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BUSINESS


you are effectively running your business in the dark. Analyzing financial income versus expenditure is crucial. Your new P&L will reveal all sorts of things. You can obtain sales trends by tracking periods of higher and lower sales, which will help you direct your advertising and public- ity expenditure at these particular times. You can also study your overhead costs to see if they can be reduced. Every dollar of overhead that you reduce goes to the bottom line.


5.


Failure It is easy to deal with success, but how


do you deal with failure? Tousands of business- es fail for a variety of reasons. Most fail due to inadequate research, not clearly identifying a gap in the marketplace or determining their potential customers before starting out. Every successful entrepreneur has had business failures. I have had several business failures. When I realized a company would not succeed, I accepted that the first cut is the cheapest and moved on. I had no problem in closing down businesses that were not going to succeed. Too many people let


• Fescue • Bermudas • Zoysias • Centipede


ego and pride get in the way and continue to run a business that is not profitable. Be ready and willing to cut the cord, and you will set yourself up to succeed.


About the author


Victor Green has a long record of founding and growing businesses in a variety of industries. Now retired, he lectures and mentors small busi- ness owners and new entrepreneurs in con- junction with SCORE and the US Small Busi- ness Administration.


In How to Succeed in Business By Really Trying! (Amazon, $16), Green shares more than 40 years worth of practical business advice. For more information, visit: www.howtosucceedinbusiness.com.


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