According to the Small Business Administration, nearly 45,000 businesses close each month. Declining consumer confidence, massive layoffs, credit constraints and foreclosures are only part of the increasing pressure that will likely lead to record numbers of business failures, closures and bankruptcy in the coming years. Is there any light at the end of this tunnel?
Yes! Proactive positioning can make all the difference between survival and demise. Since my area of expertise is facilitating turnarounds, I will focus on five common reasons (even in a good economy) why small businesses fail. Many of these causes are preventable with proper planning, advice and education. Therefore, accounting professionals and trusted advisors are going to play a critical role in becoming the "first response" to aid in managing the crisis on behalf of your business clients.
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