In the real world, long term success can be hard to achieve. Sometimes enthusiasm and optimism can cloud the owner’s vision of reality and poor decisions are made.
Small businesses have a greater chance of success when they know and plant to counter any problem before it ever occurs. when you have lots of contingencies in place, you will react faster and avoid small problems from ever growing into big ones.
More than 90% of small businesses may well fail, but it may be less than 50% of those that plan well that ever fail. If you plan well and you persist in your efforts to succeed, your chances of success can be even higher.
A small business has failed when it is:
If a business owner decides to cease operating because of ill health, the loss of a partner, or any other personal reason not associated with financial problems, then the business is not described as a failure!
Small business failure is not usually caused by one single factor but rather a combination of several factors. The two main reasons being:
Some of the many reasons small businesses fail are:
Remember: ‘Small businesses don’t plan to fail, they fail to plan!’
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