Article Treasure Cove

There have been so many companies that have gone out of business this year and many have been small whereas many of them have been huge?

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 knew fully well that they were a failing business and they had over a year to sort this out and they seemed to do nothing. This 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 of course were the primary asset of the company therefore they were not managing their assets in the correct 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

This is something that can be put to many other things again. One of the major reasons is because they didn’t really put enough time into caring for their customers. The offers that they had were always lying and didn’t include what you thought was included in the deals. The thing is MFI were way too up themselves to realise that IKEA as a real compeitior which is why they failed as a company.

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

Tags: assets, Business, Finance, recession, Woolworths