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Proper application of these key factors is a function of good leadership. Let's look at some of the conclusions of the US Bank report. According to Hagen's study, in the Business Planning category, 78% of businesses fail due to lack of a well-developed business plan. It boggles my mind that so many people go into business without a plan, as if it were the ice cream flavor-of-the-month! Is it any wonder that when I came across the DEA Police & Government auction site of confiscated property, there is a gleeful statement that declares, "Most businesses fail within their first two years, so chances are, you will come across some relatively new merchandise. At (our) auction, get what you need without paying full price." Casino - List of all casino related resources Black Jack - List of black jack resources Poker - List of poker resources Online Poker - List of online poker resources Betting - List of betting resources Lottery - List of lottery resources Craps - List of craps resources Slots - List of slots resources Roulette - List of roulette resources Games - List of games resources Recreation - List of travel/holiday/resort/airline resources Health - List of online pharmacy/hospital/health resources Shopping - List of online shopping/gift resources Business - List of business/finance/loan/mortgage resources Computers - List of computer hardware/software/peripheral resources Internet - List of webhosting/webdesign/internet marketing resources Miscellaneous - List of all other resources not stated above
In the Financial Planning category, a whopping 82% of businesses failed due to poor cash flow management skills followed closely by starting out with too little money. Business leadership is about taking financial responsibility, conducting sound financial planning and research, and understanding the unique financial dynamics of one's business. Before even starting a business, show your plan to your accountant and get their counsel. What a concept! Asking for the advice of someone who sees the bottom-line realities of business day in and day out; someone who sees the birth certificates, successions, and autopsy reports of thousands of business entities. It just makes good business sense. But many people will ignore this advice and eventually meet with business disaster. [Word of caution: don't rely on just one opinion. Get at least two or three opinions from different accountants to get a more informed view]. |
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