Business failure is often inevitable, as is the case of a declining market (think buggy whip manufacturing after the introduction of automobiles), but can be self-induced as well. Here is a list of the top 10 reasons why small businesses fail:
- Not enough demand for the product or service offered.
- Out-of-control growth that sucks up all of the businesses cash.
- Poor accounting.
- No cash cushion to weather the inevitable swings in fortune.
- Operational inefficiencies.
- Dysfunctional management.
- Lack of succession planning.
- The aforementioned declining market.
- Catastrophic loss not covered by adequate insurance.
- The business had no solid legal footing.
If you are the owner of a small business on the verge of failing, give us a call. We might be able to find solutions that get you back on track.
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