The Rhino Lining firm based in North Dakota was a chain retailer that provided a variety of spray-on protective paints for trucks, trailers beds among others. It was however recently closed. Closure of a Rhino Lining Williston ND is due to a wide range of reasons as listed below.
Unfavourable government policies. Firms have to abide by rules put in place regarding their daily operations to the letter, failure to which the firm may be closed down by the local authorities. This may cost the business a lot in terms of time and money as they try to get all the legal requirements. This may discourage the owners of the business leading to its closure.
Expropriation of business resources. This includes financial, mechanical as well as human resources. When the assets to and of business are used for selfish purposes it causes a great blow to a company as it spends more trying to uncover what happened to resources instead of using the money, energy as well as time to increase the output. Misappropriation of funds leads to bankruptcy and bankruptcy leads to the closure of the organization as a whole.
Inadequate skilled labour. Skilled or professional labour is what keeps the entity running. Without or with a shortage of this important people the firm ends up being catastrophic since services rendered to public are not up to standard making the clients flee and turn to places where they can feel the value of the money that they are spending on a particular good or service.
High production cost. When the institution cannot suffice the cost of making the products they tend to loan some money from reputable financial institution. Continuous borrowing means that the firm is unable to raise adequate funds to meet its daily expenses which only results to bankruptcy. Bankruptcy is a direct way of the business telling the owner to close it. The financial institutions later come to auction the assets of the entity in an attempt to raise the money it had lent to the institution.
Inadequate skilled human labour. When a firm lacks a skilled labour force it may cause a tremendous decline in the day to day function. A good firm has to have all the three kinds of human labour, skilled, semi-skilled and unskilled. The skilled labour conducts all professional tasks, the semiskilled conduct production processes, while the unskilled do odd jobs in the organization like sweeping and making meals for the employees of the company.
Unfavourable government policies. When the entity is unable to meet the required legal requirements, they may opt to close down rather than file a petition in court since the chances of winning are closer to nil than they are to one. Unfavourable government policies may also arouse suspicion to customers making them flee.
A business that is non-profitable. Whenever a business does not bring profit it makes the owner go at a loss. This is because they need to provide more in an attempt to increase their capital base. When the organization cannot support itself as an independent entity, it is best to close.
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Author: Eric WilliamsThis author has published 1 articles so far.