Ten Warning Signs Your Business is Failing

TEN WARNING SIGNS YOUR PRICING IS FAILING
1. You’re always borrowing money to STAY in business. If loans are used just to keep the business afloat--not to expand --then it is time to analyze your costs, and figure out why you are not making it.
2. Your employees are getting a paycheck, vacation and other paid benefits--and you are not! It is time to ask yourself why? Too many business owners forget to include their costs into their pricing structure and never get the benefits their employees do!
3. The corner loan shark loves you--or the interest you have to pay on your loans is high because you re considered a high loan risk. 4. You‘re supporting the IRS with the interest and penalties you pay on your taxes. Getting caught in a cycle of high interest and penalties with the IRS is one guaranteed way to drain your business of money.
5. Your bill collector sends you flowers when you are sick. When your accounts payable are running delinquent frequently this is a sign of incorrect pricing.
6. You never take a vacation--not because you just love your business so much you don’t want to leave it. But you can’t afford it!
7. Rapid turnover of good employees due to poor wages. Being unable to keep good employees due to poor or no profits is a sure sign of wrong pricing.
8. Cash flow and your check balance is a constant worry--you call up the bank daily and hold your breath hoping no checks have bounced.
9. Your bid is always the low bid. Being the lowest bidder all the time is an indication you do not have a realistic view of what it costs to be in business.
10. Pricing your product is like pulling a rabbit out of a hit--you have a magic formula which no knows--including yourself. Depending on magical figures to run your business is one sure way to meet the wicked witch of bankruptcy.

Jo Ann Forrester is a business growth specialists and president of S I Business Associates and partner in Celebrate & Share. She and her staff have been helping small business ACHIEVE SUCCESS SINCE 1975. Experiences as a consultant and business community leader have given her the first hand knowledge of the problems of small business. Jo Ann received recognition as one of Pennsylvania’s Best 50 Women in Business in 1999 and in May 2000 she was recognized as the 2000 SBA Women Business Advocate for Pennsylvania. She is co-author of two workbooks, 15 Steps to Success and the David Vs Goliath Marketing and co-developer of Price it Perfect cost management system. Jo Ann is a also a popular talkcast host, on www.talkshoe.com “The Empress of Biz.. Re-Inventing Yourself in Rugged Times”. She can be reached at 412-440.6969 or E-mail: Empress of Biz @aol.com