{"id":58115,"date":"2023-07-12T00:00:00","date_gmt":"2023-07-12T00:00:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/5-common-causes-of-small-business-bankruptcy\/"},"modified":"2024-01-05T10:04:03","modified_gmt":"2024-01-05T15:04:03","slug":"5-common-causes-of-small-business-bankruptcy","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/5-common-causes-of-small-business-bankruptcy\/","title":{"rendered":"5 Common Causes of Small Business Bankruptcy"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\">\n\t\t\t\t\t\t\t<span>Credit and Debt<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">5 Common Causes of Small Business Bankruptcy<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-12T111754.463.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Entrepreneur struggling with bills and a calculator\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-12T111754.463.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-12T111754.463.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-12T111754.463.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=5 Common Causes of Small Business Bankruptcy &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/5-common-causes-of-small-business-bankruptcy\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/5-common-causes-of-small-business-bankruptcy\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 12, 2023 \u2022 3 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>No entrepreneur plans to see their business in financial trouble or facing insolvency, but the Office of the Superintendent of Bankruptcy <a href=\"https:\/\/ised-isde.canada.ca\/site\/office-superintendent-bankruptcy\/en\/statistics-and-research\/insolvency-statistics-canada-fourth-quarter-2022-part-1#t3\" target=\"_blank\" rel=\"noopener\">reported 2,621 business bankruptcies<\/a> in Canada in 2022 \u2014 up 35 per cent from 2021. That&#8217;s because running a small business means you&#8217;re affected by controllable factors and some beyond your control.<\/p>\n\n\n\n<p>Having the right knowledge and strategies in place can help you navigate both internal and external challenges and build a thriving business that stands the test of time,<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-common-causes-cited-by-business-owners-for-experiencing-critical-money-issues\">Common causes cited by business owners for experiencing critical money issues:<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Unforeseen events and economic downturns<\/h3>\n\n\n\n<p>Business owners can&#8217;t predict or control external events \u2014 like natural disasters, economic recessions or pandemics, but these can devastate a business. Part of <a href=\"https:\/\/discover.rbcroyalbank.com\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/how-to-build-the-best-business-plan-ever-step-by-step-guide\/\" data-dig-id=\"LP-58115-f9bf34ad\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"your business plan\" class=\"rbc-link-format\">your business plan<\/a> should include scenario planning \u2014 envisioning possible conditions that could affect your business and how you might be able to mitigate them.<\/p>\n\n\n\n<p>One option to consider is maintaining an emergency fund to help weather the storm during challenging times. Set aside a portion of your profits as an emergency fund to provide a financial buffer in case of unexpected expenses or downturns. This fund can help you bridge temporary gaps and avoid accumulating debt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Illness, injury, or health-related problems<\/h3>\n\n\n\n<p>As an entrepreneur, no one can step in and do everything you do if you can&#8217;t work. And for many small business owners, if they can&#8217;t work, the business doesn&#8217;t make money. It&#8217;s important to have a plan in place to help minimize the impact of illness on your company. If you can still work, evaluate what you can do safely. Still, if you can&#8217;t, your contingency plan should include the necessary information so that someone you trust can run your business temporarily or communicate with stakeholders about the temporary disruption.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Insufficient cash flow<\/h3>\n\n\n\n<p>Picture this: your business is thriving, sales are soaring, and your products or services are in high demand. However, despite the apparent success, inadequate cash flow can swiftly bring down even the most promising ventures. Keeping a close eye on your finances and maintaining a healthy cash flow is crucial.<\/p>\n\n\n\n<p>Implement <a href=\"https:\/\/discover.rbcroyalbank.com\/managing-cash-flow-in-a-time-of-crisis-four-strategies-for-business-owners\/\" target=\"_blank\" rel=\"noopener\">effective cash flow management strategies<\/a> such as invoicing promptly, offering incentives for early payments, and negotiating favourable payment terms with suppliers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Gaps in financial management knowledge<\/h3>\n\n\n\n<p>Managing a business entails more than passion. With everything a business owner has to do, it&#8217;s possible to deprioritize tracking expenses, chasing payments, or even overall budgeting. Over time these can add up and produce can lead to severe financial distress.<\/p>\n\n\n\n<p>Consider working with a qualified accountant, financial advisor, or business consultant who can provide guidance on financial matters, tax planning, and overall business operations. They can also help you identify potential risks and opportunities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Excessive debt and borrowing<\/h3>\n\n\n\n<p>Debt can be a useful tool for business growth, but excessive borrowing can create a financial burden that later becomes impossible to manage. Part of your business plan includes financing your enterprise: Before taking on debt assess your ability to repay it and develop a realistic repayment plan. Also, consider diversifying your funding sources \u2014 bank loans, grants, crowdfunding, etc. \u2014 to help provide additional support and reduce the risk of relying solely on debt to finance your business.<\/p>\n\n\n\n<p>Running a successful business requires careful planning, financial insights, adaptability, and resilience. You can steer your business toward long-term success by staying aware of how businesses get into financial trouble and by taking proactive measures to mitigate risks.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ce6d965d-2461-49d6-ba06-df71c6c11ae7\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=5 Common Causes of Small Business Bankruptcy &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/5-common-causes-of-small-business-bankruptcy\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/5-common-causes-of-small-business-bankruptcy\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-92de8872-54e6-4ac2-9cca-ff5c5650595d\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Credit and Debt<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full 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https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/iStock-1343159253_b7ad5a.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/iStock-1343159253_b7ad5a.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/03\/iStock-1343159253_b7ad5a.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/\">\n\t\t\t\t\t\tCash Flow Management and Financials\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a 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mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-25T145540.132.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Close up of woman on laptop rating customer satisfaction feedback survey\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-25T145540.132.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-25T145540.132.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-25T145540.132.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/\">\n\t\t\t\t\t\tBusiness Bankruptcy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/bankruptcy\/business-bankruptcy\/the-impact-of-bankruptcy-on-your-customers-maintaining-relationships\/\" class=\"card-title h4 mar-t-0\">The Impact of Bankruptcy on Your Customers: Maintaining Relationships<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style 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