Causes of Business Failure:
Lack Of Fundamental Business Knowledge
True in cases where a technician, salesperson, or specialist starts a business. Their specialized talents and experiences leave them with too much to learn about the fundamentals of business.
Poor Management
Includes a multitude of sins: poor planning; lack of control; undefined directions, goals, priorities; inefficiency, wasted time, disorganization.
Taxes and Government Regulations
Taxes are always present and government regulations are an increasing burden on small business. This requires valuable time and effort to complete reports and con form to excessive regulations.
Inadequate Records
Most severe cause of failure. Dun & Bradstreet claims 85% of all failures were due to inadequate records.
Cornerstones of Business Organization
We refer to them as cornerstones because of their vital nature to the structuring and continuing health of the business.
Financial
The money matters of the business, including sales, profits, management and accumulation of equity.
Operational
The production aspect of the business in order to assure the quality, service, performance, and timeliness of product and service. Getting the job done right.
Administration
The hub of all business activity from which emanate ideas, direction, purpose, support, and coordination. The responsibility of this area is to harmonize the entire business operation.
Marketing
The lifeline of any organization. This area is responsible for identifying and penetrating the marketplace, for building sales and assuring the growth, position, and future of the business.
Keys to Business Success:
Controlling
A measurement of control to prevent deviation from planned course. Can be applied to all aspects of business: cash flow, inventory, accounts receivables, productivity, etc.
Planning
A documented program on intended actions and desired results. Should include purpose of being in business.
Recordkeeping
Documenting and reporting the goings-on of business to enable you to make wise management decisions, evaluate progress and comply with laws and regulations.
Analyzing
Measuring progress to plan. Evaluating your business on a timely and regular basis in view of desired results. Recommend plans for the future in sales, profits, equity.
Managing
Making the best possible use of everything you have to work with- people, ideas, facilities, products and services. Good management starts with self-management. This is especially true with small to medium-sized businesses. Crowley & Company provides the following services to businesses:
Crowley & Company provides the following services to businesses:
- Design and install systems to meet your specific business needs.
- Prepare financial and income statements.
- Provide tax and budgeting services.
- Prepare accounts receivables and payables.
- Develop control systems for internal organizations.
- Assist with profit and income goal planning.
- Prepare financial projections and business loan packages.
El Paso Tax Service
