Area Business Experts Set To Make Cincinnati Business More Profitable, Add Jobs
Online PR News – 28-September-2010 – – Cincinnati, OH – Over the life of a business, only 39 percent become profitable, according to data published by the National Federation of Independent Businesses. And, according to new research from the Cincinnati marketing and business development experts at The Eisen Agency, the top two reasons are: too much time spent on non core competencies and failing to ask for help.
So, in a concerted effort to reverse that trend, which is exacerbated by current economic conditions, Five of Cincinnati’s top professional services organizations have teamed up to donate $100,000 in services to area businesses. The Eisen Agency is joined by Sheakley, Ember Carriers, Rippe & Kingston, and NextLevel. The program, dubbed the “$100,000 Business Makeover,” is open to all for profit businesses throughout the Tri-State region.
Anyone interested in a “business makeover” may access more information and apply online at www.100KBusinessMakeover.com. Three businesses will be selected, with one winning $50,000 in services, and two winning $25,000 in services.
The deadline to submit applications is October 22, and winners will be announced at the $100,000 Business Makeover Conference on November 18th. Eisen president and owner Rodger Roeser explains that the program is designed to help make Cincinnati businesses healthier, as “healthy companies add jobs, and more jobs are good for everyone.”
“We want to give Cincinnati businesses a competitive advantage. We want to give this economy a good swift kick in the butt, and we want to promote more healthy, successful businesses as that truly makes for a greater Cincinnati,” Roeser said. “In business, options can be your best friend because you don’t have to know everything or do everything yourself, you just need to know where to turn.”
Eisen will offer marketing communications services, NextLevel will provide business development consulting, sales training and support, Sheakley will provide human resources and benefits expertise, Rippe & Kingston will provide accounting, business and tax consulting services, and Ember Carriers will offer organizational and leadership development.
Ember Carriers CEO Mary Hladio states, “If you have poor leadership, negative employees and disjointed teams, it’s virtually impossible to be a profitable and successful organization. The number one harbinger of a successful company is happy employees. It is critical to the health of any organization to proactively care for, manage, ignite and cultivate the careers and expertise of leadership and employees alike.”
Rippe & Kingston marketing director Katie Springob explains that each organization brings complementary services to the table, and that while each can provide their services without the other, smart organizations understand that every component must be working harmoniously for the overall benefit of an organization.
“For example, while Eisen may bring significant marketing planning and execution the table, if you don’t have a prepared and motivated sales team to make the calls and close the deal, or if you have poor leadership and disengaged employees, it simply won’t work,” Springob said. “The main reason we have joined forces is because successful businesses understand that you must have all of the moving parts working together and on the same page. You remove any one of them, and you weaken the whole.”
After the winning businesses are chosen, they will be followed, similar to other ‘makeover” type shows, enabling any interested business or organizational leader to watch, follow along and apply the learning.
Top Reasons Cited for Business Failure:
1. No Business Plan. Most banks will want a well thought out business plan if you're looking at getting any financing. Having a thorough business plan is a great way to have everything as organized as possible and a great benefit for the entrepreneur to have realistic ideas of what to expect when it comes to running a business.
2. Poor Management. There are many areas in which one should be knowledgeable when it comes to running a business. Some of these areas are hiring and managing employees, purchasing and selling, finance etc. Lacking in business managements expertise can be a contributor to why businesses fail. If no steps are taken to become more knowledgeable in the areas applicable to the business, the business can seem unprofessional and poorly run.
3. Insufficient Operating Funds. The cost to set up a business is often underestimated. All areas of expenses for the business should be investigated to ensure that there are enough funds to sustain the business until a consistent cash flow is able to be generated.
4. Poor Location. Not giving enough consideration to location is another reason why businesses fail. Just as a great location can help a struggling business stay afloat, a well organized business can fail due to a bad location. Two important things to consider when choosing a location is where the target market and competitors are.
5. Expanding Too Quickly. Wanting to increase business growth as quickly as possible can send your business in the opposite direction if decisions are not well thought out. Expanding a business in a slow and steady manner is best.
6. Not Online. Today having a website is a must. The internet is a great tool to inform customers of the products/service that the business makes available to them.
7. Wrong Attitude. Some people go into business for themselves because the idea of having a lifestyle of being their own boss is appealing. Thinking they can do what they want when they want. Having more time with family and more free time can be great benefits to owning your own business. More so if it is operated from home. These benefits should not be the focus of a new business, this can be a factor to why businesses fail. These advantages come once the business is up and running smoothly. Success is sacrificed to some degree If adequate time is not invested into the business in the beginning. Anything worthwhile and long lasting takes consistent effort.