It's the biggest nightmare of any small business owner, after all the blood, sweat, and tears you put into starting and running your small business there comes the day when you are forced to close your business. Hopefully this never happens to your small business and here's an article from the New York Times that provides ten tips from small businesses that have failed that may help your business avoid a similar fate.
- The math just doesn't work.
- Owners who cannot get out of their own way.
- Out-of-control growth.
- Poor accounting.
- Lack of a cash cushion.
- Operational mediocrity.
- Operational inefficiencies.
- Dysfunctional management.
- The lack of a succession plan.
- A declining market.
The beginning of the article points out that many failed small businesses have no clue why they went out of business, so it might be a good idea to take a good hard look at your small business with these tips in mind. If you spot something that is similar to some of the ten tips above, maybe you can make some corrections. A bonus of this article is a link near the beginning with 6 real life examples of actual failed businesses They might still be in business if they had looked at the list above in time.
The geomarketing tells everyday small business owners make drastic mistakes when selling their business and lose thousands of money in the process. All their hard work and long-term investment goes down the drain. The small businessman not waiting too long, or not planning in advance, can cause many business owners to miss their window of opportunity.
Posted by: Geomarketing | January 21, 2011 at 09:55 PM