6. Poor management
The success of a business comes from the top down.
Small business owners are often the only managers within a company. While it may work sometimes, it’s advisable to form a proper management team or at least hire a general manager.
Business owners don’t always have the necessary skills or time to be a good manager. Poorly managing or overlooking certain aspects of the business like human resources, marketing, or accounting can have a disastrous effect.
It’s important to learn to delegate to avoid wearing too many hats.
If you don’t have the money or infrastructure to hire full-time help (or in-house), think about outsourcing certain management tasks.
Otherwise, someone who can manage the company will soon take over.
(Blog."Reasons why businesees fail and how to avoid them". Liveplan 2021)