Owning a business can often put you in situation where you have to make major decisions. Recently I was reviewing my company's profit and lost report. The report showed that my company was losing more money than we where making, in other words "no profit". This information helped me to make the decision to close my consulting company and open a Networking company. By making this type of decision I was able to focus on several stages of organizing such as: business planning, investment management and recruiting experienced staff. This decision was not just major but it was also heart felt, because many people lost their jobs because I failed to plan. The Small Business Administration has reported that 90 percent of all small business failures are a result of poor management, with was the case with mine. .
One of my first stages of organizing is business planning. In my business class I am putting together a proper business plan that I will follow throughout the course of this venture. I failed to think of the "what if" with my consulting company, and this resulted in people losing their jobs. I didn't plan nor promote the business, there was poor record keeping and poor employee relations, because of this I wasn't able to secure extra capital. I had to invest my own money. I made the formal decision to close the company, but poor management led up to "failure" which was the true reason the company closed. As I found out, if you don't plan, you are setting yourself up for failure. .
Once my business plan is complete, I will be recruiting Investment Managers. Investment Managers are employees that will invest money, but will also bring an expertise to the firm. To be able to invest, the investor must be a skilled professional in the business world such as a: Sales Manager, Recruiting Manger or Public Relations person etc. The investors will invest in a department that they will have control over.
