Many different conditions can cause a small business to fail; some of the major reasons may be down to one or a few of the following. Safeguard your business by making sure you don’t fall into any bad practices such as these:

  • Lack of a long-term company vision

  • Failure to establish clear goals and objectives

  • Misunderstanding what customers want

  • Underestimating the competition

  • Inadequate financial planning

  • Lack of strong leadership

  • Ineffective procedures and systems

  • Absence of critical business skills

  • Inability to change

  • Failure to communicate the plan