AUDIO: Saving failing small businesses
August 22, 2012
• Sometimes it’s just the basics of business that will do the trick – if egos don’t get in the way
• ‘Even though they have pain, they won’t acknowledge it’
It can be tragic – to the owner, to the employees and sometimes to the community -- when a small business fails. But is failure always inevitable?
An emphatic “no” comes from small business consultant and turnaround specialist Sandy Steinman.
But he says too many companies fail because of their owners’ egos.
“Even though they have pain, they won’t acknowledge it, they won’t acknowledge they can’t fix their company themselves,” Mr. Steinman says
According to the Small Business Administration, over 600,000 small businesses fail each year, and according to Dun & Bradstreet, the number of small businesses going bankrupt increased by 48 percent over the last 12 months, Mr. Steinman says.
Many of these failures are brought about because business owners don't understand the business and management processes that could be implemented to dramatically improve the performance of their business, he says.
(Sandy Steinman talks about some of the common reasons for failures and how they can be identified early and fixed before they reach the critical stage in today’s CVBT Audio Interview via Skype. To listen, please click on the play arrow immediately below, or click on the link at the end of the story.)
Mr. Steinman has been a senior consultant for a large national consulting firm and is founder and CEO of Profitability Partners Inc., a consulting firm specializing in turning around small businesses.
He is the author of the new book, “The Small Business Turnaround Guide: Take Your Business From Troubled to Triumphant” (published by Morgan James).