2. Poor Financial management

 Poor financial management is another common reason for business failure. This can include overspending, failing to keep track of expenses, and failing to secure sufficient funding to keep the business running. Without proper financial management, a company can quickly run out of cash and declare bankruptcy.

To avoid this blunder, make and stick to a budget. Keep track of all your costs, including overhead, salaries, and marketing. Set aside an emergency fund to cover unexpected expenses and ensure that enough funding is secured to keep the business running.