Of all the things that can prove terminal for a business, the most obvious is running out of cash.
I remember the story of a chief executive taking over a reasonably sized company. On the first day, he called the finance director into his office, and asked how much cash the company had in the bank. The FD responded that he didn't know, but would be able to find out by the end of the week. The CEO fired him on the spot, deciding that it was gross misconduct not to know the current cash position. This may be hard, but I can understand the point.
I get continuous cash statements from my accounts department, and plot the cash position on a graph. It's great for seeing trends over time, and identifying problems before they hit.
Chris Barling shares the lessons he has learnt about working in partnership with other companies. The key points for a successful relationship are:
Data is the life-blood of marketing. It's how we assess the success or failure of different campaigns. It enables us to make scientific judgments about where to invest. In the online sphere, it can even tell us which half of our advertising budget is being wasted! But how safe is yours?
Chris Barling is CEO of E-Commerce and EPOS systems supplier, Sellerdeck and has been through a few ups and downs in business. So far, he's managed to survive all of the downs and would like to share the lessons that helped his company survive. He's also included some advice to help you recover if disaster ever strikes.
I get to talk to a lot of E-Commerce businesses, and it's very educational. I've pulled together some useful "E-Commerce howlers" from this experience with names withheld to protect the guilty, but they are all genuine cases.