Ep. 40: Top 10 Reasons Businesses Fail

As a consultant, Frank Ross is constantly asked questions like “What are the reasons companies succeed?” or “What do other companies do to make more money?”Recently, however, Ross was asked – “What are the Top 10 reasons companies fail?” Typically, consultants tend to be optimistic and think about the positive reasons why businesses are successful and use this information to help their clients grow their businesses. This time Ross is going to discuss the downside risks to running a business and try to help all of us avoid as many as we can.Here are Franks Top Ten Fails (or bottom ten): 1. Lack of Cash Flow 2. Drive by Estimating 3. No Job Tracking 4. No Pricing by Profit Center 5. No Financial Reporting by Profit Center 6. No Budgets 7. No Long Range Planning 8. Lack of Labor Control 9. No Overtime Controls 10. No Ownership of BenchmarksBorn in Charlotte, N.C., Ross is involved in several companies, all having to do with working with contractors to make them more profitable, including Ross-Payne & Associates, Inc. (started in 1973), 3 Point Group, Inc. (started in 2009) and A Better Way 2 Learn, LLC (started in 2011).Ross received his bachelor's degree from NC State in Chemical Engineering, and went on to receive his Masters from the University of N.J. in Psychology. He is the author of "Pricing for the Green Industry" and "Financing Your Business" and was inducted into the ANLA Hall of Fame and Who's Who in America. Ross has held various positions on industry boards and is married to his lovely wife Barb. Together they have 5 children and a dog.For more information, visit www.3pgconsulting.com or www.abetterway2learn.com.