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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"Relationships can make a big difference for business owners during a downturn," said Soraya Morgan, founder of Morgan Business Solutions, a business advising firm in Upper Montclair. 

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Morgan Business Solutions Offers hands-on help during these tough economic times.

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Due to popular demand, non-profit, OED asked Soraya Morgan to give another Straight-Talk to Business Owners on how to successfully run a business during a recession.

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The Rothman Institute of Fairleigh Dickenson University invite President of Morgan Business Solutions to speak to Business Owners on managing their business.

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Soraya Morgan Gives Straight-talk Business Counsel to packed crowd of Entrepreneurs in West Orange County Club.

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Morgan Business Solutions announces the appointments of two seasoned business professionals, Debbi Bifulco and Marty Aronow to its Executive Management team.

President of Morgan Business Solutions speaks to The New Jersey Association of Women Business Owners.

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Soraya Morgan discusses how businesses can use creativity and history to make a powerful impact.