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Businesses fail for a great variety of reasons, but somereasons are more common than others. Columnist Doug Hood, inthe September 2000 issue of INC. Magazine, provided what hefinds to be the ten most common reasons that businessesfail. They are:1. Lack of planning2. Lack of experience3. Insufficient capital4. Wrong location5. Heavy competition6. Uncontrolled growth7. Seasonal business8. Tax issues9. Fraud10. Management turnoverWhile there can be a number of causes and root problems foreach of these issues, I think it really boils down to thenumber one reason on the list: LACK OF PLANNING. A business with a good business plan, marketing plan, salesplan, etc. is going to have thought about how to prevent (orat least reduce the risk of) the other 9 items on this list.Review this list again and ask yourself, "How prepared is mybusiness to deal with these potential problems?" If theanswer is YES, then take some time to review those plans toensure they're still valid. If the answer is NO, spend sometime TODAY to address those issues.
Why,Businesses,Fail,amp,#63,Bu