Starting a business certainly has its competitive aspects to it. You are taking on the competition and seeking to gain market share. You may want to be the leader in price, service, or convenience. But there are also defensive aspects to running a business. Here are six things that could stop your business in its tracks.
Poor Accounting and Bookkeeping
Far too many businesses fail due to poor, incomplete, or incompetent bookkeeping. Good accounting doesn’t color the facts, it presents them accurately. If you can’t pay employees, vendors, or taxes, you will be out of business quickly.
Lack of Funding
Small, underfunded businesses are starting with one hand tied behind their backs. Before launching a business, it is prudent to have appropriate funding in place to allow your business time to grow.
An Unrelenting Competitor
A well-funded competitor who markets their products and services effectively can hamper your chances for success. That is why some entrepreneurs choose business categories where competition is weak.
Poor or Insufficient Marketing
You could have a terrific product or service, but if no one is aware of it, it has little chance of success. That is why advertising and marketing are such a critical part of starting a new business.
Fire, Theft, Vandalism, or a Liability Claim
Many small businesses are ill prepared to survive damage from a natural disaster or vandalism. Theft and embezzlement are one of the leading causes of bankruptcy. A customer or potential client could suffer a slip and fall on your property. Any of these could stop your business in its tracks unless you have business insurance.
Inadequate Business Insurance
Business insurance can protect your business financially from theft, fire, vandalism, loss of income, and even liability claims. This is why even start-ups should quickly investigate business insurance. We can help.
We insure businesses in a wide variety of categories and of all sizes. Let’s discuss your business, your risks, and how business insurance can help. Contact us today.