Starting a new business or practice can be one of the most rewarding and best ways to achieve independence, wealth and abundance.

However, business and practice failure rates within the first 3 years of the life of the business are extremely high. A Wells Fargo study for US businesses showed that the most common reason start up businesses fail is that they've undercapitalised, or don't have enough money on hand to keep going, it reported. "That often is the result of insufficient planning or the lack of a business plan".

The report listed the common reasons for business failure, as follows:

• Lack of financial planning and review.
• Over-dependence on specific individuals in the business.
• Owners concentrating on the technical, rather than the strategic work at hand.
• Inadequate capitalisation.
• Lack of management systems.
• Lack of vision, purpose, or principles.
• Poor market segmentation and/or strategy.
• Failure to establish and/or communicate company goals.
• Competition or lack of market knowledge.
• Failure to seek help when needing it.

At Navigate Wealth we can help you with the converging nature of your financial planning goals with that of your new business or one which you are likely to start.

By speaking to a Navigate Wealth Financial Advisor with business expertise and a recommended Business consultant you will be able to mitigate against many of the above causes of failure.