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July 26, 2019
As a small business owner, it can be challenging to keep on top of the different areas that keep an enterprise functioning. Marketing, sales, accounts, and staffing are all issues that small business owners have to deal with whether they have the skills to or not.
In reality, it can be difficult for small business owners to identify potential issues, especially if they don’t know what to look for. With over 500,000 businesses closing down in the US every year, this list identifies some of the key areas that businesses owners should make time to review.
Some of the most common issues that small business owners face when running their own company include generating and converting more business leads, developing a plan to scale a small business and creating valuable business networks locally and nationally.
It’s estimated that the United States has over 29 million small businesses across a range of different vertical markets and industries. Despite that high number, the Small Business Association suggests that around 595,000 close each year with roughly 627,00 new business being opened.
To try and understand why so many businesses go under, Entrepreneur put together a list of 10 reasons why 7 out of 10 businesses fail within the first ten years. Among the list, the key reasons for failure include:
Of all the reasons for failure two of the most common are not being able to keep up with the changing habits of customers and, according to consulting firm INFIX, not having the right skill set to develop a strong business plan.
Despite the number of businesses that fail every year, there are many that continue to grow and succeed. Providing small business owners with the skills and knowledge to be able to identify and react positively to these changes is going to be key in helping more businesses stay open every year.
James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.
A childhood in Kansas, college in California where she met her early mentor, Leigh Lytle spent 15 years in the Federal Reserve Banking System and is now the 1st woman President & CEO of the Equipment Leasing & Finance Association. Join us to hear about her ambition to be a great leader.