Common Causes of Small Business Failure
- A decrease in market demand for the product or service a business offers
- Increased competition
- Increase in essential costs of the product or service
- Downward pressure on prices so that buyers/customers are no longer willing to pay enough to cover the cost
- Disasters ranging from a natural disaster to employee embezzlement, and now COVID-19
Whether you want to close your business or try to restructure debt to continue, you need to know your options.