OPINION: Why businesses fail and how to mitigate business to succeed

Why businesses fail and how to mitigate business to succeed

By Dr. Moyi Harry Ruben

In many cases anybody thinks he or she can do business, but many only do not know that their effort is being enjoyed by other people, you think you are in business, but are you in commerce? When you are in trade you are in business but you can also be in business without directly be in trading, that is the buying and selling of goods and services. This article has some tips for you if you want to be a business partner in the industry and hope to be strategically (long-Term) successful. What is Business? To me it is the practice of enabling change in an enterprise or initiating a change in your life style by defining needs and recommending solutions and deliver value to the stakeholders (Customers). To be successful you need to look at these Techniques. 1. MOST; Mission, Objectives, Strategies, and Tactics. These require analysis of the internal structures of what a business aims to accomplish and how to formulate the specific solution. 2. PESTLE; Political, Economic, Sociological, Legal and Environment factors that may impede your business; these evaluate external factors that would impact business and determine how to address these factors if identified. 3. SWOS, Strength, Weakness, Opportunities, and Threats. These involve structuring and categorizing processes into opportunities, and threats and determine the allocation of Resources. 4. MoSCoW; Must or Should, Could or Would; These allow for prioritizing your requirements by presenting a framework which each conditions can be evaluated relative to others. 5. CATWOE; Customers, Actors, Transformation process, World View, Owner and Environment; CATWOE; help business planners understand different customers, stakeholders’ perspectives and the impact the business will have in the direction of the objectives set out in the plan, identifies what the business is trying to Achieve. 6. BPM; Business, Process, Modelling; help you to trade and monitor the progress of the degree of success of your business, they help to frame proper future plans. So you may imagine to see yourself in business, whether just to survive for some time and close the next day. It is not business but in Islam, they say, to be a fortune-teller you must have knowledge and skills not I wish I was educated, I would do better, even well educated people failed in their business. Here are some few techniques and skills that business people have in their fingertips. (a). Hard Skills or Techniques and Soft Skills or Techniques. Hard skills are job specific skills, say business skills that manly focus on practical knowledge of the subject. These skills must be present in competent business manager, to improve company standards and efficiency. Examples of these skills are: 1. Understanding the business or the industry. Every manager must understand the trends in the market. Also need to have a clear picture of what techniques, tools and methodologies to be applied. 2. Collaboration with the stakeholders; this requires to convince implementers to get the new implementation plan done right and to make all these happen, they must be in line with the customers or stakeholders needs.3. Understanding business management, during the process of business planning or while performing various tasks. Business managers should get involved in all the activities in the business set up, hence manage the operations. Therefore, business manager must have initiating, planning, directing and controlling skills.4. Defining Solution; Business manager emerged for a reason to deliver the adequate solution. A business manager key duty is to check for the problems faced by most of the departments. Technical Skills Data Review Analysis; this skill is used by managers to help the business organization to make more effective business decisions by gathering and analyzing data for business and evaluation purposes. The other types of required skills are what we called Soft Skills; Soft skills are those which are essential for the successful functioning of an organization. Every business manager must have soft skills to survive the competitive environment. “It is important to choose the Correct Decision to Solve Business Problems” examples of soft skills: 1. Creative Thinking:  Creative thinking ability is one soft skills required in the business to input greater ideas and planning in the business operations. 2. Communication; as business manager, you are expected to arrange meetings, listen to each queries, ask the right question, gather new data and build relationship with colleagues, customers, stakeholders, shareholders and the government. 3. Problem Solving Ability Skills; problem solving is one of the fundamental skills necessary for the success of the business, in depth decision making ability, problem solving techniques, leadership qualities are all important in problem solving Skills. 4. Negotiation Skills; at the very infancy of business, negotiation skills are useful to determine what could be included in the vision of the organization and in the business charters. This is mainly concentrated on writing reports, planning, implementation, documentation and analysing the details. Many other skills are available and changes according to the civilization or globalization. Solution assessment is also part of success criteria, choice of solution and validation require: this defines the solution’s performance, measurements and analyse the solution status before action, define the assessment limitations. And business limitations. Success is earned but cannot be bought.  Do not think of Business because someone is doing it very well and you think it is as easy as you see it. Also, note, ack of financial statement can cause over tax assessment lead to failure. Training is essential, seek or contact me I may Help you in your business Plans.

Dr: Moyi Harry Ruben. PhD Corporate Finance: 211 922 442 554 WhatsApp 211 923 875 000

Comments are closed.