With many businesses being established by some individuals, you as a customer may find it hard to choose which one you should go with. And as a business-owner as well, competing with others is surely tough. Some problems will ensue but those are part of the obstacles that businessmen and entrepreneurs should overcome. But sometimes luck is not on their side. And if you fail too, you might call a bankruptcy attorney Oakland to help you.
Every day lots of small businesses started and every day as well, many have failed after everything they invested. According to statistics, forty nine percent of those companies failed after five years and about thirty percent of businesses have not even reached two years. You may wonder why it all happened to them.
Beginners might lose their confidence after seeing the statistics. But one should really bear in their mind that this career they choose is not something to be taken for granted. It requires efforts, skills and time to become one of the top. But for those who have fallen at the bottom and never come back again, they likely fail for neglecting important elements.
Finding customers are also hard especially when most of them are quite satisfied with what they have. Meaning, they do not necessarily need to make some purchase from your company. Furthermore, you also have lots of competitors to deal with. There are so many hindrances that could bring a company down. But other than that, here are the common roots on why others went bankrupt.
No proper management in finance. You must know that managing the finances is really an important task because you keep records of the money you got in your hands. Most would hire an accountant to do the task. However, some prefer to handle it without professional health and as a result, they made lots of mistakes until their cash flow goes down to zero.
Planning and research is poor. Remember that those companies which are at the top right now had made tremendous amount of time to make research. Therefore, businessmen should also do a heavy research and also planning before making some actions. But they failed on that method. Because of that, they had no idea on how to get customers and beat other competitors.
Leadership is poor. So what if your ideas are way better than others and you got the best employees in your domain? It would not matter in the end if your skills in leadership sucks. This became another common reason why others totally failed. They cannot properly motivate their employees and do not have skills in managing their work under pressure. Furthermore, their decision making is quite poor dragging them down to failure.
Having Legal Problems. As mentioned above, businessmen should take time on doing proper research. That way, they could avoid violating some laws without knowing. Furthermore, some companies are also doing some unethical practice like false money statements and money laundering. And as a consequence for that, they had to face the serious consequence from their unethical actions.
If you are still a beginner, you must not be complacent. It might be difficult. But once you made it, everything will be worth it.
Every day lots of small businesses started and every day as well, many have failed after everything they invested. According to statistics, forty nine percent of those companies failed after five years and about thirty percent of businesses have not even reached two years. You may wonder why it all happened to them.
Beginners might lose their confidence after seeing the statistics. But one should really bear in their mind that this career they choose is not something to be taken for granted. It requires efforts, skills and time to become one of the top. But for those who have fallen at the bottom and never come back again, they likely fail for neglecting important elements.
Finding customers are also hard especially when most of them are quite satisfied with what they have. Meaning, they do not necessarily need to make some purchase from your company. Furthermore, you also have lots of competitors to deal with. There are so many hindrances that could bring a company down. But other than that, here are the common roots on why others went bankrupt.
No proper management in finance. You must know that managing the finances is really an important task because you keep records of the money you got in your hands. Most would hire an accountant to do the task. However, some prefer to handle it without professional health and as a result, they made lots of mistakes until their cash flow goes down to zero.
Planning and research is poor. Remember that those companies which are at the top right now had made tremendous amount of time to make research. Therefore, businessmen should also do a heavy research and also planning before making some actions. But they failed on that method. Because of that, they had no idea on how to get customers and beat other competitors.
Leadership is poor. So what if your ideas are way better than others and you got the best employees in your domain? It would not matter in the end if your skills in leadership sucks. This became another common reason why others totally failed. They cannot properly motivate their employees and do not have skills in managing their work under pressure. Furthermore, their decision making is quite poor dragging them down to failure.
Having Legal Problems. As mentioned above, businessmen should take time on doing proper research. That way, they could avoid violating some laws without knowing. Furthermore, some companies are also doing some unethical practice like false money statements and money laundering. And as a consequence for that, they had to face the serious consequence from their unethical actions.
If you are still a beginner, you must not be complacent. It might be difficult. But once you made it, everything will be worth it.
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Get a detailed list of the factors to keep in mind when picking a bankruptcy attorney Oakland area and more information about an experienced lawyer at http://www.centralcoastbankruptcy.com now.
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