FACTS-Why Small Businesses Fail

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Presentation Description

Evan Vitale presents various facts about the failure of small business entrepreneurs. The facts are described here in order to know what to avoid in order to establish a long lasting and profitable business.

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Presentation Transcript

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why small businesses fail F ACTS Evan Vitale

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It’s a well known fact that most small businesses fail within their first three years. In fact, years 3, 5 and 7 are the most difficult.

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Take a look at some reasons of such failures

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Lack of finances

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Most businesses fail due to insufficient funds Poor b udgeting Underestimation of expenses Lack of capital

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Business Location

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Small businesses fail because of poor location strategies Competition level Local labor market

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Lack o f delegation

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Small business owners lose when they are unable to Allocate responsibility Build trust

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Taxation

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Due to complexity in tax codes, sometimes small businesses are unable to Acquire professionals Obtain work permits and business licenses

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At the beginning of your business you are very excited about it. As time passes, sometimes you get burned out or lose that lack of initial motivation on growing your business.

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Keep reading our blog… Evan Vitale Certified Public Accountant

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