The world of business is always fraught with many different factors at play. Today, the situation is even worse as the world of business and business owners and managers are faced by many negative factors. It would appear there are few positives available currently and in to the immediate future.
The negative factors include the following, but are not limited to those mentioned, and are in no particular order. The fact is that even the most cashed up or asset rich parties, excluding the super-rich, of course, can soon find themselves in financial trouble.
1 The war against cash in pocket, in the bank and in various types of other safe, low interest earning investments.
2 The incentive and encouragement in so many different ways for businesses and consumers to go into debt.
3 The actions of politicians and bureaucrats, encouraged by do-gooders and parties with vested interests, which believe they have the right to saddle all businesses with endless red and green tape, plus all sorts of their other moral and ethical thoughts and demands.
4 The actions and influences of central city cabals including the ATO, big business, banks, major sporting organisations and other large organisations acting to force the general populace to behave in a certain manner of their choosing or by withholding financial resources.
5 Geopolitical issues, many of which are yet to be felt in prices and availability of products and services.
6 The influence of social media which affects all businesses negatively or positively through both valid news and false news stories.
7 The promotion and advertising on the use of AI and other technology tools which may add to the value and efficiency of a business, or may also help destroy a business.
Reviewing the above factors, it is not surprising if you came to the conclusion not all is well with the world of business. Yet there are actions you can take in order to deal effectively with the above factors to protect your business, and your own financial and emotional future. The following strategies you can undertake, which include, but not limited to the following.
1 Make sure you have CASH in pocket and in savings for contingency funds and possible purchase of essential product, services and assets.
2 Work diligently to protect your reputation and your ethical behaviour for doing good, to deliver on promises and admit to your mistakes quickly and positively.
3 Treat each mistake or disaster as a learning situation to make your business or yourself more reputable and as an opportunity for growth.
4 Be disciplined and conservative in all opportunities to advance B2B credit, or to buy assets or product at the right time, or to try new strategies, or develop new products.
5 Surround your businesses or yourself with good partners and avoid dealing with parties with bad reputations.
6 If in business, cultivate employees, mentors or other professionals which do not always say YES, and also accept that when these parties suggest NO is the correct answer as their answer is always geared to protect you from perceives harm and or damage.
7 If all the above fails and you are unable to continue your business due to a lack of finance, and all the above factors working against you, seek professional help to close down your business in the most lawful and ethical manner.
On that last point, it is extremely difficult to make the decision to close down a business that you have spent so much time, emotion and capital on. The sooner you can make that very difficult decision, the better off you will be financially and emotionally in the long run.
In summary, it has never been more difficult to manage and operate a business. The fact is that business owners and managers are faced by many negative factors, and it would appear there are few positives available now and in the immediate future.
Please be sensible about your situation and if you believe your business can still survive in light of the above factors, continue carefully. At the end of the day, you can still survive if you have the financial resources and the emotional strength to keep going.
On the other hand, if after careful review of your business and financial resources, you cannot see a way of surviving, it would be wise to close your business down with professional help. In doing so, although it may not seem so today, it is the best way of minimising your long term financial, reputational and emotional losses.
Want to know more, contact Kim at kim@creditmatters.com.au, or 0411 649 261, or have a look at what we offer via our website at www.creditmatters.com.au
