By Scot Lund, CEO and president of Genesis Turnaround.
Companies fail for many reasons. The most common problem (not the reason) is that you run out of money. You probably borrow money as a normal part of your business, and when times get tough, you draw on the funds available from your lending institution. When you expend those funds, you stick your head in the sand hoping business will get better. Unfortunately, when you do get additional business, you will likely not have the funds to complete the work. (more…)