Tuesday, November 11, 2014

Another business fails due to poor planning

We lost another popular business in our area and I assume it is due to a lack of planning.  The business had a loyal following and ran smoothly so they decided to expand.  The original location of the expansion didn't work out, so they moved.  That location also had difficulties and the owners were unable to manage the increased staff and hours.  Service was poor at the new location and they quickly ran into cash flow issues.

As a result, the business had numerous dissatisfied customers and had to close.  The bad publicity will make it difficult for the owners to start up again even if they can get the working capital to do so on a smaller scale. This could have been avoided if the owners had taken the time to really research the location of their expanded business and determined if they had the time to manage both locations.  There are many entrepreneurs who think they can do it all and when forced to actually map out the amount of time each task takes and the amount of time they actually have available, realize that they must delegate.

The community is saddened by the loss of the business, the owners are in trouble financially and the employees are out of a job.  Planning is important!

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