Planning ahead for problems in business

Because of a variety of different potential problems, many Maryland businesses end up failing within the first few years. In some cases, the ventures fail because the owners did not plan for how the company would handle setbacks. Business owners may be able to avert some major problems by including a section in their business plans explicitly outlining how they will handle issues when they arise.

According to the Small Business Administration, or SBA, 30 percent of new enterprises will fail within the first two years. Within 10 years, 66 percent of new businesses fail. This underscores the importance of planning ahead. Many businesses fail because of leadership problems, having a poor fit between their products and the market, not meeting the needs of their customers and having a poor brand image. Planning can help avoid some of these common pitfalls.

A good damage control section should include information about how the business will handle losses in sales. It should also include disaster planning, and the owner should make certain to purchase adequate insurance coverage if a disaster occurs. Business owners should also plan for financing needs, making certain they understand how much capital they will require, so they do not borrow too much. Finally, the plan should include succession information in the event a key employee leaves.

Company owners should not underestimate the importance of good business planning. In some cases, a business plan can make the difference between a venture’s ultimate success or failure. Most people go into business for themselves with the hope that their company will succeed. To better their chances, careful planning and analysis should be undertaken, and an experienced attorney can often be of assistance in this regard.

Landlords: Winter Is Coming

With snow, wind, and freezing temperatures, winter can be especially hard on houses and apartments. Before the chilly weather hits, it’s time to prepare your rental properties for the…