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Backward and Forward Linkage of Resources in Business

Updated on February 6, 2010

 

Backward and Forward Linkage of Resources in Business

No business runs itself. It needs repeated stimulation. It is not easy to build a business; it takes time, intelligence, and hard work. A business will run smoothly only if proper attention is given to it.

For business to succeed, its operation must be based on an accurate knowledge of facts. The decisions of a businessman must as far as practicable be based on facts and not on mere guesses or beliefs as to what the facts may be. It's a good idea to gain an understanding of why businesses fail in order to avoid pitfalls. The factors can be categorized into the following four areas:

1.    Inadequate planning, due to:

a.     Lack of economic knowledge about the trading area b.     Poor selection of location

c.      Failure to foresee major marketing opportunities

d.      Failure to plan properly for financial needs

e.      Failure to anticipate personal requirements

2.      Inadequate financing, due to:

a.      Inadequate working capital to purchase fixed assets

b.      Inadequate capital reserves to withstand slow business period

c.      Insufficient funds to purchase adequate inventory

d.      Insufficient funds to obtain best location

3.      Obsolete methods

a.      Poor expense controls

b.      Poor inventory controls

c.      Poor accounts receivable controls

d.      Poor personnel policy

e.      Poor cost records and pricing methods

f .      Lack of modern equipment

4.      Personal factors.

a.      Poor knowledge of business

b.      Unwillingness to accept advice

c.     Unwillingness to work long hours

d.      Being contented with things as they are

e.      Excessive expenditures in good number

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