Congratulations! You have decided to start a new business! You will begin a partnership with one other business associate that you trust and have known for several years. You plan to hire three managers and another twenty employees.

Discuss a plan of action that you and your partner would personally implement to avoid the four main failure mechanisms of small business:

managerial incompetence or inexperience
neglect
weak control systems
insufficient capital
Identify what steps you and your partner will take to address each of the four failure mechanisms. You may be creative in your responses, and you may use actual personal insight from previous business experiences if you wish; however, you must include at least two external (Internet) sources on business management technique and business success. Make sure you cite your references at the end of your work.

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To avoid the four main failure mechanisms of small businesses - managerial incompetence or inexperience, neglect, weak control systems, and insufficient capital - you and your partner should take the following steps:

1. Managerial Incompetence or Inexperience:
- Invest in ongoing management training: Encourage your managers to attend workshops, seminars, or industry conferences to enhance their knowledge and skills.
- Delegate responsibilities effectively: Clearly define roles and responsibilities for each manager, matching their strengths and expertise to the tasks they handle.
- Establish regular communication channels: Schedule weekly or bi-weekly meetings with managers to review progress, address challenges, and offer guidance.

2. Neglect:
- Prioritize communication: Establish an open and transparent communication system to ensure that any issues or concerns are addressed promptly. Encourage an environment where employees feel comfortable sharing their thoughts and ideas.
- Set expectations and accountability: Clearly define performance expectations for managers and employees and hold regular performance reviews. Recognize and reward outstanding performance to foster a culture of engagement and dedication.
- Foster a positive work culture: Create a supportive work environment that encourages teamwork, collaboration, and employee development. Promote work-life balance and provide opportunities for professional growth.

3. Weak Control Systems:
- Implement robust internal processes: Establish clearly defined procedures and workflows for critical business operations. This includes financial management, inventory control, customer service, and employee management.
- Utilize technology: Explore and implement software tools or systems that can strengthen control and monitoring processes. For example, use project management tools, customer relationship management (CRM) systems, or inventory management software.
- Regularly review and analyze performance data: Set key performance indicators (KPIs) and establish a system to track and measure progress. Analyze the data regularly to identify areas of weakness or improvement.

4. Insufficient Capital:
- Create a comprehensive financial plan: Develop a detailed business plan that includes accurate revenue projections, expenses, and cash flow forecasts. This will help identify potential shortfalls or areas where additional capital may be needed.
- Explore alternative funding options: Consider seeking loans from financial institutions, exploring government grants or subsidies, or seeking angel investors or venture capitalists.
- Optimize cash flow management: Implement effective cash flow management practices such as monitoring accounts receivable, negotiating favorable terms with suppliers, and optimizing inventory levels to ensure efficient use of capital.

Remember to consult reputable sources for more in-depth information and guidance on business management techniques and success. Here are two recommended sources on business management techniques and success:

1. "The 7 Habits of Highly Effective People" by Stephen R. Covey.
2. "Harvard Business Review's Entrepreneur's Handbook: Various Articles on Business Management and Techniques." (Available on the Harvard Business Review website).

References:
- Covey, S. R. (1989). The 7 Habits of Highly Effective People. Simon & Schuster.
- Harvard Business Review. (n.d.). Entrepreneur's Handbook. Retrieved from https://hbr.org/handbook