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Advertising and PR
Copyright 2005 The Powerful Promoter How Does Advertising and PR Add up to Success Advertising and Public Relations (PR) are both integral to the success of any business. Without advertising and PR, few people will be able to locate your...
Lessons from the Power Brands
Lessons from the Power Brands You have heard of power brands like Harley-Davidson, Nordstrom, and Domino’s Pizza. Their names evoke specific emotions and feelings. Each of these brands stands for something special. They are the modern day version...
Strategies to increase expression of interest conversion
The Expression of Interest (EOI) is the beginning of the
submission processes for many agencies and potential clients of
yours.
The purpose of the EOI is to assist the donor/agency/business to
compile a shortlist that will be invited to...
Using Seminars to Bump Up Sales
Many of my clients are turning to speaking at chambers and other networking organizations to generate business. This is a wonderful method of building credibility and gaining free advertising, especially when you are in a creative business that...
Your Assumptions About Job Descriptions Can Harm You
One of the worst things you can do is get in a “box” and this applies to job descriptions—or rather, what you assume someone else is capable of doing because of your misconceptions about their job description. Compounding this is the current thrust...
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Why does a business fail and what can you do to stop it?
I believe the number one reason why a business will fail is lack of planning. This can be due to various reasons, perhaps because the market research wasn't sufficiently carried out in the first place, or because the financial burden was higher than was planned for etc.
Sometimes business failure happens because the business owner is not very savvy at other aspects of the business, such as management, promotion, branding, advertising, public relations, leadership, bookkeeping, or customer follow-up etc. It is important to get the necessary training to ensure all aspects of your home business run efficiently, or to hire help to manage these other aspects.
Here are some other reasons to consider:
1. Inadequate accounting records
2. Disregarding or misinterpreting
financial records
3. Not controlling costs
4. Fraud due to poor internal control
5. Pricing goods or services too low
as a way of getting customers or
clients
6. Lack of marketing/selling skills
7. Not carrying adequate and
appropriate insurance
8. Failing to adequately train and
develop employees
9. Lack of goal and business
advancement planning
10.Not seeking advice or professional
help when necessary.
If you know that most businesses fail because they don't bother to plan properly, what can
you do to ensure this won't happen to your business?
Have your own business and marketing plan and use it every day! Review your goals on a daily basis.
Use that to-do list every day, making sure to cross off your accomplishments. Then make a fresh list every morning of what is left to do, and what other things need to be accomplished in your business/work day.
Be ready to talk about your business in every encounter you have during the day. Practice a 30 second speech about your business so you are always ready to share it with people, and make sure you ALWAYS carry business cards with you. It looks professional too.
Hire people to do the work that you are not good at, so your business doesn't fail due to your weaker points.
Have a Plan-B! Put money by for a rainy day.
Find a mentor, someone in your field that can help and encourage you with your business.
Join a small business association where you can network with others in your field of business.
Work hard and stay motivated.
You can make your business a success with the proper planning!
About the Author
Michele Miller is a home-based business owner and medical transcriptionist. She is also the author of an ebook about starting a successful transcription business from home. http://www.medical-transcription-at-home.com
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