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Management Prescriptions of Mr.Cherukuri Prasad
Why Businesses
Fail ?
Lack Of Adequate Business Plan
Management Lacks Essential Business Skills
Management Lacks Leadership Skills
Failure To Use The Business Plan
Lack Of Clear Attainable Goals
Failure To Share, Communicate, And Enforce Business Plan
Not Knowing What The Customers Want
Underestimating The Competition
Inability To Change
Inefficient And Inadequate Systems And Procedures
Inadequate Financial Plan
Not Knowing The Real Costs Of Products And Services That Are Being
Sold
Not Knowing The Costs Of Hiring Employees
Lack Of Vision
Lack Of Consistency
Ineffective Marketing, Advertising, And Promotions
Not Knowing What The Customers Need
Poor Quality Product Or Service
Low-Level Of Customer Satisfaction
Lack Of Funding
Negative Cash Flow
No Repeat Business
Failure To Adapt To Market Changes
Poor Controls
Over-Diversification
Poor Location
Over Dependence On One Product, One Customer Or One Supplier
Excessive Overhead
Government Red Tape
Warning Signs for Businesses
Revenues Fall
Employee Morale Sags
Customers Leave
Competitors Taking Away Business
Technology Changes In The Industry And Management Doesn't Notice
Projects Fall Behind
Uncontrolled Growth
Costs Rise
Good Employees Quit
Stress Increases
Aging Accounts Receivables
Little Repeat Business
Bookkeeping Records Unorganized, Not Current
Less Advertising and Promotion
Deterioration In Physical Plant
Why Businesses don't grow?
Inability To Change
Lack Of Vision
Lack Of Adequate Financial Planning
Not Being Able To Charge Enough For The Products Or Services Sold
To Provide Capital For Growth
Management Lacks Adequate Planning Skills
Management Too Busy Dealing With Day-To-Day Operations And Crises
Lack Of Adequate Research And Development Capabilities
Lack Of Adequate Distribution And Delivery Resources
Lack Of Growth And Expansion Plan
Failure To Communicate The Growth Plan
Failure To Use The Growth Plan
Procrastination
Poor Location
Lack Of Funding
Management Lacks Initiative
Lack Of Long-Term Goals And Objectives
Why an Entrepreneur is Successful?
Is Extremely Hard Working
Is Determined
Will Persevere
Will Negotiate
Is An Effective Communicator
Always Motivates Employees
Strives To Create An Environment For Success
Energizes People Around Them
Creates A Climate Of Excitement For Their Project
Expects And Demands Success
Is An Architect Of Change
Is Tough And Not Afraid Of A Fight
Is Able to Make Hard Decisions For The Benefit Of The Company
Always Has A Plan
Hires The Best Asks For Professional Help When They Need It
Never Quits
Promotes Loyalty Has The Ability To Cultivate Leadership In Others
Leads By Example
Encourages Creativity Delegates Responsibility
Solves Problems Quickly
Why a Business Plan is Important ?
It Will Show Whether It Is Financially Feasible To Start The
Business.
It Will Show What You Need To Start The Business.
It Will Show You What It Will Cost To Start The Business.
It Will Help You Get Funding To Start The Business.
It Will Show Who Your Customers Will Be.
It Will Show Who Your Competition Will Be And How Their Customers
Will Become Your Customers.
It Will Show How Many Employees You Will Need To Operate The
Business.
It Will Show The Best Way To Get New Customers.
It Will Show The Possible Problems You Will Face.
It Will Keep Management And Employees Focused.
It Will Show Everyone What They Were Hired To Do.
It Will Turn A Good Idea Into A Viable Business.
It Will Show Your Areas Of Weakness.
It Will Show Your Areas Of Strength.
It Will Show How The Business Can Grow.
It Will Give Inspiration To All Who Read It.
-
August' 2004
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