FYI...
According to research performed by the Institute for Independent Business, nearly 97% of all businesses in the US economy employ fewer than 250 people. An estimated 96% of these businesses employ less than 50 people. Owners of these companies, in many cases, do not have the resources needed to get to the next level of growth and profits. THEY ARE EXPECTED TO KNOW EVERYTHING, KEEP UP WITH EVERYTHING, AND DO EVERYTHING THEMSELVES. This is clearly a difficult way to perform, especially, as they cannot be expected to KNOW WHAT THEY DO NOT KNOW.
The Top Reasons for Business Failures
Every year, thousands of businesses fail. While business failures know no size boundaries, the majority are small businesses. According to data for the Administrative Office of the U.S. Courts, more than 98 percent of businesses that have filed for bankruptcy since 1980 have been small.
Starting a business is easy. Making it successful and lasting is not easy. It takes paying attention to what is happening and making adjustments along the way. But, not too many business owners are far too busy dealing with day-to-day operations rather than building and implementing a strategy to grow and sustain their business.
When a business falls, it is due to factors that build up over time. Rarely does a problem occur that causes a business to fail suddenly. Most business failures happen because of internal failures, not external factors such as competition or economic conditions. Here are the most common reasons for business failures.
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Management
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Finance
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Marketing
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