This is why I hate my business; As soon as I walk into the business, I’m greeted by a wave of undone tasks from the previous day and quietly curse at my hard headed employees, I promise myself to fire them one of these days. Reading the paper is no longer interesting. I came in…
To avoid the Business Debt Trap when starting, it is often recommended to start with the minimum viable product. This gives the entrepreneur a chance to prove the concept and justify further additions of capital of either personal savings or borrowed funds. If the proof of concept works, the business owner can then gradually increase…
A business costs money to set up and run. There are three sources of funding for business; owner savings, external debt and revenues. A business debt trap is the situation where the business over relies on external debt, and the revenues are unable to offset both the debt and recurring costs and expenses. Read How…
Over the life of a business, it gains a lot of customers and loses a lot of them. One thing that is usually ignored, or not considered, is the cost of gaining a new customer who is then lost. Amazingly most businesses don’t have, or even know they need, automatic strategies to win back lost…
A business is comprised of several moving parts. In a small business, all the moving parts are usually filled by one or a few people who memorize their roles and duties. As a business grows the moving parts increase and the people holding these positions also increase. When a new employees comes in, the process…
