Congrats! You survived COVID-19! Or maybe you didn’t…or is COVID still happening? I don’t think anyone knows. Nonetheless, your business needs you. Maybe more than it ever has before. Our legal team has put together some of the most common reasons that businesses start to fail. You would be surprised, as COVID-19 and the economy slowing down isn’t truly the reason businesses are shutting their doors. It had more to do with the fact that their growth strategies weren’t prepared for any type of slow in cash flow, billables, or accounts receivable. Once the first sign of economic stress came, the mental shift went from “make money” to “sell out while you can”.
See some of the most common reasons that starts ups fail below and see if your business development plan needs some tweaking. Our professional staff here at Scarborough Law would love to help in your business transformation.
No Market Need
Ran out of Cash
Not the Right Team
Became Outcompeted
Pricing/Cost Issues
Poor Product
Need/Lack of Business Plan
Poor Marketing
Lacking in Customer Service
Product Mis-Timed
Lose Focus
Disharmony of Team/Investors
Pivot Gone Bad
Lack of Passion
Bad Location
No Financing or Investor Interest
Legal Challenges
Lack of Network/Advisors
Burnt Out
Failure to Pivot
If any of these sound like your business, it might be time to re-visit the planning stages. Let us bring you the peace of mind you deserve. Contact us today!
wecare@scarboroughlaw.com
(678) 257-1808
Regards,
Stephanie Scarborough