote your company, you’re more than likely headed for business failure. In case your most important competitors are all providing a better quality and lower priced product than yours, how may you possibly create any value? Either you harness your strengths to offer different benefits such as speed, convenience, better service, lower your cost and enhance quality, create a different product for an unmet requirement, or get out of the game.

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