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ARTICLE · 12 MAY 2013

How can an SME avoid business failure? - some useful tips to guide you

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Two recent surveys of SME business owners and their advisers have revealed some key reasons why businesses can fail.

AustraliaCorporate/Commercial Law
Alistair Jaque
Alistair Jaque
Swaab Author
Swaab Author
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IN BRIEF

Two recent surveys of SME business owners and their advisers revealed some key reasons why businesses fail.

REASONS FOR FAILURE

According to a CCH survey, SME owners believe that most business failures are a result of poor cost management, whilst many of their advisers believe that failure is often due to a poorly-designed business model. Both agree that inexperienced management is a key factor, but a significant number of SME owners also believe that some business failures are unavoidable as the causes are out of their control.

The survey also confirmed that an SME's accountant is its most trusted adviser for the continued success and growth of its business. Financial advisers are also highly regarded.

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