Big Mistakes that Kill Small Businesses

Big Mistakes that Kill Small Businesses

  • Posted by Liz Overstreet
  • On June 28, 2011
When the economy tightens, many small businesses are unable to keep their doors open. One reason for this is that in a booming economy many mistakes by management don’t come to light. High revenues can cover a lot of management error. However, when revenues tighten, management missteps can cause the business to fail. Here are […]
Read More
 

Relocating Can Affect Retail Business

  • Posted by Liz Overstreet
  • On June 23, 2011
One of the most dangerous times in the life of a small retail business is when the owner needs to relocate. Often this is because the business is growing and the existing facility is no longer suitable. This is a nice problem to have, but choosing the wrong new location can kill the growing company. […]
Read More
 

Avoid Costly Marketing Mistakes

  • Posted by Liz Overstreet
  • On June 21, 2011
Working with small business owners for many years has shown me it is easy to waste a lot of money on fruitless marketing efforts. I have seen many small business owners spend their advertising dollars based on assumptions they have made without critical evaluation and planning. This approach to marketing usually results in poor sales […]
Read More
 

Cash Flow Is the Lifeblood of Your Company

  • Posted by Liz Overstreet
  • On June 16, 2011
Understanding the concept of cash flow and how to manage it is essential in today’s business environment. Many small businesses fail because of inadequate working capital and poor cash flow management. The owner often confuses the terms “profit” and “cash flow.” Profit is not the same as cash flow even though there is a relationship […]
Read More
 

Communication Skills Vital

  • Posted by Liz Overstreet
  • On June 14, 2011
Business relationships don’t always go smoothly. But building and maintaining good relationships with customers, employees, suppliers and even competitors is vital to becoming a successful small-business owner. To keep good relationships, you need to learn how to react when difficult situations arise. This requires patience and the application of excellent communication skills. Training in better […]
Read More
 

Important Tips for Finding Happiness at Work

  • Posted by Liz Overstreet
  • On June 8, 2011
Writing about happiness might seem a stretch for a professor of marketing, but I have been leading an honors section of Georgia Southern’s freshmen orientation class titled “Finding Happiness in Today’s Consumption-Oriented Society.”  Marketers share some blame for the overt materialism that undermines much happiness in our lives today, and I will try to rectify […]
Read More
 

Don’t Be Intimidated By Financial Documents

  • Posted by Liz Overstreet
  • On June 6, 2011
I have always been surprised by how many business owners don’t use their financial statements to manage their business. But over the years, I have come to understand why. It’s because they don’t really understand those statements. One of the first things I tell business owners when teaching them about financial statements is that looking […]
Read More
 

Be Prepared for Seasonal Sales Changes

  • Posted by Liz Overstreet
  • On June 3, 2011
Many of my clients have to deal with the fact that their sales can vary significantly depending on what month of the year it is. These seasonal changes can have a negative effect on the business’ cash flow when sales drop. And although having more customers is normally seen as a good thing, the busy […]
Read More