A staggering 95% of small businesses fail within the first five years.
Here are the most common reasons why…
- Poor Financial Management 32%
- Management Competence or Experience 15%
- Economic Conditions 12%
- Poor Books and Records 12%
- Sales and Marketing Problems 11%
- Staffing Problems 9%
- Union Problems 6%
- Failure to Use External Advice 3%
Perhaps knowing about the most common pitfalls can help new small business owners avoid them and increase their chances of success.
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Filed under: Bookkeeping, Other, Outsourcing, Tips Tagged: | reasons for business failure, small business, statistics, success
