The Importance of Cash Reserves and Long-Term Planning in Business

Why do most businesses fail? What do they do wrong? And most importantly, how can you avoid making these fatal mistakes? Most entrepreneurs and business owners are obsessed when it comes to studying success, but few of them turn to the dark side and study failure. Warren Buffet once said: "I want to know where I'm going to die so that I never go there". Buffet knows that avoiding fatal mistakes is a better business strategy than studying and implementing successful actions. I did a postmortem analysis investigating the causes of death for 100+ companies across different industries, time periods and countries and here's what I found to be the main 3 causes.