We have rounded up three of the top reasons we have found that small businesses fail. so that you can be on the lookout for these weaknesses in your business. We have paired each one with a suggestion we believe can help prevent you and your business from becoming a negative statistic.
No marketing platform
You should always be marketing yourself, but many businesses don’t have a clear marketing platform or strategy. They somehow believe that just by opening their doors or by posting a blog on LinkedIn, business will appear — and that’s rarely how it works.
Nordens Suggestion: Do some research into which one or two marketing platforms will be the most beneficial for your particular business, and caters to your audience. Don’t overextend yourself trying to use a multitude of platforms. We have created a social media and marketing package that includes various tools and templates. We explain in detail, the various platforms out there, how to grow an audience, making the most of email marketing, and ways to keep your content fresh and less time consuming to create and post. Get in contact with your account manager today for access to this fantastic tool and take your business to new heights.
Lack of cash
Cash is king, and for good reason — namely, you can’t pay your bills with your orders book. It is vital that any small business has a plan for how they will get paid, and in a timely manner. Even the most successful businesses can find themselves in trouble if their money is all tied up in unpaid invoices. We were dismayed to learn only 27% of businesses had prepared a cashflow forecast, which would help them foresee their profits and losses for the next month.
Nordens Suggestion: Our A2Y department can assist you to use cloud accounting tools and devise a strategy that will make it easy to get paid promptly, no matter who you work with. Our strategic team have just won an award for the Global Corporate Business Turnaround Service Advisory Firm Of The Year. We will work with you to determine whether weekly, monthly or quarterly cashflow forecasts are best for your business. This will allow you to be careful not to extend yourself beyond your liquid cash limits.
Poor management
Leadership starts at the top, but many times we see small business owners who can’t let go of the day-to-day subtleties of running their businesses. The services we provide ensure that your business can grow more profitable and that you can lead a more fulfilling life. This is not a random claim; it’s based on our documented successes with existing clients. We help business owners to think and work strategically so that they can generate the income they deserve without sacrificing their work/life balance.
Nordens Suggestions: At Nordens, we can create a team you can trust. Having your own personal account manager that you can delegate accounting labour to, so that you can focus on doing what’s key for your business.
If you have any further queries, contact us on 02085300720 or email businessdeveloppment@nordens.co.uk
