Building a business is a way for us to thrive in life, almost all the rich people in the world if we pay attention to their businesses. It is very rare to get rich because of work. If anyone is just rich at work, he will definitely give his whole life and time to it. The guy who doesn't have time for his family because all he does is work. If we sum it up, we will really get rich and advance in business. Almost all of us know that, but not everyone really has the courage to start a business. Too many people are afraid to invest, because they fear their business may go bankrupt. And honestly..so many are really losing business and closing; but when this happens always ask yourself WHY did the business close and go bankrupt.Let's find out why and what are the main reasons why businesses that you used to see are closing up ..
REASONS OF BUSINESS FALLS
1) MISUSE OF BUSINESS FUND:
You will hear that many businesses go bankrupt due to their negligence and misuse of funds that are only for business. Sometimes the money that should only be circulated in the business to grow it can be used for personal expenses. It is important to keep in mind that you should not move your business money. Because this is the life and blood of your business, when you start using your business funds, expect it to collapse as soon as you are unaware. You need to be able to Account and budget, monitor the incoming and outgoing money in your business. Don't let the sudden loss of your hard-earned foundation disappear due to misuse of business funds.
2) OVERTIME:
Another common reason for closing a business is the passage of time. How does a business spend time When your business does not keep pace with the changing times and technology, expect that one day you will close it. Business competition is very tight nowadays. Every business that wants to last is required by the so-called UPGRADES. You need to have innovative systems that you will use in your business. I remember back then when it came to pictures, all I heard was KODAK. Back then, KODAK was one of the most popular when it came to cameras and photos and negatives used in taking pictures. Every kodak house knows, but when technology started to change and digital cameras started, their business gradually weakened and now it has gone bankrupt and collapsed if not closed. So make sure your business is up to date with the modern era. Age of Technology and the Internet.
3) INHERITED EDITORS:
This is one of the main reasons for the collapse of businesses, especially the businesses that parents have bequeathed to their children. It often happens that children do not study their parents' business well. Or maybe their interest is not here because they have something else to do in life. So if you are planning to pass on your business to your children now, make sure you teach them well and they will learn to love the business you have built for them. While they are young, teach them how to do business and share your knowledge so that they can give more value to what you are struggling with. You can also add modern systems that keep up with their time because by the time they are in charge of the business they are already familiar with it because the business you inherited is in line with their time.
4) PRODUCT, LOCATION AND PLACE ARE WRONG:
When doing business, it is very important that you study the PRODUCT, PLACE and LOCATION where your store or office will be located. Herein lies the future of the business you will build. Let's remember that the product is the one that will bring success to your business. It is important that it is timely, useful and what people are looking for. If your product is among the products that are obsolete or lacking in people's livelihood, it will definitely fall apart. For those who do business, what is the only product that can be considered, even if it is not profitable, so their company suddenly closes. Along with the product, the place and location of your business will also need to be carefully studied. It is important that many see your business and product. The more people in a place, the better they will be your customers. A good location is those close to the school, church, park or those near the mall; because here for sure so many people every day and surely n you will have a client every day. Avoid building in unoccupied areas; Just think if you have a restaurant in the middle of the forest you think your business will last So always think and study the PRODUCT, PLACE and LOCATION of your planned business.
5) NO GOOD AND INNOVATIVE SYSTEM:
INTERNET. That is now the fastest way to grow your business. Even if you are in the traditional business, you can put it on the internet so that more people can see and access your business. If you notice, almost everyone now knows and relies on the internet. From booking a flight to a plane, booking hotels and resorts as well as buying clothes, supplies and food! Everything is already done on the internet. Bill Gates said, "if your business is not on the internet, then your business will be out of business" So do not let your business disappear, you need to UPGRADE your system. Put your business on the internet because this is the modern way of doing business. Do not let your hard work get lost because you do not keep up with the times. Put your business on the INTERNET. Online business is the hottest and most timely business today. There are SYSTEMs that can give you a bigger income that you are not as tired as traditional business methods. So I looked for a SYSTEM that I really studied and gave me good results in doing business ONLINE. You can watch it and study it too, so you can apply it to your business. I can say that this online business system is the future of our businesses. You can use it and you yourself can say the beauty of this system.