WHAT is Next Step Today???
Our reason for existence is that the odds of SUCCEEDING in business are overwhelmingly stacked against you!!! Please explore the information on this site in accompaniment with www.forward137.com to see how we can help your company survive.
info@nextsteptoday.com
www.forward137.com
THE PERFECT STORM FOR BUSINESS FAILURE
The odds are overwhelmingly stacked against you!!!
In business,
If you are an owner,
If you have executive responsibilities, or
If you are an enterprising entrepreneur…
You not only want to know what is happening in your business, but why! And you also want to know what you can do about it.
Perhaps the greatest reason for this is that the odds of being successful in business are overwhelmingly stacked against you. Consider these inescapable statistics:
• 8 out of every 10 new businesses fail within the first 3 years
• Each year for every 100 new businesses that open its doors, 97 close theirs
(This includes International Corporations as well as Small Businesses, and existing entities as
well as startups.)
• And if you are a Small Business with 20 employees or fewer you have a 9% chance of surviving
for 10 years
Regardless of the reports you rely upon for accurate information, there is no disagreement that most businesses struggle and eventually cease to exist, and the failure rate is increasing at an alarming pace.
There are many reasons that businesses fail, but they can be summarized in three major inadequacies.
Three questions will help put them in perspective.
• If you are aiming at the wrong target, does it make any difference whether or not you hit it?
• Suppose you wanted to take a trip to Chicago. What is the fastest and best way to get there?
• What do sailboats and airplanes have in common?
Targets make a difference if you are at all concerned with where you will end up.
To know the fastest and best way to get to anywhere you first must know where you are.
Neither sailboats nor airplanes travel in a straight line. Sailboats tact. Airplanes vector. Both continually correct course until they reach their destination.
In working with International Corporations, Small Businesses and Individuals we have found that one question cuts to the very heart of the matter...
DO YOU KNOW HOW YOUR BUSINESS IS REALLY DOING?
Unfortunately, most don’t know, because they are aiming at the wrong target, they don’t understand where they actually are and they don’t have a way of knowing when they are off course and perhaps more importantly how to get back on track.
If you find yourself among those you are in notable company.
In a novel post Enron Directors’ Consortium, developed by the Wharton School at the University of Pennsylvania, Stanford Law School, and the University of Chicago Graduate School of Business, about 80 officers and directors representing the nation’s largest corporations were given a simple business literacy exam. The average score was 32 percent.
Roman L. Weil, an accounting professor at the University of Chicago Graduate School of Business was particularly exasperated that so many of the nation’s top business leaders had missed a multiple choice question on the meaning of retained earnings. “Don’t tell me that you are on the audit committee and can’t tell me what retained earnings are.” Less than 1 in 5 of the participants—the top business leaders, officers and directors in the country—could choose the correct answer on that simple multiple choice question. They did not know how their business was really doing.
The inability to know how your business is really doing leads to wasted time, wasted effort and wasted capital, which in turn adversely impacts your business survivability.
UNDERSTANDING AND CONTROLLING YOUR BUSINESS...
Is vital for survival in today's ever changing business environment.
Three oversights work together to create a perfect storm for business failure.
- Ignorance about the primary responsibility of top business leadership. Their focus is misplaced.
- Not understanding the numbers of the business, and what they represent. Numbers never lie, but they don't always represent the whole picture.
- Mistaking financial knowledge for financial intelligence. "Knowledge is Power" is a myth. It is a half truth at best.
Understanding and controlling your business is vital for survival
in today's ever changing economic environment.
You need to know what is important and why. You have to know what you can do about what is happening in your business. And you must develop the skill of doing the right thing, in the right way, at the right time to get the right result.
That understanding and control can be summed up in one simple phrase:
from Awareness to Action.
To avoid business failure you must combine knowledge, vision and performance into an effective strategy.
That strategy will include the following Business Basics:
FINANCIAL COMMUNICATION
FINANCIAL STATEMENTS
THE FINANCIAL SCORECARD
CAPITAL CONSIDERATIONS
TREND ANALYSIS
FINANCIAL INTELLIGENCE
DECISION MAKING
SETTING EXPECTATIONS
PROBLEM SOLVING
BUSINESS ETHICS
PROFITABILITY & LIQUIDITY
ART & SCIENCE
3 BOTTOM LINES
3 INDESPENSABLE BUSINESS TOOLS
7 AREAS OF BUSINESS RESPONSIBILITY
STRATEGIC PLANNING
PERFORMANCE MANAGEMENT
FREE CASH FLOW
THE DU PONT EQUATION
THE ALTMAN "Z" SCORE
THE ACCOUNTING CYCLE
THE CASH CONVERSION CYCLE
Through a proprietary network of integrated checklists and a proven step by step approach, we can help you better understand and control your business and find out how your business is really doing.
- Through Public and Private Seminars we help you get the knowledge you need to know what is important and why.
- Through One-on-One mentoring, coaching and consulting we help you develop a vision of what you can do about what is happening in your business.
- And through resources and personal contact we help you improve performance and do the right thing, in the right way, at the right time to get the right result.
WE HELP YOU STAY ON COURSE, BEAT THE STATISTICS
AND
SURVIVE
At your convenience spend some time exploring this website. If you are one of those rare business owners, you have executive responsibilities or are an entrepreneur seeking answers we believe the information you will find here is invaluable.
If you would like to dig deeper after considering the information click on the link to our corporate website listed below. We would be honored to help in any way possible.
To find Business Owners, Executives and Entrepreneurs who need help, and want it, and are
ready to take action to make necessary changes that will avoid business FAILURE--and having found them, to help them get the resources they need to Achieve Targeted Results.
OUR MISSION:
Staying current on things that affect your business is not a part-time activity. Our FREE monthly briefings can help you know what is happening.
Simply complete the contact information and we will send you our FREE monthly briefings and CRITICAL ALERTS as well.
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GOT ANSWERS???
We can answer your business questions and help you get back on course. Simply email us and we will contact you within 2 business hours for your personalized answers.
info@nextsteptoday.com
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