When you start a new business, the last thing you want to think about is Failure. But if you address the common reasons for failure up front, you’ll be much less likely to fall victim to them yourself.
Why some businesses fail and why some succeed is a matter of debate, although there are some common mistakes that can sink a business in no time.
To avoid getting into such pitfalls, here is a list of top 10 reasons small business fails:
1. The math just doesn’t work
2. Owners who cannot get out of their own way
3. Out-of-control growth.
4. Poor accounting.
5. Lack of a cash cushion.
6. Operational mediocrity
7. Operational inefficiencies.
8. Dysfunctional management
9. The lack of a succession plan
10. A declining market
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