Tuesday, January 25, 2011

Top 10 Reasons Small Businesses Fail

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5 comments:

Anonymous said...

Writer has not said for what class of small business s/he is writing. That makes it as unfocused as the businesses s/he is criticizing.

January 25, 2011 at 1:47 PM
Anonymous said...

excuss me. the writer is talking about small business (all types), and he is very right about every thing. Thanks

people should take hide

January 28, 2011 at 7:16 AM
imbert gates said...

is there a class of small business

January 28, 2011 at 7:28 AM
Anonymous said...

Firstly, I'd like to thank the writer of this well written and concise article for sharing business experience with the readers; it's bang-on-the-money in every respect. There are some points not yet referred to, and I'll endeavour to cover them at a later date (however the writer might already have then lined up!).

In answer to your questions, and in terms of the size of business referred to, I'd reckon a "small" business to be one with a turnover of less than $3/4 million(US)per year.

As for the type of business, in my view it really doesn't matter whether you're building boats or selling lollipops; the foundations remain the same.

Thank you for reading and if you'd like to reply and / or have any questions, please feel free to do so. I would however ask that you keep it on a "positive" note!

January 28, 2011 at 4:11 PM
Anonymous said...

Small businesses run the gamut of small micro (one-man) business units, to those employing hundreds internally and much more with linkages to other small business units. Each business unit requires different levels and types of financial (bank)support and packaging -- if the structure is right -- plus fiscal incentives to grow, expand and gain marketshare (worldwide export development/expansion).

All of this is based on necessary growth in management expertise and skills as the unit grows in terms of its market (gaining additional customers and business) and the number of product lines.

Necessary management skills ('hard' technical and 'soft' such as people skills) may be taught through rapid focused training.

All small business units are not the same.

Production and service units do require special attention and incentives, if the opportunities afforded by globalization are to be exploited. Environmental (business) legislation is another key factor.

This brief discussion draws on a very useful exposition that can be viewed on the website developed by the think tank (members with business/consulting experience from the USA, Canada and the Caribbean) of the LPM political group.

Lpmnow.org shows the linkages and the systems required for profitable growth and employment creation by small businesses and by the potential demand and synergies created, when executed properly.

Today, we are on the cusp of a bright new day in St. Lucia, if the country votes for an exciting future with the growing number of new pairs of eyes from the LPM.

January 30, 2011 at 9:35 AM

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