Failure Factors – What Not To Do To Keep Your Company Successful

ASSUMED FACT: 4 out of 5 small business will FAIL within the first five years. It’s true that business failures happen, and generally within the first five years, however, the truth might be much more promising. So then, why do business fail? Most small business surveys show that the primary reasons for failure lie in the following areas:

– Inefficient control over costs and quality of product
– Bad stock control
– Underpricing of goods sold
– Bad customer relations
– Failure to promote and maintain a favorable public image
– Bad relations with suppliers
– Inability of management to reach decision and act on them
– Failure to keep pace with management system
– Reluctance to seek professional assistance
– Failure to minimize taxation through tax planning
– Bad personal relations
– Loss of Key personnel
– Inability to cope adequately with competition

This list goes on & on & on… but do you see a common theme here? BAD RELATIONS with…. INABILITY TO…. FAILURE TO… the biggest secret to success in your own company is NOT knowing everything! But realizing your weaknesses and and bringing in the right people who have the strengths in the area you lack, don’t be afraid to ask questions, and do seek professional advice and communicate effectively with your peers and employees!

List and statistics found in “‘The Entrepreneur Magazine’ Small Business Advisor Second Editions Page 15 Chapter 1 Personal Evaluation”

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Oil & Gas Funds | Oil & Gas Stocks
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