Any search of the Top 12 Reasons Why Businesses Fail will come up with almost the exact same list quoting Dun & Bradstreet from 1998.
Why is this important to you?
Keeping your eye on the ball to ensure success is aided by looking at the causes of failure. Human nature being what it is, some of the reasons given above could be argued as having the same root cause.
1. Cash Flow Issues
Certainly, cash flow being the air of business, financial monitoring and planning should really top the list. Are you monitoring your cash flow to keep it positive throughout the month? An easy way to know if you are slipping is to look at your bank charges each month for unexpected costs. These small charges can be an early sign of trouble.
2. Team Friction
Are you finding more conflict among your team? Maybe you are limiting your external advisors consciously or unconsciously. Changes in your teams ability to work together can be an early sign of trouble.
3. Sales Conversion Ratio
Take the number of propsects and look at how many convert into customers. Has this ratio changed recently as compared to your normal closing rate? Maybe your prospects are picking up on something that you have yet to see in yourself.
Awareness is the first step to addressing the challenges in your business. Be aware of your current circumstance so that you can look for the right advisors to give you an outside persepctive for moving forward.