Lack of planning – Businesses fail because of the lack of short-term and long-term planning.
#Your plan should include where your business will be in the next few months to the next few years. The right plan will include specific to-do lists with dates and deadlines. Failure to plan will damage your business.
# Lack of capital – Lack of capital is an alarming sign. It shows that a business might not be able to pay its bills, loan, and other financial commitments. Lack of capital makes it difficult to grow the business .
#Poor management –, micro-managing – lack of trust, working without standard, poor communication, and lack of feedback.
#Poor location – If your business relies on foot traffic, location is a strategic necessity. A poor location might make your customer acquisition costs too high.
# Give it due time.
Ideas are fast, but will take time. Even if all goes well, almost everything you do in business will take longer than expected. Businesses Fail For Many Reasons should understood by every businessman.