Just so we can keep you completely in the loop about everything going on, here is a list of businesses that just didn’t make it for whatever reasons. Watch out! We hate to be the bearer of bad news, but we think you ought to monitor this list closely to make sure you don’t have any funds in there. By the way, sometimes ads keep on running for casinos that have already closed because a contract for promotion is still in effect, so we recommend you check this page every now and then, just so you know who’s going where – and who isn’t going anywhere anymore.
Why Does That Happen? You may know that 8 out of 10 people who start up businesses fail. That figure, although close, may in truth be closer to 94%. Only 6% of businesses that have started something up are now bravely going on. What do you think of that? There are, of course, many reasons why that can happen.
Have you ever wondered why casinos go broke? We have discussed previously the perils of not having a valid license or not being good at people relations. But is that all? Statistically, people reaching success are so few in numbers that a good mathematician would count that percentage as mathematically insignificant because this value is approaching zero. There are so many fails around us – it kind of makes you wonder exactly how something like that happens, and how it can be prevented. You might think that it is all as simple as not having the budget. However, not getting enough clients is the effect. The causes are numerous. So what happened?
Lack of a Clear Business Model
A good business plan is the foundation for success at everything. Strategy is the first in any good business. Put in simpler terms, many businesses out there genuinely wanted to get it right, but just didn’t know how. Sometimes people underestimate exactly how much hard work it takes to build something from the ground. Smart work, however, is what counts, as well as hard. Like Steve Jobs said, don’t work 24/7, work using your head.
We think that hard work is also very important, but in this case not having a good business model did exactly what it was supposed to do – one day the manager wakes up and realizes the administration was doing everything wrong from the start. The catch is that you only learn that after the fact. Or do you always? We once again state the obvious: you can never do too much research. Shootz.
Fighting at the Higher Level
Usually what happens when the administration has problems with each other is that the staff and the clients suffer and do all the work necessary to pick up the pieces. The people at the top know they are protected in any case, which is why every now and then huge confrontations happen at the top. The company takes a hit, tries to go on, is unable to recover, hits a spiral, and eventually declares bankruptcy.
The administration gets golden parachutes, which are composed of staff salaries and clients’ money. Disagreements in the managerial sections are very dangerous for casinos, also because when everything comes to an end, the company may never be able to establish the cause and effect relationship and find out that it was this managerial discord that led to its eventual demise.
Inadequate Staff
That one goes without saying. It pays (very well) to be nice to customers and to be a nice person in general. If the staff is repeatedly rude or irresponsive, the management will find out. However, what usually happens is that clients spread rumors and leave bad reviews, which is much more difficult to deal with for the casino. It also cuts down their sales and decreases their rep. In the world where information spreads like a wildfire, casinos either tend to get rich exponentially or plummet very quickly. The sum total is that people very often underestimate the impact that bad staff has.
Rough Economy
Even though many companies have succeeded in bad times, things like sanctions, war, clients with low levels of motivation, recession, bad ecology, and tax evasion can really impact a business. The good thing about conditions like these is that in order to survive under them, you really need to be a hero. The bad thing about it is that it takes a good business plan, a psychologist, adequate staff, and a way of counteracting all these adversity factors, which, as practice shows, is Herculean work. But, then again, the casinos that survive in these conditions are bulletproof.
Core Values
If you’re as big a fan of Steve Covey as we are, you believe in core values. After all, you trust the casino with your money, and you expect it to be a relationship based on trust, integrity, and tenderness. When things start to happen that shouldn’t (and the people who do them know what they are doing and still go on), eventually the bad deeds are rewarded with failures.
Even though casinos close down for reasons that seem to make sense on the surface, deep down, all the suffering a company are going through is because they are lacking consciousness and the ability or willingness to do the right thing 100% of the time.