Feb 22, 2021
In episode 338 of Financially Simple, Justin looks at the main reasons that a small business will likely fail within the first few years.
Failure to plan is planning to fail, and never is this more true than with new businesses that start out without proper planning. In this episode, Justin lists the seven main reasons that small businesses don’t last more than a few years and offers solutions to overcome each of the issues.
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00:45 - 7 Reasons Small Businesses Fail
02:58 - Failure to Create a Business Plan
05:13 - Failure to Investigate the Market
07:21 - Financing Obstacles
08:33 - Poor Marketing Decisions
09:57 - Failure to Innovate
12:06 - Expanding too Quickly
13:11 - Poor Management
14:47 - Summary
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Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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