Small Businesses Looking To Grow And Become More Successful

2008/08/02 12:09

Press Release from:

Xero

What does it take so succeed in business? The five must-have qualities are commitment, tenacity, a marketable product, business skills, and adequate finance, says Xero online accounting software co-Founder and UK MD Hamish Edwards. Edwards, an accountant and successful entrepreneur, says a well-thought out, well-managed business will weather economic and business storms. While businesses without the five must-haves frequently fail amid a raft of excuses.

“The stories of business failures often have a common theme,” says Edwards. “Insufficient capital, cash flow problems,

Small Businesses Looking To Grow And Become More Successful

sales but no profit, not enough sales, the list goes on. It is easy enough to spot these issues emerging if you have access to daily financial information and of course the earlier you get onto it, the greater your chance of fixing the problem.” Edwards says warning signs on the way to business failure include:

• Insufficient capital • Lack of management expertise • High gearing • Incorrect pricing • Low sales • Poor cash flow and low profit

“In particular it’s critical that you keep an eye on the numbers because that’s how you can assess the health of the business in the long term.” Xero provides small businesses and their advisers with one, up to date, easy to use, instantly accessible set of accounts and business information. Lucy Whittington, Xero, England,UK, 0800 085 3719, ukpress@xero.com