Business Blog – A Guide To Your Business Matters

There are many companies that have suffered closures this year, some bigger than others but what are the reasons behind this?

Woolworths PLC

Well as a former member of the group I must say that I know exactly why the company closed and part of it was indeed down to the poor Fixed Asset Accountingthat the company had been doing. They had over 800 stores and quite simply they had a team of idiots behind the company. The directors actuall knew the company was in serious trouble and they just didnt seem to try and do anything about it at all. vThis obviously failed and I must say a lot of this was to do with the thick headed directors not being able to manage their assets.

XL

A lot of this was of course down to the fuel prices that had been steadily on the rise in the late part of 2008 and the other was that XL were not filling their planes. Planes were of course the major asset of the company and because of this they were clearly not managing their assets in the best way. The recession had stopped a lot of people from travelling abroad at that time of year which is another reason the company took a nosedive into to the heart of recession.

MFI

Once again this could be put down to a number of different things. One of the big reasons is that they really couldn’t give a damn about the aftercare for their customer which turned out to be a big issue. The big problem is that most of the things that the company said were included in the offer werent at all and this was a big problem. Another big problem is that they didnt realise that IKEA would come in and steal the limelight, the fact is they were the better company.

So the advice here? Get some Asset Tracking in there and make sure your Inventory Management Software is perfect!