Why do businesses fail? Here are the most common reasons:
Management
Inability to reach decisions and act on them
Failure to keep pace with management systems
Poor personnel relations
Loss of key personnel
Illness of key personnel
Lack of staff training
Poor relations with suppliers
Loss of control through creditors' demands
Inadequate insurance
Reluctance to seek professional assistance
Finance
Ignoring adverse financial data
Inadequate financial records
Poor control of receivables
Poor or lack of forecasting
Extending too much credit and poor credit control
Loose control of liquid assets
Insufficient working capital
Over-borrowing or using too much credit
Inefficient cost and quality controls
Poor pricing strategies
Failure to minimize taxation through tax planning
Poor business planning
Marketing
Loss of impetus in sales
Poor customer relations
Inability to cope adequately with competition
Competition disregarded due to complacency
Failure to anticipate market trends
Failure to promote and maintain a favorable public image
Growth without adequate capitalization
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