Recent figures have revealed that over half of all new businesses will fail within the first 3 years and that of that half, around a further 40% will fail in the following 2 years. What is particularly worrying is that these figures are actually rising year on year. Considering that starting a business has always been a difficult task, such trends are only going to make a difficult job harder.
Striving for success and consciously avoiding failure is a daily struggle which will place you and your business under a great deal of pressure and in truth, there is no way to avoid this, it is the true face of business. With that being said, according to Pietro Triassi Montreal, there are lessons that can be learned from those who have been successful in the past and also, those who have failed.
To help you in your efforts to avoid failure, let’s take a look at some of the factors which have caused businesses to fail in the past.
Naturally, finances is the key to the success or failure of a business and this will fall into a few separate categories.
1. Lack of funds
Businesses should always ensure that they have a healthy amount of money both as a foundation and going forward to ensure that they can operate to their potential.
Businesses managing finances without the skills to do so or making risky decisions without consulting.
Owners becoming blind to their bottom line and not paying sufficient attention to their cash flow either because they are too wrapped up in operations or they have a lack of knowledge.
Focus heavily on the financial side of things and ensure that it is
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