Why Do So Many New Businesses Fail?

Just because you have a great idea for a new business, doesn’t mean that you have the skills necessary to actually make it a success!  Failing to acknowledge that you aren’t equipped with the knowledge, or the skills to do everything yourself, may mean closing up shop before your new venture ever had a chance.  Some of the main mistakes failing business owners make every day include:

 Businesses Fail

Poor Planning

A good business plan is an essential tool to ensuring success.  Every stage of a business’s growth needs a new and different approach.  What works for a start-up will not work for an established business.   Assess your business every few months, taking note of successes and failures in all departments.  

Poor Management Skills

Every successful business needs a strong leader with the vision to see what it can become, and the know-how to get it there.   

 

Poor Marketing

Marketing isn’t just about advertising.  It’s about finding unique ways to get your customers to view your product or service as a necessity in their life.  Without that, sales will be weak, and success out of reach.

 

Poor Sales Techniques

Not every entrepreneur is a good salesperson.  But no business can survive without one.  Whether you’re trying to sell a product, or a service, convincing the buying public that only your company can offer them what they want and need is essential to success.  

 

Poor Financial Management

One of the top reasons why new businesses fail is a lack of sustaining funds and poor financial planning and management.  Be sure to set aside more than enough funds to get through the first 12-18 months of business (including salaries, rents, utilities, inventory, etc), before ever opening the doors in the first place.  

 

Not Acknowledging When You Need Help

 While it’s important to do as much as you can yourself in the first few years, it’s equally as important to recognize when you lack the skill sets to do it yourself, and to find someone who can. 

 

Starting a business from the ground up takes perseverance, knowledge, and a lot of hard work.  The odds of success may be slim, but if you follow these simple rules, you just might have a chance.

Singapore: A Wealth of Unknown Opportunity

Singapore has always been a hub of airport activity. Business traffic flows in an out of the city daily, but if you take the time to look beyond the climbing skyscrapers and crowded airlines you will be pleased to find a flourishing locale that is perfect for your next getaway. Singapore is no longer just a stopover city. It is now a city begging for your time and attention because it is full of everything you could want in a dream destination.

Singapore

Hotels are nothing less than luxury. With the business world being the city’s building block toward success, overnight accommodations were designed for comfort and to impress the professionals passing through. This benefit now falls onto tourists staying in Singapore and allows guests to enjoy their trip even while sleeping.

Shopping is world class and cultural. You can enjoy a day in some of the world’s finest boutiques, shopping for the best of everything from shoes to jewelry to clothes to electronics. Or you can also spend the day scouring the streets for local favorites and custom pieces that will immerse you in the local community. Do both and you can leave with high fashion alongside handmade.

Also add local cuisine to the day’s agenda to further fall in love with this city. You will find everything you could want on the Singapore menu every day. The cultural background in Singapore is varied and diverse which gives its food the same wide-ranging flavor. You will find dishes from all over the Asian world here which gives you a unique opportunity to try new tastes that you might not find anywhere else. You can dine in world class eateries with professional chefs on hand or you can seek out a local market for true Singaporean magic on your plate.

Guide To Getting Things Done As A Leader

What Makes a Good Business Leader?

If there is one thing that will virtually guarantee your success in life and in business, it is developing a keen sense of leadership.  Those who have the skill and authority to become good leaders are always at the forefront of every new venture.

So, what makes someone a great leader?  According to popular research, great leaders requires:

A Vision

Do you have a vision for yourself … your future … your company?  Great leaders are never followers. They don’t just do what others tell them; they tell others what to do. 

Tenacity

A good leader knows what needs to get done and does whatever is necessary to accomplish the task!  

Motivation

It isn’t always easy to get people to do your bidding. Sometimes it takes a gentle hand; and other times it requires a hard-nosed approach.  Good leaders are able to figure out what their underlings need to get motivated and reach their own potential.

Trust

Who wants to follow someone they can’t trust?  Be sure to develop trust in your relationships if you ever hope to get people on board with your ideas and follow you.

Persuasion

Leading is not always about barking orders and making people do your bidding.  Sometimes it requires the gentle art of persuasion. 

Flexibility

Are you willing to change or is your way the only way?  When you are open to change you are available for others to take a risk and offer their ideas and suggestions. Whether you want to risk putting up a new business with help of business loans or personal loans in Singapore from trusted licensed money lending company.

trusted licensed moneylender Singapore

Perspective

A good leader must be able to look at a problem from all sides and develop a plan that works for everyone – not just themselves.

Respect

Effective leadership requires respect: respect for you and your respect for others and their ideas.  When respect is lost (from either side) you become ineffective and can not lead any group.

 

To be a strong leader, you must learn to step beyond yourself and tap into the many skill sets at your disposal.  By learning how to turn individual workers into a team that can work together to accomplish a larger goal, you will showcase your leadership abilities and propel your business forward toward success.