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Small business financial numbers can be the make or break point for a small business during stressful times. Take a look at these failed businesses. Why do they fail?
- Industry collapse
- Falling sales volume
- Wrong business people
If you read carefully, what do you think they have in common? They went from something to nothing when they did not hedge their business risk after witnessing the action of their loyal customers. Yes. They did not heed the warning of their regular customers to prepare for an exit strategy.
If the business is too hard to be saved, then why do business owners still stick to what they are doing? There are few reasons:
- they are too caught up in working on the business and totally forgotten about the ‘big picture’
- they are born to be optimistic risk-takers, and they believe that they can ride the ‘wave’ when good times return
- they tried everything they can without a proper exit plan
So, can we blame the economy?
Yes, for the cause of its failure. Capitalism encourages human to adopt commercially oriented mindset, which means using numbers to control people’s livelihood via employment, capital funding and investment. But international trade reminds business owners about the importance of people over numbers, which require human creativity and a co-operative oriented mindset to balance off our greed to capitalise on others. As we know, all money is green, but it may not be the same when it ends up in the wrong hand.
There’s a popular business saying, ‘The worse number in business is one’. This really applies well in small business finance, whereby you want to have more than one supplier, more than one source of income or investment asset to fund your business.In other words, your business can adopt an ‘IMEX Standard‘ or create an import-export program similar to the alliance of JetStar and AirAsia in this stressful time to provide you with:
- the immunity to have a right spread at home and oversea to avoid your money being stuck in the wrong hand!
- the immunity to discuss business strategies when you can be the visionary who focus on sourcing new ideas or the latest trend and planning for your next strategy with 1-3 outsourced missionaries or partners who manage the marketing, logistic and non-core operation side of your business
Even if your import-export business fail, you will not lose everything as you can continue to travel for fun and profit to meet your international business associates during opportune times…:)
So, are you ready to take your first international order or international project yet?
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