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Transcript of Talking Numbers
What are Your Chances of Succeeding in Business?
According to Bloomberg, 80% of businesses fail, so 1 in 5 businesses will survive
So why do so many businesses fail?
Let's anailyse some of the main reasons of failure.
A pricing strategy
Underestimating the competition
Over-reliance on one customer
Running out of money is a
number one reason for businesses
to fail in the first 12-24 months.
Sometimes the critics of
a new business concept are right:
It might be a bad Idea
Not enough testing has been done
Market is not ready for it
In most cases, a proper business plan
would save them many headaches.
A well-prepared business plan doubles your chance of surviving.
is only worth
what the market is
willing to pay for it.
But you have to be careful that it not less then the your costs
and don't forget
to lose with a smart person then to find with a fool.
feed of the owners energy,
but when that eagerness to
success is goes-which can happen for many reasons-the business can quickly die on the vine.
66% of consumers in 1 of 10 industries Accenture studied last year switched to a new company because of the service. Even worse, 82% felt their provider could have done something to prevent them from switching.
If you're not sure how happy your customers are, consider using a tool like SurveyMonkey to take their pulse—before they defect.
Never put all eggs in one basket, no matter how amazing the client is. It's best to diversify to manage your risks. If you have too many clients who are more than 10% of your turnover, what will happen if they leave?
How Important are the Numbers in the Business?
Numbers are vital to business and even more important to business growth. After all,
as much as we enjoy what we are doing, we need to see the financial benefit to keep going.
But when it comes to numbers, they can be quite blunt and deceptive if you don't know how to extract the information you need.
Here is an example.
By identifying and getting rid of one the items, we managed to improve the
Profit Margin by
Also we need to have a look at the wages expense for possible savings, but that's a different conversation.
Thank you and good luck in meeting your business goals!