Why Your Business Is At Risk The Longer You Have Been Trading

How many of you have been trading between 5 and 10 years?

Well your business is at a high level of risk – let me tell you why

Most business owners think that business failure only happens within the first 2-3 years of trading and if you survive past 3 years and start to become established your survival rate will increase. Statistics produced by the DTI show that over the past ten years on average 9.5% of businesses close in the first year and by year 3 that figure rises considerably to 30.7% of businesses closing.

So do the figures change after three years? Yes

Do businesses that last beyond 3 years increase their chances of survival? No

The same figures from the DTI show that within 5 years of start up 52.5% of businesses do not survive. By year ten of start up the figures get worse as a massive 68% of businesses end up closing.

New business start up is currently at a record high, with 125,000 new businesses starting in 2005, the highest since records began. If the statistics produced by the DTI continue their trend, by 2015 only 40,000 of those 125,000 will still be in operation.

So what can you do to make sure your business doesn’t become one of these DTI statistics?

Entrepreneur Magazine and Yahoo Business recently did some research into the number one reason why businesses fail. The result was a simple one – Businesses fail at the high rate they do because they fail to plan.

These businesses that fail do so because they only create a business plan at their inception to raise funds and investment, they then fail to incorporate strategies and plans for their marketing, staff development, sales, lead generation, cash flow, business development, and on the list goes.

At Your Business Growth Coach we don’t just show you how to create plans, we work with you to implement them and most importantly develop them to truly grow your business and achieve success. Visit our website and in particular our page on getting results www.yourbusinessgrowthcoach.com/getresults.htm [http://www.yourbusinessgrowthcoach.com/getresults.htm]

Now is the time to stop thinking your business is going to be OK because you have been trading for more than 3 years. Now is the time to start planning for business growth and business success [http://www.yourbusinessgrowthcoach.com].

Foot note: Although these statistics refer to business in the United Kingdom, they are transferable and applicable wherever you and your business are based.

Budgeting Your Money When You Own A Business

One of the most difficult things to do when you start a new business is putting together a budget. Without any financial history on which to base income and expenses, it may seem like guesswork, but as part of any business plan a tentative budget can be established with some thought and anticipation for the future.

In most businesses there are two main categories, income and expense. Under your expense category there can be several sub-categories often falling into two main areas of controllable expenses and uncontrollable. While many business owner claim they can control every expense involved in their business, they are simply kidding themselves as some things such as utility cost, the amount of rent and other so-called fixed costs can, and do change, with the owner having no control.

Other expenses such as payroll, insurance and advertising can be subject to a budget, but they are considered controllable expenses. If the business begins to fall off, you can control some of these expenses by laying off employees and cutting back on advertising. However, living by a budget will help maintain profitability in many respects but can also turn against you in the long run.

Depending on the viability of your business it often is a better investment to bite the financial bullet on employee wages and still provide good customer service to the remaining customers until business picks back up. By trying to everything yourself not only will you burn out quickly, but is no one is taking care of the customers, it will not take long until there are no more customers to care for.

There are two ways to budget your business money and that is through set dollar amounts and percentage of income. Many businesses will budget their controllable expenses by the dollar and non-controllable by percentage of income. Obviously a good part of the owner’s time is going to be based on bringing money into the business and how much they have to spend on controllable expenses will be in direct relation to income.

For example, a company earning $20,000 a month in income has budgeted six percent for payroll, providing $1,200 for payroll. If the income level rises to $50,000 the budgeted payroll percent does not change but the dollars available for payroll climbs to $3,000. With an obvious increase in business to create the additional income, the owner will probably need the extra help to take care of business.

There are many other expenses that fall into the payroll account such as worker’s compensation charges, Social Security tax paid by the employer and paid vacation time or other perks determined by the employer. While a budget may be difficult to establish for a new business, it is a necessary evil for all business owners.

Sheepskin Winter Boots – Timeless Investment for a Stylish Look

A pair of wonderful shoes can be a finishing touch to your whole appearance. To make your fashion style noticed and respected by the crowd, you are required to be also aware of your choice on footwear. Gone are days when you have to settle for a style that you don’ t have much interest. It’s believed in such an era, you can flatter whatever kind of fashion taste with long-awaited items. Just be confident to make an accurate and resolute judgment on your personality now.

Let’s face this: clothing, footwear and other small accessories you wear directly speak for your style and mood. Each item you would like to add onto your body is definitely an investment for your look. To gain esteem in any occasion, always remember to spice up your appearance from top to toe. It’s unwise to be cursory about choosing the shoes when your dress is long enough to completely cover your feet. Also, don’t try to pair a formal garment with a pair of casual shoes. Believe it or not, a wrong choice on footwear will destroy your overall image completely and instantly.

Designers are always zealous in exploiting their creativity. Excellent or unique fashion works that shock the throng are updated frequently. It does not matter whether you are fond of excessively luxurious or conservatively moderate sense. When it comes to today’s fashion footwear, any of your aspiration can be fulfilled. Nowadays, the biggest trend is led by shoes that perfectly blend style with comfort. If you are always interested in keeping pace with the latest fashion sense, you will be sensible about the force triggered by sheepskin snow boots time and again. These shoes seem like becoming eternal focus in the footwear world. When it comes to popular shoes for the coming winter, they pop out once again.

Sheepskin winter boots are considered to be items that add new lease of life to modern people’s closets. In such an era when most people have been accustomed with gorgeous styles with bright decorations or colors, these shoes really shock so many people because of their unadorned & glossy sheepskin uppers. They seem rather simple, yet never too tedious. Take a close look or put on a pair directly; you will discover earth-shaking changes have taken place on sheepskin boots crafted by today’ s manufacturers. The classy material, ingenious handwork, understated, yet delicate styles do speak for a rich fashion taste. These shoes do not impress people by sparkling traits. But they do bring people long-awaited comfort, which is believed by most people to be incomparable.

In spite of the fierce competition in the present fashion industry, merino sheepskin snow boots still stand out and lead a worldwide craze. The ideal rest point between fashion and comfort discovered by talented designers gives these shoes timeless appeal. They can be paired with different types of clothing and worn for both formal and informal situations. When it’s time to make some transformations on your winter appearance, do remember to take these eternal investments into your consideration.