Business insolvency is a very real risk for many small businesses but countless business owners are not spotting warning signs early enough. The reality is that around 60% of businesses dont make it past the first three years, which is why business owners should seek help early on to ensure their financial health.
But first, business owners have to be realistic about their financial situation. Too many look at their bank accounts, see they have money and assume theyre doing well without taking accumulated creditor and tax debt into consideration. Others believe the next big sale will solve systemic problems while facing mounting business debts.
No one plans for failure,…
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