THE TOP 10 REASONS WHY SMALL BUSINESSES FAIL

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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:

  1. Not enough demand for the product or service offered.
  2. Out-of-control growth that sucks up all of the businesses cash.
  3. Poor accounting.
  4. No cash cushion to weather the inevitable swings in fortune.
  5. Operational inefficiencies.
  6. Dysfunctional management.
  7. Lack of succession planning.
  8. The aforementioned declining market.
  9. Catastrophic loss not covered by adequate insurance.
  10. 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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We are a debt relief agency, we help people file for Bankruptcy under the Bankruptcy Code. This Blog is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney-client relationship between you and the Blog publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

 

 

 

Author: westchesterbankruptcylawyer

https://www.avvo.com/assets/badges-v2.jsLawyer Ted Zink | Featured Attorney Bankruptcy

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