delqom

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 accounting that the company had been doing. Woolies (as the public knew them by) were a huge company and they failed because of the idiots running it. 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. 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. One of the other reasons that this company fell is because the recession had started to make people stop and think about going away.

MFI

This again can be blamed on many different things. One of the major reasons is because they didn’t really put enough time into caring for their customers. 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. 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!