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Top 17 reasons why LCO's fail

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  • Top 17 reasons why LCO's fail

    Things to consider and look out for. Source.

    Failure Factors

    - Inefficient control over costs and quality of product

    - Bad stock control

    - Underpricing

    - Bad customer relations

    - Failure to promote and maintain positive image

    - Bad relations with suppliers

    - Inability to manage and make decisions quickly and act on them

    - Failure to keep pace with respect to the competition as well as the industry

    - Illness or loss of personnel

    - Reluctance to seek professional assistance (i.e., CPA, lawyer, or insurance agent)

    - Failure to minimize taxation through tax planning

    - Inadequate insurance

    - Loss of impetus sales

    - Bad personnel relations

    - Lack of experience

    - Insufficient working capital

    - Bad budgeting
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