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Top Reasons Why Small Businesses FAIL

How To Avoid The Same Fate!

Things To Consider...

In The Beginning...

Think back to when you started your business. What was your primary reason for making the leap?

Most people start a business because they are good at, and enjoy, offering a specific product or service. As a business grows, the founding team members often get sucked into doing operations-related tasks. The business owner takes on these tasks even though they may have never done them before and have little to no expertise in that particular area.

Accounting and legal related tasks are two examples of things that many new business owners must tackle on their own.

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As You Grow...

Tracking the financial data for your small business is a critical management process. Without accurate financial reports, it’s impossible to know where you stand and communicate this to others. If you are even considering reaching out to lenders or investors, instant access to financial reports is a must. Your reports will also help you manage your cash flow and make filing your taxes easier.

In fact, in a recent survey 40 percent said bookkeeping and taxes are the worst part of owning a business. Small businesses that do not maintain accurate and timely financial reports run a huge risk. Not only can this lead to miscalculation of business expenses, it can lead to inaccurate tax filings. Late fees and fines are preventable, but common and can lead to business failure.

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Cash Flow, Money Management, & Taxes...

Many would argue that cash flow is one of the most important focus areas for small business owners.

Having a reliable accounting firm to keep you on track financially will ensure your greatest success. At Lauzen Accounting we make sure that our clients have clear picture of their company financials. In doing so our clients are completely aware of any issues that can hurt their business or place them into a position that can lead towards financial hardship or disaster.

Prevent Your Small Business From Financial Burdens

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Why Do I Need A Succession Plan

Approximately 88% of current family owned businesses believe that someone within their family will continue to operate their company for the next five years.

In reality however:
30% of family and businesses survive into the second generation
12% are still viable into the third generation
3% of all family businesses operate into the fourth generation or beyond

This is why it’s so important to develop a succession plan.

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Top Reasons Why Small BusinessFAIL

How To Avoid The Same Fate!

Think back to when you started your business. What was your primary reason for making the leap? Most people start a business because they are good at, and enjoy, offering a specific product or service. As a business grows, the founding team members often get sucked into doing operations-related tasks. The business owner takes on these tasks even though they may have never done them before and have little to no expertise in that particular area. Accounting and legal related tasks are two examples.

 

Step 1 of 2

As A Business OwnerAre You Guilty Of:

  • Poor Financial Systems
  • Inaccurate and late financials
  • Not Understanding Financial Statements
  • Poor Cash Flow
  • And More!

There are many reasons why small businesses fail. Most of them are the result of business managers getting away from working on their core business.

Find out you can avoid the same fate by downloading our eBook today!

Get The eBook Today!