Six signs your business is going to die
Here are six symptoms that may be indicating your business is in decline:
No new customers
The earliest sign a business is failing is when there have been no new customers for 6 to 12 months.
Haphazard accounting
Do you know how much money is in the bank, moving in and out of the bank and what you do that actually makes you money? If you don’t have your back office paperwork in order, your business is on a slippery slope.
Serial price cutting
Discounting is a major problem in small business as everyone seems to think they need to do it.
Debt dependency
Over-reliance on borrowed funds to pay loans and meet other business costs (wages, inventory, leases etc) means your business is going to flat-line sooner than later.
Dysfunctional sales
If you can’t convert a prospect to a done deal, have no repeat business then sales are slowly killing your business.
High staff turnover
Every time an employee leaves it is an intellectual capital loss, and often the loss of customers in service industries including hairdressing, dentistry and accounting.
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Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.
The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.
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