Source: the balance | Repost QBScott 10/28/2022 –
There were more than 32 million small to medium-sized businesses in the U.S. as reported by the U.S. Small Business Administration in 2021 alone.1 Yet 20% of these businesses close by year one and nearly 50% by year five.2 The reasons for lower survival rates in small businesses are numerous, but a major component of business failure is stagnation.
Imagine an entrepreneur who found success in launching a business. Their operations and growing customer base have kept them busy through the early phases, but they notice a plateau around year two. To make it as part of the 50% still operating by year five, the entrepreneur needs to be dedicated to persistent improvement efforts.
Small business owners who get their business in motion need to think a few steps ahead to avoid an elongated plateau. With the right tactics in mind, any entrepreneur, including you, can improve business and tackle times of slower growth. You just need to know where to begin.
- Small business owners have a likelier chance of failing when they don’t actively work on improving business operations.
- Tapping into the current market and people associated with your business can support efforts to revitalize.
- Getting organized with paperwork, finances, and different buyout opportunities provides a further place for expansion.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale