Table 8 Determinants of the problems encountered by the respondents that lead to business failure in terms of the financial aspect
Category | f | % |
|---|---|---|
Customer late payments | 5 | 6.17 |
The inability of business owners to pay ongoing expenses | 22 | 27.16 |
Customer delayed debt payment | 6 | 7.41 |
Business owner’s higher personal spending | 8 | 9.88 |
Business owner’s underpaying taxes | 3 | 3.70 |
Not paying bills on time | 11 | 13.58 |
Business owners failed to pay rent and utilities | 19 | 23.46 |
Business owners failed to pay salaries | 7 | 8.64 |
Total | 81 | 100.00 |