No ordinary person goes into business intending to fail, however the fact remains that the vast majority of businesses do fail within a few years of starting up. Here are some of the most telling warning signs that your business may be on the path to failure:

Practically anyone can recognise the symptoms of a failing business, whereas addressing the root cause of the underlying problems can prove to be difficult without the aid of external advice. With a clear strategy and decisive action plan it is often fully possibly to turn around a failing business.

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Not every business venture is salvageable, and there are definitely situations where the best advice will be to wind down the business permanently. Some start-ups are doomed to failure from the very outset, in large part due to the operators failing to obtain advice in advance, or perhaps failing to act on the advice they've received. Other businesses may be forced to close due to factors entirely outside of their control. However in the latter instance, ceasing one business operation may provide the opportunity to divert resources into a new business venture, with much better prospects of success. The key thing is to accurately identify the real reason(s) why the previous business venture was unable to succeed.

Following are 5 key questions which we might typically ask, before even beginning to analyse the failing business in more detail:

• What product (or service) does your business sell?
• Who are your customers?
• How are the financial accounts and cash flow currently managed?
• Describe how you have marketed your products to date?
• What is your role as an owner / manager in the business?

The answers to these questions, combined with a preliminary review of the financial accounts, will already provide us with key insights into the viability of your business.