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Other causes of business bankruptcy and liquidation, aside from for poor business bookkeeping.
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[QUOTE="Abigael, post: 237182, member: 25357"] This is very true. So many other things can cause bankruptcy apart from poor bookkeeping. Emergencies are so real when it comes to businesses. They come in form of natural disasters, attack by robbers or the death of the business owner. That is why it is very important that a business is well insured so as to get help when such emergencies occur. Another thing that could lead to bankruptcy is the availability of incompetent employees. Especially those who deal with finances. When finances are not spent well in a business, it could go bankrupt soon. It is important for businesses to hire very competent accountants and other employees. Business could also go bankrupt due to conflicts among business owners. Especially if the business is family owned. You will see that so many of those family businesses go bankrupt when they start quarreling about things concerning the business. Even if the business is not family owned, any conflicts in the top tier members of the business is not good. Lastly, competition can ruin a business. It is so hard to strive through competition when the other business has come up with strategies that seem much more attractive to the buyer. The business will just end up loosing many customers. [/QUOTE]
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Other causes of business bankruptcy and liquidation, aside from for poor business bookkeeping.
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