Did you know that according to recent research, only half of new businesses survive? This means that if you are planning to start a new business then you have a 50% chance of making it.

Of course, you have to work on increasing your chances of survival. One way to do this is by learning why businesses fail. You can then apply this knowledge not to make the same mistakes.

According to recent data, here are 4 major reasons why new businesses fail.

1. Poor Management Of Finances

You need to stay updated on the inflow and outflow of money. Without this information, you will not be able to handle your finances well. Research has shown that 30% of new businesses lose money.

Sometimes new businesses don’t have the skills to manage their expenses, do taxes, or manage cash flow. Of course, you can easily avoid this.

Solution: Hire a professional accountant and if you can’t do that then use accounting software. This way all your records will be in one place and you can utilise this data to manage your finances well.

2. Failure To Understand Target Audience

To penetrate any market, you need to understand audience behaviour. This can only be understood through data and metrics. Customer experience is a major factor in maintaining brand loyalty and so you need to provide a unique experience.

This can’t be done unless you understand your customer preferences, behaviours, and needs to strategise effectively.

Solution: Always be updated with the latest trends and market research. Integrate an effective customer relationship management (CRM) system to enhance customer experience by understanding key data. [Read more…]

If you are looking to find a company that will supply parts for your conveyors then you may feel rather overwhelmed by the amount of companies out there that can supply you with these. It can be difficult knowing what basis you should compare them on. It is so important that you do find the very best suppliers and therefore you get parts that you can rely on and that you know will be well proceed and give you good value for money. Trying to find these can be tricky.

You could start by just doing a general internet search to see what is available. However, this can be overwhelming. You will get a list of companies and you will be able to check out their websites but you will not be able to find out much more about them. Although you will be able to find out something about them from the website, it is useful to try to find out more information as well. [Read more…]

The finance sector is one that contributes a significant amount to the UK’s GDP. For this reason, finance professionals are in high demand, especially ones who have made noticeable strides in the industry. One inspiring company that has stood out this year, especially in the UK, is Portafina.

Established in 2009, Portafina focuses on offering expert advice to help people plan for life after retirement, simplifying the pension journey and ensuring customers make the best decisions for their circumstances. The business has had an excellent year, with a remarkable level of business growth and received public recognition from three significant media platforms as a result.

The Financial Times Future 100 List

One of Portafina’s significant achievements for 2018 was making it onto the Financial Times Future 100 List in October. They received a feature on such a prestigious list as a result of the positive contributions they have made to the environment, society, diversity, or technology. What’s more, Portafina was also included on this list because they were seen as having a commitment to diversity, which is a necessity for any successful company in this day and age. [Read more…]

“Move fast and break things” – the original motto of one of the world’s most successful and disruptive tech and social media firms – seems on the surface to sum up the attitude of the most successful disruptive companies. Many people think these dynamos throw caution to the wind and charge headlong into established industries, leaving behind a path strewn with broken business models and defunct technologies.

Actually, many of the most successful entrepreneurial companies take a more nuanced and analytical approach to risk. They identify opportunities to pursue and decide which to follow based on their knowledge of the risks each poses. Then they manage and monitor their choices carefully.

Zulily CEO Darrell Cavens, a 2014 award winner, relates to this approach. “I’m not the kind of person who likes to jump out of airplanes or bet the entire farm. What we do is quickly iterate with a lot of ideas that work and then forge ahead with the best ones.”

How to gamble responsibly

Understanding risk in this way and coming up with strategies that limit your vulnerabilities are at the core of strong, innovative companies. [Read more…]

We all know about business owners that have built up their business and then sold it on and made a lot of money. This might be something that you would like to do with your business. If you feel that you have value in your business and that you will be able to raise a significant amount of money form it, then it could be worth a try. However, it can seem a daunting task knowing what to do and where to start. Some of the tips below may help you.

Make sure the business is ready

It is really important to make sure that everything in the business is ready for the sale. For example you will want to make sure that the books are all up to date, the website is up to date as well and that you are prepared to answer any questions that you are asked about the business. If you have staff then you will need to prepare them as well and it may be necessary to prepare customers as well, depending on how your business works. Think about what the potential buyers may need to know and prepare for that, perhaps putting together procedures or information that they will find useful. [Read more…]

When you buy a home to rent out, it can seem like a great way to get some extra income and for some people it can be very profitable. However, there are things which you may forget about when you are in the process of putting your plans in place. It is wise to make sure that you have covered everything before you start, just in case something goes wrong.

Keeping contingency money

It is tempting to think that once you start collecting rent that you will be able to spend that money and not worry about it. However, it is wise to keep some of the money back. This is because there could be a number of situations that you may need to pay out for. Firstly, if you have no tenants in the property you will still need to pay the costs of keeping the property which may include keeping it heated so that pipes do not freeze, paying council tax and paying standing charges on utilities. If you rely on that rent for  The property will also need to be kept in good repair, so it will need decorating from time to time as well as perhaps having other repair work done to it and so having some money put by to cover these things is really important. If it is a flat, then there may need to be payments towards work in communal spaces or even ground rent to be paid by landlords, which is worth investigating as well in order to ensure that you have enough money put by for it all. [Read more…]

Are you afraid of the market? Do you think about the losses rather than the profits? Do you think about the risks but not about the risk-management? If you think logically you would understand that it is not possible to succeed the market if you are afraid of it. As an example, a person is passionate about swimming but he or she is afraid of water so how it is possible to become a great swimmer? Likewise, if you are passionate about trading you should not fear the market if you do so it will be hard for you to achieve your dreams. The traders in the United Kingdom have successfully achieved their dreams because they are fearless. They have no fear of the market. Even though it is true that the Forex market is a risky market a successful trader will not be afraid of the market because he or she will be able to succeed in trading. The confidence is important to become successful so try to increase the level of confidence. A naïve trader should fear the market if he or she is not prepared to face the market risk. So, there are ways to overcome the market fear. Nevertheless, let us learn the ways to overcome the fear of the market.

The success of Forex

Actually, you should dream of the Forex success. You should think how it will be when you become a successful Forex trader. You should learn the positive factors about the Forex market and try to think well about the market rather than being fixated on the negative factors. Most of the naïve traders think about the wrong move they ‘might’ make rather than thinking about the profits they will be able to make. Actually, if you want to overcome the fear you should try to improve positive thinking. If the market understands that you fear the market it might purposely make you lose. As a naïve trader, you should not let the market to know that you are afraid to try to improve positive thinking. When you improve positive thinking you will be able to overcome the fact that you afraid of the market. [Read more…]