As business consultants, we want to see your company succeed. Sometimes, even the best-intentioned company can fail due to things founders simply didn’t think about. Before you go one step further with your business, take a look at this list of top reasons why businesses fail – and avoid these pitfalls at all costs.

No real business plan: Time and time again, entrepreneurs create businesses with no plan in sight. These people aren’t sure who their market is, how they will make money, or who will buy what they are selling. This is a bad way to start a business. Before you jump into buying things or setting up an office, work with business consultants to create a solid plan that you can easily follow.

Inability to work with others: At the start, you may not be able to hire a bunch of people to work for your company and that’s okay. But, you do need to realize that you can’t do everything on your own. Sometimes, you need help.

Difficulty in recognizing weaknesses: There are some things that you are excellent at doing. At the same time, there are certain things that you are very bad at doing. Know what you are good at and what you are bad at – and let those that are good at the things you can’t do handle those things.

Expanding too quickly: If you’ve just opened up a business, don’t try to open up more shops in the same week. Typically, it takes up to one year to see whether or not you can stay afloat doing what you do. Often, quick expansion means failure.

Not consulting with business consultants: If you aren’t sure where to go next, contact someone that does.

Forgetting to save money for a rainy day: What happens when things slow down? Do you have a backup plan?

Not being on the same page as your investor: If you are running a new startup that relies on investor dollars, try not to argue with your investor – though this can happen if you do not choose the right investors to work with. In short, be picky when it comes to those people that will be investing in your company.

Making customers unhappy: You really have to pay attention to what your customers want, or you’ll learn your lesson the hard way. BlackBerry is a good example of a company that learned the hard way. BlackBerry tried to keep up with the likes of Apple and Android, but the company’s new devices largely failed. Now, BlackBerry is restructuring to try and give clients what they want – something that should have been done from the start.

Working With Business Consultants

Our goal is to help you with your small business accounting needs, but that goes beyond what most people think of when they consider small business accounting. As business consultants, we work to make sure that you have a solid company plan that you can easily follow, and that means helping you obtain success. If you haven’t worked with a team that handles small business accounting in addition to consulting, you may be missing out on a key part of your small business! Ask us how we can help you fine-tune your business plan, and how we can make sure that your financial future looks bright.

You can contact us today by calling us to set up an appointment, or you can contact us on Facebook – either way, we can’t wait to start working with you and improving your business. In the meantime, try not to fall into any of the pitfalls listed above, or ask us how you can avoid them!


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Luanne Mullen

Positive: Professionalism, Quality, Responsiveness, Value Steve Wick and Assoc. is a highly reputable accounting firm with over 25 years of experience. As a small manufacturer, I need an accountant diverse in all areas of accounting, and Steve is that guy. He's honest, diligent and works hard to stay ahead of the game. In addition, he manages all correspondence with the IRS so I can focus on my business. I've worked with Steve for over twenty years, and I'm confident and comfortable with his advice and judgement in all areas of accounting.

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Eric McKeown

Positive: Professionalism, Quality, Responsiveness, Value After years of trying to find a good accounting firm, we got started with Steve and his team a few years ago and I must say, it's one of the single best things we've done for our business. The help that we've received navigating through COVID, PPP loans, subsequent tax credits, and other financial challenges have been invaluable, and having somebody looking at our books and maintaining our financials has been a business saver for us. Steve and Angie have become more than accountants for us, they've become trusted advisors. I highly recommend Steve Wick & Associates for your accounting needs. They rock!

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Rick Dopuch

Steve Wick is a very talented CPA. I wish I would have found him years before I did. He takes time to get to know you – his business is clearly focused on relationships. Steve understands the “numbers” and as he says, they tell the story of where we’ve been, but more importantly he looks beyond the numbers to help you see why the numbers are the way they are. He digs in and helps you discover hidden roadblocks and bottlenecks and shows you how to bust through to the next level. I highly recommend Steve as not only a great numbers CPA, he’s also a remarkable financial strategist and profit improvement coach.

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Kevin Waide

Positive: Professionalism, Quality, Responsiveness, Value Steve Wick is an excellent accountant that I have done business with for the last 25 years. He is diligent in all aspects of tax prep and well-versed in the ever changing tax regulations. He can handle any of your accounting needs from payroll to quarterly and annual tax filings. I highly recommend his practice for any of your business or personal accounting needs.
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