Poor Leadership/Toxic Culture
Let me tell you a story, about a team...
At one point the company had leaders that were respected and trusted. Non-Execs had proven themselves in leading initiatives that provided value to the customers and the company. Senior Leaders made smart and informed decisions. At some point egos at the senior level took over and the backstabbing began. Over time the qualified individuals were ignored while empty promises and "Shiny new things" were placed ahead of fixing the existing product. Eventually the capable leaders were let go in the first of two layoffs, leaving only the egomaniacs and inexperienced to lead.
The toxic culture started when a Politician was hired instead of a manager. The Politician did what politicians do, make empty promises and eventually deliver absolutely nothing. The failure to produce should have tipped off upper management, but instead closed door meetings occurred and more lies were told. Blame was placed on the people that weren't despicable enough to play those games. Eventually each days focus was spent on trying not to get stabbed in the back or thrown under the bus.
Each area of the company was affected by this in one way or another. Quality suffered, implementations of new clients stalled and revenue was lost.
The individuals responsible for the decline of the company are still there, propped up only by investors money. It's only a matter of time before the doors are shut.