Business Problems and Solutions
In today’s world, it is no easy task to manage a business.
There are many issues that can cause a business to have problems.
In many ways, a business is like a human being, it can develop health problems, which can negatively affect the financial and operational stability of the business; damage its reputation or stagnate its growth and profitability. In some cases, certain problems can even cause the business to fail, or cause it to be forced into bankruptcy
Its highly important to do consistent health checks on your business. To diagnose and recognize any problems or potential problems your business may have. Solving a current problem or preventing a future problem can save your business from unpleasant issues; from potential bankruptcy or failure.
Referenced below is a list of common problems that can threaten the health of a business. Any combination of these problems being present in a business can cause it to become unstable, to fail, or cause it to file for bankruptcy.
We recommend that you carefully review this list and determine if any of these problems are present in your business.
Should you determine one or more of these problems exist in your business, our firm can assist you in solving these problems, to help maintain its stability and for your business to achieve the level of success you desire.
Problems That Can Threaten The Stability of Your Business
The Actual Facts:
Data from the U.S. Bureau of Labor Statistics reveals that more than 20% of new businesses fail during the first two years of being open, 45% during the
first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. Referenced below are the main causes:
Referenced below is a business health audit. Its designed to alert a business owner or manager to conditions that could cause their business to fail.
Carefully review each of these 28 conditions. If you feel any of these conditions are present in your business, place a check in the box for that condition.