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Why small business fail part 5

Posted by Percy A Lowe on January 28, 2013 at 8:00 AM Comments comments (0)

Overexpansion

A leading cause of business failure, overexpansion often happens when business owners confuse success with how fast they can expand their business. A focus on slow and steady growth is optimum. Many bankruptcies has been filed because of rapidly expanding companies.

At the same time, you do not want to repress growth. Once you have an established solid customer base and a good cash flow, let your success help you set the right measured pace. Some indications that an expansion may be warranted included the inability to fill customer needs in a timely basis, and employees having difficulty keeping up with production demands. If expansion is warranted after careful review, research and analysis, identify what and who you need to add in order for your business growth, and not on doing everything in it yourself.

A lot of expansion is a do it yourself expansion. Take on the thought of building a franchise by going to find successful franchises. It is not easy to expand a business their are a lot of things come into play so make sure you have a well thought out plan. With enough data to look into your expansion as a long term decision. Take in all the advise goo d and bad so that you will know what to do and what not to do. Please don't make your expansion a do it yourself job. 

 

Why small business fail part 4

Posted by Percy A Lowe on January 25, 2013 at 8:00 AM Comments comments (0)

Location, Location, Location

Your college professor was right location is critical to the success of your business. Where as a good business location may enable a struggling business to ultimately survive and thrive. A bad location could spell disaster to even the best managed enterprise. Some factors to consider:

  • Where your customers are
  • Traffic, accessibility, parking, and lighting
  • Location of competitors
  • Condition and safety of building
  • Local incentive programs for business start-ups in specific targeted areas
  • The history, community flavor and receptiveness to a new business at a prospective site
Also, with location we need to understand the benefits of target area grants that is available in your city, town, and rural area. Make sure your location makes the customer feel at home when visiting your place of business. If you have a website make sure your website doesn't make your location look lavished and then when customers come it is horrible place to visit. Where ever you like to have you location visit the location early in the morning, lunch hour to see the traffic, at closing hours, and after business hours at night. Do these times of day to understand your location unless you know the area already. Finally look into getting a commercial realtor as well if you are new to the area. 

 

Why small business fail part 3

Posted by Percy A Lowe on January 21, 2013 at 8:00 AM Comments comments (0)

Insufficient Capital

A common fatal mistake for many failed business is having insufficient operating funds. Business owners underestimate how much money is needed and they are forced to close before they even have had a fair chance to succeed. They also may have an unrealistic expectation of incoming revenues from sales. It is imperative to ascertain how much money your business will require; not only the cost of starting, but the cost of stay in business. It is important to take into consideration that many business take a year or two to get going. This means you will need enough funds to cover all cost until sales can eventually pay for these costs. Having a business calculator and excel spread sheet will help you predict how much money you'll need to launch your business. Be sure you are using some of the new software that is available to help you handle this portion of your business.

There are several ways to help a small business when it comes to not haivng enough Capital.  Please be advised to talk to someone who understands the banking system on Capital. Make sure you try to be as close as you can to what it takes to run your business. Run a cost analysis approach to what it takes to run your business entirely. To the point of knowing will your Business have a profit at the end that you can grow the business off of. And the amount of money you need to have to run your business successfully for at one year and six months for a start up. If you are a already established business you need to run a Health Check on your business like you run on your self. You need to know what your data is saying about your business. If you like to know more pleas use the inquiry link on the website link below.

This can also be done by Percy Lowe at: www.coveringyouwithwealth.com

 

Why small business fail part 2

Posted by Percy A Lowe on January 17, 2013 at 8:00 AM Comments comments (0)

Poor Management

Many reports on business failures cited poor management as the number one reason for failure. New business owners frequently lack relevant business and management expertise in areas such as finance, purchasing, selling, production, and hiring and managing employees, unless they recognize what they don't do well, and seek help, business owners may soon face disaster. They must also be educated and alert to fraud, and put into place measures to avoid it. Neglect of a business can also be its down fall. Care must be taken to regularly study, organize, plan and control all activities of its operations. This includes the continuing study of market research and customer data, an area which may be more prone to disregard once a business has been established. A successful team of people with some good leaders amongst the team will help productivity. With skills at hiring competent people, training them and is able to delegate. A good leader is also skilled at strategic thinking, able to make a vision a reality, and able to confront change, make transitions, and envision new possibilities for the future.

Have the right people and software to help with some of this thing mention above is the key. But you must have someone you either knows how to run QuickBooks per say although QuickBooks can’t tell you everything about your data in your small business. But it is great at keeping you ready for the IRS. You can also, get software to in house and make sure you can get software that you can customize to your Business. If you like to talk about this topic and want to make some changes to your accounting of your business based on the data you have. Please contact Percy Lowe on: www.coveringyouwithwealth.com

 

Why small business fail part 1

Posted by Percy A Lowe on January 14, 2013 at 8:00 AM Comments comments (0)

You start your business for the wrong reason.

Would the sole reason you would be starting your own business be that you would want to make a lot of money? Do you think that if you had your own business that you'd have more time with your family? Are maybe that you wouldn't have to answer to anyone else? Maybe you like to start a business because you wouldn't have to work so hard. If so, you'd better think again. On the other hand, if you start your business for these reasons, you'll have a better chance at entrepreneurial success:

You have a passion and love for what you'll be doing, and strongly believe based on educated study and investigation that your product or service would first please God, full fill the needs of Gods people, and be a blessing in the marketplace.

 You are physically fit and possess the needed mental stamina to withstand potential challenges. Often overlooked, less-than-robust health has been responsible for me than a few bankruptcies.

 You have drive, determination, patience and a positive attitude. When others throw in the towel, you are more determined than ever.

 Failure doesn’t defeat you. You learn from your mistakes, and use these lessons to succeed the next time around, Most successful business owners "build off their earlier failures," and using failures as a "learning process."

 You thrive on independence, and are skilled at taking charge when a creative of intelligent solution is needed. This is especially important when under strict time constraints.

 You like if not love your fellow man, and show this in your character, honesty, integrity, and interactions with others. You get along with and can deal with all diverse backgrounds.

 

 

 

 

Learn how you can get $0.11 per gallon as Small Business Owners

Posted by Percy A Lowe on January 12, 2013 at 8:00 AM Comments comments (1)

Rolling back the hands of time! By Sandy Boykins

That’s right, we will teach you how to get gas at prices last seen in the 1930’s! Can you imagine filling up your tank for only $1.65? You have heard me say many times that if you are not tracking your business mileage using Taxbot, it is like throwing a dollar out the window every time you drive two miles. As ugly of a picture as that represents, and as easy as Taxbot is to use, many people are still not tracking their mileage.

 

We all feel pain at the pump these days and everyone complains about it! So let's approach pain at the pump from a positive point of view. Take a look at these numbers:

 

US Example:

-Car getting 20 miles per gallon

-U.S deduction $0.565 cents per mile

-Twenty miles traveled = $11.30 in gross deduction

-30% U.S tax bracket = $3.39 net

-Average cost per gallon $3.50

$3.50 minus $3.39 = $0.11 cents per gallon

Contact Percy Lowe 832-699-0304 for your Taxbot system

 

Less pain at the pump! To get to that number I had to torture some facts. For example, the $0.565 cents mileage allowance is for your overall car. That would include items such as deprecation, oil changes, tires and so on. The point is that if you are not tracking your business mileage, you are depriving yourself of the equivalent of nearly free gas! Next time you are at the pump filling your tank, think about that. At Taxbot, our number one goal is to educate and motivate you with the tools you need to make your life less taxing.

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Big Mistakes Small Business Owners Makes

Posted by Percy A Lowe on September 21, 2012 at 9:00 AM Comments comments (2)

One of the biggest misstake small business makes is over looking their every daily expenses. Let's look at just one of the biggest over looked expsense small business makes. It's mileage that most self-employed small business women and men makes daily. Sometimes keeping accurate mileage records is very hard. Because being on the move a lot causes you to forget to take a moment to write down are track your daily miles. Business travels across the city you live in can get unbareable because of all the thins you deal with while driving. Well what if you had a system that can be your daily log of all your expenses daily. And have this system right at your finger tips. Plus email you tax tips through out the life of the service. Well if you know anyone that is self-employed please share this post with them. Because not capturing 55 cents a mile is a huge misstake on you income tax return and a huge lost as well.

If you want to do a better job of capturing your daily expenses please visit the link provided: lowesfinancial.fhtmcentral.com 

1. Click on take the tour 

2. Click on products and services.

3. Next to brand click on the services tab

4. Click TaxBot get started with being a better manager of your expense records

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