Yesterday, I attended a seminar by a local chamber of commerce on Starting a Small Business. One of the slides presented was titled, " Why Do Businesses Fail?" The
reasons resonated with me and I thought it would be worth sharing the list here:
- Do not plan properly.
- Do not monitor financials.
- Do not understand pricing.
- Do not monitor cash flow.
- Do not borrow properly.
- Do not manage growth.
- Do not prepare for the unexpected.
Interestingly, the reasons were mostly about
execution, specifically financials and planning. The speaker said that many small business owners really don't have a good idea about the business's financial situation. Noticeably
absent from the list were do not have
enthusiasm, do not have
good ideas and do not
work hard enough.
For more on
Ideas You Can Use, check back every Tuesday for a new segment.
This is not financial or business advice. Please consult a professional advisor.Copyright © 2009 Achievement Catalyst, LLC
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