According to statics, 50% of small businesses fail within 24
months of launch. According to research and report by the UWC,
between 70% and 80% of small businesses fail with 5 years. This is
a significant number of small business that fails. The consequences
of this to the economy and unemployment are significant. But what
exactly closes doors for small businesses?
Lack of planning:
Most businesses are brought into existence for survival. The
business owners simply register a company and hope everything will
just be fine. There is no detailed plan on how the business is
going to be run. There are no well defined short-term and long-term
goals. As a result, there is no understanding of costs,
responsibilities, markets, funding needs and other requirements of
the business. Before long, the owners of the business run out of
steam and find themselves back to the drawing board. Therefore, it
is critical for business owners to have a clearly defined plan for
their
