Business

Factors to Consider

No business plans to fail, but many fail to plan. Good business plan helps you draw a clear picture of your own business objectives and it gives you goals to shoot for. It shows the potential, weaknesses and strengths of the business you propose. It gives prospective lenders or investors the means to determine whether your company is a good risk or a suitable investment. Business plan gives you a chronology of events and financial data to which you can compare your actual results.


DON'T LIMIT YOUR POSSIBILITIES OR SQUANDER YOUR POTENTIAL, BECAUSE YOUR OWN NATURAL RESOURCES ARE UNLIMITED! ~ www.romwell.com

WHAT YOU SHOULD KNOW

Each year many businesses are bought and sold. The decision to buy a small business should not be made lightly. A lot of key issues must be considered before you complete the final purchase. Before you sign on the doted line, make sure that you know what is included in the terms of sale. You would be wise to consult a lawyer with experience in this field before making any purchase decisions.


You should find out the answers to the following questions:

Are you just buying the business or does the purchase price include the land and the building?

If the purchase is for business only, what type of lease exist?

What are the seller's future plans? Perhaps you should include a clause in the contract to prohibit the seller from opening a similar business during the next five years in the same community.

Does the day-to-day operation of the business depend on the presence of the owner?

Is the equipment owned or rented?

What is the reputation of the business in the community?

Why is the business for sale?

How much you should pay?

If there are employees, are they properly trained?

Are all present employees needed?

How much are employees paid?

Is there a union contract?


CONSULT PROFESSIONALS

Consult a professional accountant to find out the following:

Whether the inventory (merchandise available for sale) is selling as quickly as it should be?

Whether the customers are paying their bills on time?

Whether the expenses of the business are in line with its sales?

Does the business owes to much money?

How much profit the business is earning?

What is the cash flow position?


Related Links:

Business Guide

Your Product or Service

Protecting Your Product or Service

Your Customers

Glossary of Business & Financial Terms

Ratio Analysis

Financing

Sources of Business Financing

Determine Cost

Web Design

Web Hosting

Push the Positive

Negative phrasing can be damaging in your marketing campaign and advertising project, silently destroying it from the inside. When you are designing marketing campaign and advertising for your business, stress the positive, not the negative. You'll gain far more customers and new business that way. Although this has been proven time and again, many businesses keep right on sending negative ads to their customers and prospects, and most do it without even realizing it. Learn more...



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Did You Know?

Marketing a new product or service is very challenging, because billions of dollars are spent regularly developing and launching new products and services all over the world.

Market failure is the most common reason for a product or service to fail. The other common failures are: financial failure (when product or service doesn't make any or enough money, cost of production and implementation of the service have not been sufficiently thought out in the specification stage, waste of time, etc.); organizational failure (poor management, miscommunication, lost productivity, failure to innovate, poor or bad collaboration, etc.) technical failure (when it doesn't work properly, wrong concept, poor implementation etc.) and political failure (when the source of failure is action by the government). Find out more...