Many different conditions can cause a small business to fail; some of the major reasons may be down to one or a few of the following. Safeguard your business by making sure you don’t fall into any bad practices such as these:
Lack of a long-term company vision
Failure to establish clear goals and objectives
Misunderstanding what customers want
Underestimating the competition
Inadequate financial planning
Lack of strong leadership
Ineffective procedures and systems
Absence of critical business skills
Inability to change
Failure to communicate the plan
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Source:http://www.dummies.com/how-to/content/reasons-why-small-businesses-fail.html
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