Franks Top Ten Financial Reasons Why Businesses Fail

Our special guest is Frank Ross, Ross Payne & Associates in Barrington, Illinois.

As a consultant, Frank is constantly asked questions like “What are the reasons companies succeed?” or “What do other companies do to make more money?”

Recently, however, Frank was asked – “What are the top ten reasons companies fail?” Typically, consultants tend to be optimistic and think about the positive reasons why businesses are successful and use this information to help their clients grow their businesses.  Well tonight Frank is going to discuss the downside risks to running a business and try to help all of us avoid as many as we can.

Here are Franks Top Ten Fails (or bottom ten):

1. Lack of Cash Flow
2. Drive By Estimating
3. No Job Tracking
4. No Pricing by Profit Center
5. No Financial Reporting by Profit Center
6. No Budgets
7. No Long Range Planning
8. Lack of Labor Control
9. No Overtime Controls
10. No Ownership of Benchmarks

Special Bonus: Throughout the summer, call in to the show and ask a question live on the air and you’ll receive a “free 30 day membership” to FromDesign2Build.com.  Remember, there is no such thing as a stupid question.