Business Failure

We work with many small businesses and love when those relationships become long-lasting and span many years. Unfortunately, this is not always possible because running a successful business is difficult and there are many trials that can pop up and lead a business to failure. For example, this recent article from Accounting Web lists 19 potential problems. Even if that number of 19 represented all the possible issues, the business landscape would be tricky to navigate, but the fact is that the real amount of potential pitfalls is even larger.

I’m trying to be transparent here, for the article is aimed toward accountants and how they can help (and charge) clients to continue to succeed. And sure, we are looking for business, too, so that our enterprise can also continue to succeed. But we legitimately want to help our clients succeed for that will only be beneficial to everyone involved.

And hey, one of the entries on that list is paying for services that don’t produce results. So instead, we strive to be a service that produces results.

I think for many businesses, finding yourself battling a few of those 19 potential pitfalls is normal and inevitable. It is going to be a rare time when someone starts a perfect business at the perfect time that enters a perfect marketplace and becomes wildly profitable from the start.  Worrying about those pitfalls, though, does not mean that you’re bound for failure. In fact, if you are battling them, then you stand a much greater chance of success. The businesses that fail are the ones that do not address their issues.

And as you grow, which battles you need to fight will change. For example, sometimes you offer an item or service that a customer utilizes then will not need to purchase again for a long period of time. In this situation, you may start strong, but will need to continue developing a customer base to maintain that success.

Or it could be that you need some guidance on where to put your efforts in the future for growth. Maybe you experienced success, paid down your debt, and now have funds to spend elsewhere, but don’t know where. Standing still would lead to stagnation, so advice and guidance is needed to move in the right direction.

Yes, there are a lot of places where problems could arise, they are not the same for everyone, and they will not be the same for the life of your business. No matter what, there are people who can help, want to help, and will continue to help as you travel your business’s path. So wherever you find yourself, we would love to help.

​For even one of the reasons that the original articles says businesses fail is that they won’t spend money to grow. Expenses are only bad when they aren’t leading you anywhere. Expenses are a good investment when they are put some place dedicated to guiding you toward long-term success.

Warmly,

Josh Bousquet
Connect to Us ~ Facebook ~ Twitter