Million Dollar Habits by Brian Tracy

Author:Brian Tracy
Language: eng
Format: epub
ISBN: 9781613083734
Publisher: Entrepreneur Press
Published: 2017-07-05T00:00:00+00:00

THE REASON FOR SUCCESS OR FAILURE

Dun & Bradstreet (D&B) offers a credit-rating service that includes most of the businesses in the U.S. Every year, active businesses are invited to contribute their financial information to this database, which is then made available for credit purposes to prospective suppliers and vendors.

Every year, many thousands of companies close down, merge, or go bankrupt, and each year, D&B conducts a study to determine the major factors leading to business failure in that 12-month period. Over the years, the reasons for business failure have included high interest costs, changes in technology, poor management, and undercapitalization. Often it is high inventory relative to sales or too much debt.

Not long ago, D&B took all the statistics they had generated on failing companies over the years and ran them through a supercomputer. This program sorted out all the variables and distilled business success and failure into a simple conclusion: Businesses succeed because of high sales; businesses fail because of low sales. All else is commentary.

The rule is, “Nothing happens until a sale takes place, until someone sells something to someone.” Businesses succeed because they make sufficient sales and generate sufficient profitability to survive and grow in the current marketplace. Businesses fail because of declining sales and revenues, which ultimately lead to the collapse of the enterprise.

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