Six Things That Can Stop Your Business in its Tracks
Six Things That Can Stop Your Business in its Tracks
Starting a business certainly has its competitive aspects to it. You are taking on the competition and seeking to gain market share. You may want to be the leader in price, service, or convenience. But there are also defensive aspects to running a business. Here are six things that could stop your business in its tracks.
Poor Accounting and Bookkeeping
Far too many businesses fail due to poor, incomplete, or incompetent bookkeeping. Good accounting doesn’t color the facts, it presents them accurately. If you can’t pay employees, vendors, or taxes, you will be out of business quickly.
Lack of Funding
Small, underfunded businesses are starting with one hand tied behind their backs. Before launching a business, it is prudent to have appropriate funding in place to allow your business time to grow.
An Unrelenting Competitor
A well-funded competitor who markets their products and services effectively can hamper your chances for success. That is why some entrepreneurs choose business categories where competition is weak.
Poor or Insufficient Marketing
You could have a terrific product or service, but if no one is aware of it, it has little chance of success. That is why advertising and marketing are such a critical part of starting a new business.
Fire, Theft, Vandalism, or a Liability Claim
Many small businesses are ill prepared to survive damage from a natural disaster or vandalism. Theft and embezzlement are one of the leading causes of bankruptcy. A customer or potential client could suffer a slip and fall on your property. Any of these could stop your business in its tracks unless you have business insurance.
Inadequate Business Insurance
Business insurance can protect your business financially from theft, fire, vandalism, loss of income, and even liability claims. This is why even start-ups should quickly investigate business insurance. We can help.
We insure businesses in a wide variety of categories and of all sizes. Let’s discuss your business, your risks, and how business insurance can help. Contact us today.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Read More Blogs
Vintage Years of Vision: Four Times Hollywood Hit Cinematic Gold
Like fine wines, certain years in film history stand out for their exceptional quality and the enduring impact of the movies they produced. This article explores four such landmark years, presented chronologically, that many cinephiles consider to be among the greatest in cinematic history.
Green Means Growth: How Environmental Responsibility Can Boost Your Business
It might seem like a secondary concern when facing immediate business challenges, but embracing environmentally friendly practices can actually be a powerful strategy for improving sales, attracting top talent, strengthening your brand, and even saving money. This article explores the tangible benefits of going green for your company’s bottom line and long-term success.
The Forgotten Beauty: Unearthing the Story of the Volkswagen Karmann Ghia
Beyond the iconic Beetle and the groovy Microbus, Volkswagen produced a surprisingly elegant and often overlooked sports car: the Karmann Ghia. This article explores the history, design, and enduring appeal of this “poor man’s sportscar” that has become a sought-after collectible.
Peace of Mind at Home: Building Your Essential Supply Stockpile
Recent global events have highlighted the importance of being prepared for the unexpected. This article outlines key non-perishable food items and essential household supplies that every homeowner should keep on hand to ensure comfort, security, and resilience during unforeseen circumstances.
Faded Glory: Remembering the Sports That Once Ruled Our World
Remember when these sports were huge? Take a trip down memory lane with harness racing, bowling, boxing, and poker, and explore their shift in popularity.
Shielding Your Dream: Essential Insurable Risks Every Small Business Faces
Protect your small business! Understand key insurable risks like liability, vandalism, theft, employee injuries, and business interruption, and how insurance can help.
Finding Your Financial Foundation: Understanding the Minimum Life Insurance You Need
What’s the minimum life insurance you really need? Learn about covering final expenses, debts, and providing immediate financial relief for your family.
The Century-Long Rumble: The Epic Rivalry Between Ford and Chevy
Relive the classic Ford vs. Chevy rivalry, from the Model T era to the Mustang vs. Camaro showdown and today’s truck dominance.
Living Large: Peeking at the United States’ Most Outlandishly Expensive Homes
Explore the incredible world of ultra-luxury real estate with a look at some of the most expensive homes recently sold in the United States.
Curious Origins: Unraveling the Stories Behind Everyday Phrases
Uncover the surprising stories behind everyday phrases like “holy Toledo,” “crocodile tears,” “jaywalking,” and more!