Welcome to our 8 signs of an Imploding Business page
Check out these 8 signs of an Imploding Business..
If you’re still uncertain that Your business is in serious trouble, then pay attention to the following 8 signs of an Imploding Business.
1. Low sales.
The first, and most obvious of the 8 signs of an Imploding Business is low sales. This could either be lower than expected projections or a decrease in sales than the previous quarter. Your business can’t succeed without a steady income to pay all of your expenses.
When you notice that there’s a sudden decrease in sales, you need to diagnose the problem. Begin by surveying your employees and customers, conducting a competitive analysis and examining the outside environment, like societal changes or natural disasters.
This should give you a better understanding of why there’s a decline in sales and if there will be a turnaround. If it doesn’t seem likely the industry or your business can turn things around, then it’s rather clear that your business is in trouble.
2. You can’t remember the last time you spoke to a client.
The second of the 8 signs of an Imploding Business is that Customer service reps aren’t the only ones talking to your customers. Even as a founder and CEO, it’s your responsibility to talk to your potential or existing customers to understand their needs and how to improve your business. It’s a trick that everyone from Sam Walton to Slack’s Stewart Butterfield have relied on.
It’s another troubling sign for your business if you can’t remember the last time that you spoke to a customer. Either you’re not actively engaging them or they just don’t have an interest in your products or services anymore.
3. No one is talking about your business.
The third of the 8 signs of an Imploding Business almost goes hand-in-hand with the previous point. Something is wrong if no one is mentioning you on social media, leaving reviews or getting in touch with customer service reps. It’s either because you’re not interacting with your audience or they simply don’t care about your business.
Make an effort to reach out to your customers by asking them to leave reviews and boosting your engagement on social media. If there’s still silence, then that might not be enough to save your business. I personally blog about whatever it is that is trending, a lot, to attract people to my company. It helps!
8 signs of an Imploding Business.
4. You regularly question your motives.
The 4th of the 8 signs of an Imploding Businessis that we all have moments where we ask questions like “Why am I doing this?” or blurting out statements like “I can’t take this anymore.” That’s normal during the entrepreneurial journey. However, if that mentality is becoming more and more frequent than it’s time to move on from your business.
Even if your business is successful, you still may want to shut-it-down. That’s what Flappy Bird creator, Dong Nguyen, did in 2014. He was tired of the scrutiny, relentless criticism and accusations. Instead of marching-on, Nguyen decided to pull the plug on the Flappy Bird before things got any worse.
5. There’s nothing unique about your business.
The 5th sign of the of the 8 signs of an Imploding Business is that your business needs to stand-out from your competitors. Take a moment and jot down all of the characteristics of your business, products and services, then compare it with the others within your industry. If you’re different from your top competitors, then you have a competitive edge you can use to your advantage.
If not, you can be certain that your business won’t stand the test of time. Either find something that makes you unique or, find an industry where you can differentiate yourself.
The 6th sign of the of the 8 signs of an Imploding Business is that Blockbuster is the poster child for business failures in recent history. The main reason that the company went kaput was it failed to acknowledge that its customers wanted something different. Instead of driving to their local Blockbuster and paying hefty late fees, people enjoyed having Netflix deliver or stream movies. Reportedly, Netflix executives offered a partnership with Blockbuster around 2000 but were laughed out of the office by Blockbuster execs.
In short, complacency was Blockbuster’s demise.
If you’re sitting there wondering why your business is in danger, ask yourself when was the last time that your business introduced something new into the market?
8 signs of an Imploding Business.
7. Employee turnover and hiring turnovers.
The 7th sign of the of the 8 signs of an Imploding Business is that sometimes your employees realize that there’s a problem before you do. Whether it’s as obvious as not getting paid, or subtler like no longer believing in your business or frustration with management, you need to get to the root cause of high employee turnover.
It costs more money to hire and train new employees than to retain the employees that you currently have. Things can get real tricky when you don’t have the budget to replace those employees. That means that you’re expecting your already frustrated and overworked staff to do more work for you. How much longer do you think they’ll put up with that? It’s a vicious cycle that can ultimately bury your business.
8. There are serious cash flow struggles.
The final in this article of the 8 signs of an Imploding Business is that cash flow negative. It’s generally accepted that if you want your business to survive it has to have a positive cash flow, which means that you’re bringing in enough money to manage all of your expenses.
If you’re having cash flow problems due to debts, poor bookkeeping, growing too quickly, and not accurately forecasting your future earning and spending, then there’s one of the most obvious warning signs that your company is going under. If not correctly dealt with, don’t expect to keep your business open very much longer.
8 signs of an Imploding Business.
Don’t let your business sink beneath the waves…..
So if this is where you are heading you will need a complete makeover.
Start by getting a Business Development Review (BDR) – online. Saving thousands of Rands by not using a Consultant as the first point.
Once you have purchased the BDR you get access to 13 more for free.
Once completed, the responses are insightful, providing you are brutally honest and answer each question no matter how simple you feel it is or you know you are doing what is asked, already. Then give yourself a high score.
Remember Your business isn’t in the mess it is because you are doing everything right. On the contrary unless you follow simple business rules you will fail. No matter how smart you are or how smart Your employees are.
For those companies wanting to grow their business up to 179% in a single Year, then this post is for you.
Declining business is a totally demotivating position to be in.
Nothing seems to work, sales are getting worse and worse, customers are leaving you in droves and the worst is Your cashflow is disappearing.
Your staff seem at a loss and they have a dread fear of losing their jobs.
We understand the frustrations you are experiencing as you feel you have tried everything and nothing seems to work. You might even have sought outside help, gone to a Business Support organisation offered by the UK Government or Local City Council. The same applies to those of you in South Africa.
Business rules in each country are different but the primary business rationale is to sell a product collect the money and grow.
You have been to training sessions offered by various institutions but it all seems too theoretical. You feel: “They don’t understand what it means to run a small to medium size business.”
We’ll we do understand. Don’t despair, we have been helping businesses like your since 2004 and have helped literally hundreds of them.
Grow Your business up to 179% in a single Year.
We base our service on the use of our proprietary business evaluation tools and techniques as well as using excellent on-line business diagnostic tools, sophisticated business planning software and provide free strategy software to our clients to keep their business up to date once we have completed our assignment.
AND Yes we do help with funding applications as many businesses are hampered in their growth by a lack of capital for machinery and equipment and of course working capital. Dr Freestone is a Senior IDC Expert and has a fairly strong experience base in these applications.
In the UK he has successfully helped organisation’s apply for Loan Funding from Local City Council Growth Funds and ESIF EU Funding
Many of our clients took us on for three months and stayed since 2009.
Our years of experience helps us get to the nub of the problems in a very short time.
We charge a small fee, partly retainer based and partly time based. It depends on the small cashflow you have. We understand we cant cripple you at the last legs so we don’t!
If this interest you please send me a contact form asking for an appointment for a confidential discussion – entirely free, with no obligation. Indicate Country and dates.
UK until Mid March and South Africa from 1st May 2018.
These seven Strategies for beating your business competitors will help keep you ahead of the game in business
Any business adviser worth their salt will tell you that the key to entrepreneurial success lies in how well you understand your customer.
But perhaps even more critical to this for a business-owner, says Kobus Engelbrecht, Head of Marketing for Sanlam Business Market, is understanding your competitive landscape and how your target market responds to other businesses that provide similar services.
Understanding what your competitors are doing will enable you to position your unique selling proposition to plug gaps in the market.
Identify your main competitors: There is no one-fit formula for this; it is a case of knowing your industry and using all possible resources to extract information.
2. Find out everything you can about the competition: Understand each
competitor’s offering, benefits and USPs.
3. Don’t underestimate industry newcomers: You run the risk of being blindsided if you have the mistaken belief that new players can’t and won’t disrupt your business.4.
4. Take every opportunity to network: Networking is as much about identifying your competitors as it is about finding complementary ways to leverage off other people’s strengths and connections.
5. If your competitor is outperforming your business, ask why: If you’re losing customers to the competition, take a deep look at your business strategy from a client’s perspective and ask what barriers are preventing your growth.
6. Make decisions that make sense for your business: While it is all very well to copy the competition, the decisions you make need to benefit your business. For example, a competitor’s pricing model may not work for you.
7. Consider the industry: Your industry plays a part in determining your competitive edge, but there are some general ways to boost all companies’ market visibility, including social media, a user-friendly, modern website and SEO strategy for improved Google rankings.
Want to grow your declining Business by up to 179% in a single year? THen Contact us now.
Choose appointments in South Africa from 1st May
UK up unitl Mid March.
Do it now. Free. No Obligation Except a Cup of Coffee.
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The MJF GROUP.
The MJF GROUP provides Business Advisory Services and Support to the CEO, under the banner of MJF Group (Business Support to the CEO).
Our Group solves problems, being experienced by CEO’s, across a range of demanding and complex disciplines and industry sectors,
We bring a unique, cross-disciplinary approach to clients’ challenges, ensuring the right balance of ability and real-world experience, which includes; strategy, marketing, sales, business planning, accounting services and funding applications, health information management, organisational ability, executive talent development and performance and digital strategy.
Who We are.
A Sole proprietary business was started by Dr M J Freestone in 2004. It included a JV with an accounting service business called Riverstone Accounting Payroll and Statutory Services (RAPSS). By end 2016 RAPSS services were brought under the banner of The MJF Group.
In 2014 the sole proprietor, which was now a Group of companies added to its list of professional services by opening an Australian Branch, which incorporates Executive Recruitment and Leadership profiling,
This broadened our services to include Information Management to the Health sector by amalgamating with DataProComms (Pty) Ltd Australia; run by Dr D Freestone Doctor of Philosophy (Public Health).
We created a UK Company; Interco Training and Development Limited, run by Mr RB Freestone. This company provides soft skill training for micro to small business in Hull and offers them access to a funding portal run in conjunction with Sterling Capital Limited.
The adoption of Australia and the United Kingdom into the MJF Group brings together 85 years of senior executive knowledge and experience in the Freestone family with 38 years joint management consulting experience across three continents.
Industry Sectors Served
This enables us to offer clients a complete suite of consulting and advisory services into key industry and services sectors such as:
textiles specifically under manufacturing
Companies in Group
M J Freestone Business Consulting Services cc trading as MJF GROUP.
Interco Training and Development Ltd
South African Mining and Exploration Company (SAMEC)cc
Business and Advisory Soft Skills cc t/a as BASS cc.
DataproComms (Pty) Ltd Melbourne Australia (Pty) Ltd
The company is incorporated in South Africa as a Close Corporation; In Australia as a (Pty) Ltd; In the UK as a PLC.
What Methods Do We Use?
Business Support Program
Created as a Business Advisory Service, offering Strategy, Marketing, Sales, Operational, Business Planning and Funding Applications support to the busy CEO leaving him to focus on the key issues affecting their businesses today. We have done this for the past 14 years and have worked with CEO’s to Improve Productivity, increase their Sales, by as much as 179% and bottoms lines by over 50%.
Utilizing our proprietary tools assists in understanding the condition of the business and what needs to be done to uncover hidden profits.
AQL Business Diagnostics
7 Step Diagnostic for the CEO.
DISC for our registered Clients.
Primary Business Health Check
Performance Toolkit V2.
GE Matrix Chart (Modified)
Sales Forecasting 5 years.
Our professional consulting services to CEO’s (Chief Executive Officers) in both Corporate Business and Health/Medical Services sectors have been tried and tested
Marketing and Sales Plans
Whether we are working on mapping your new strategy, crafting your funding plan, growing sales by using our 133 Marketing and Sales tactics or searching for your new executive you can rely on us getting the job done thoroughly.
Our funding division makes application for Grants in the Production Incentive Program (PIP) designed for the Clothing, Textile, Leather and General Goods Sector (CTFL) as well as the Manufacturers Competitiveness Enhancement Program (MCEP) for manufacturers other than those in the CTFL.
We successfully negotiate the various protocols in IDC, SEFA, NEF and DTI to get funds for companies who have a great product, excellent staff, much innovation but no cash. Dr Freestone is a Senior IDC Expert and sources Plant and Equipment funding as well as working capital funding to ensure that cash flow is not a limiting factor.
The division works hand in hand with Business Support. It has been our experience that unless the client changes his business behaviour there is not enough funding in the world. So once a workable Business Plan has been completed, it will require change management, which is offered by Business Support.
Our Softskills division; Interco Training and Development UK, provides training solutions with courses designed to increase business and leadership knowledge.
The 97 practical courses that we offer can be held at the Company premises, making it very convenient and cost-effective.
Our normal courses, held in very upmarket premises in HULL, United Kingdom are conducted weekly, 4 courses per month. They change the following month and depending on popularity may come back sooner than every 2 months.
The courses are monitored by an invigilator and score results are given to management a week after training, which gives the Company, sending the trainee, a subjective evaluation of how they have done.
Interco has a Joint Venture with Sterling Capital to provide funding to SME’s through our Funding Lines suite of products.
Problems we solve for the Business CEOs include:
Poor inventory controls
Old fashioned accounting systems
Not using accounting systems correctly
Poor marketing or no marketing
Poor marketing tactics as no marketing strategy exists
Too much marketing causing space and order backs leading to low customer satisfaction
Extremely low customer satisfaction score
Productivity in tatters
Low On-Time In-full statistics.
No staff training
High employment changes
Over-employment adding to lack of productivity
Poor systems and procedures
Lack of control in the organisation causing chaos.
No Mechanisms to check and control the organisation.
No tracking of executives progress to planned objectives.
No Leadership profiling
No executive training
Poor Executive recruitment using the DISC Tools.
Poor management practices
Professional Services we offer the Health Service CEO’s
Conducting quality audits of clinical coding
Project management of clinical and administrative information systems implementation
General Practice Accreditation Readiness.
Services for Education & Professional Development in the Health Care Sector
Professional development and staff training for;
Activity Based Funding
Clinical Coding readiness. ICD10
Education & Training;
People entering or re-entering the Clinical Coding profession.
Overseas organisations looking to set up Health Information Management systems
Management expertise focused on two specialities – strategic positioning to support and grow market share; development and implementation of working plans to meet strategic outcomes:
Boutique consulting services provided include;
Providing due diligence services and contract negotiations for the acquisition of:
healthcare manufacturing facilities for major UK and South African based Industries.
Project to integrate multiple mining facilities into one plant, ensuring uninterrupted supply to the market.
Change management and the negotiation of a purchase of a South African owned Transport business to get mining product from the DRC to South Africa.
Project to transition a trading entity into a copper cable manufacturing entity with a world-class a new range of copper cable manufacturing plant in South Africa.
Engaged in working with a telecommunications provider in Tanzania for 2 years.
Engaged by a South African company to craft a business plan which had a complete design and construction to build electrical and telecommunications projects in East Africa. The scope involved designing and costing the project to connect with the Middle East from Tanzania to South Africa.
Taking a low-cost mass distributor textile provider to becoming a multi-faceted high cost “Made to Order” Clothing and Uniforms Fashion House and provider of Premium Gifts to a Corporate Niche Market.
Membership and Affiliations
The MJF GROUP holds Membership with:
The Institute of Directors (IOD)
Institute for Independent Business (IIB);
The South Africa Institute of Tax Practitioners (SAIT),
Commissioner of Oaths
SARS Tax Practitioner.
Full Member of the HIMAA (Health Information Management Association of Australia). Certified Health Information Manager.