Business Mis-Management: When Businesses Close for the Wrong Reason

The Better Business Bureau reported that overall, about 50 percent of new businesses will fail within five years of opening, in fact, at least 20 percent fail within the first year.
The Worst thing that can happen to a Business is to fail, but actually a worst thing is when Businesses fail for the Wrong Reason.
Now the Better Business Bureau suggests that one of the most significant problems underlying business failure is financial management, and that includes cash flow, tracking expenses, staying within a realistic budget, monitoring your credit, paying your business taxes, and related items.
And there are other variables or elements necessary for business management, for instance the right staffing pattern, which could be a big issue underlying business failure. You need the right people with the right set of job skills, and the right set of business ethics to make a business work and run efficiently.
Competition and market variables, product and service modeling and design, technology, infrastructure, support services, and paperwork and governmental regulations are just some of the other variables that can undermine, even a well thought out business plan.
This video examines a different reason that many businesses, even successful and profitable businesses fail. It is a different finding, and a different need, especially for small businesses. Of course everyone knows that you need to complete a Business Plan for successful business management, but you also need to prepare an Executive Succession Plan for continued operation and sustainability. And without an Executive Succession Plan, many businesses fail within a 25 year period of operation. This video shows how to prepare an Executive Business Plan, especially as part of your overall Business Plan and Organizational Chart, with relevant policy manuals, accounts and passwords, and operational details.

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KEYWORDS:
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