As an insolvency practitioner, it may be easy for me to say that a business failure can be a positive thing, but I know that this may be hard to accept for business owners who are facing that situation.
But new research into the traits of successful businesses has revealed that learning lessons from previous failures is one of the key factors in helping businesses to grow and thrive in future.
Entrepreneurs who had experienced prior failure reported they were better at planning and financial management the next time around; and 71% described the closure of an earlier business as a positive thing.
Businesses can get into difficulties for all sorts of reasons – there is no simple explanation for most cases of business insolvency. Over-reliance on a small selection of customers, the failure of a major customer, changing buying habits and the slow erosion of margins can all cause financial problems for businesses.
The good news is that help is available. To find out the options for coping with your business financial problems, call Paul Moorhead today on 01709 331300. We can help.