Top 10 Reasons Small Businesses Fail

According to a study by the U.S. Small Business Association, "only 2/3 of all small business start-ups survive the first two years and less than half make it to four years?

Why is this?

Leaving a company to start my own business was the most exhilarating thing I've ever done. The excitement. The adrenaline.

Until I realized, "oh crap," I just started my own business.  I'm responsible for everything.  Sales, Marketing, Operations and Financial Reporting.  I'm making my own website, calling on customers, and delivery products or services.   When I worked for others, I had people who did all of this for me. Now I am the head of HR, the CFO, and the IT department.

Here's a link to a fabulous article by the NY Times describing the Top 10 Reasons Small Businesses Fail:

1.  The math doesn't work

2.  Owners can't get out of their own way.

3.  Out of control growth.

4.  Poor accounting.

5.  Lack of a cash cushion.

6.  Operational mediocrity.

7.  Operational inefficiencies.

8. Dysfunctional management.

9.  Lack of a succession plan.

10.  A declining market.

If you see your business suffering from any of the above, it's time to take action NOW.

New business owners often think they can't afford help.  Often they can't afford not to get help.

There are virtual assistants to help with administrative tasks and operations (like answering phones and handling invoices); firms to help you create a better sales plan; and fractional general managers to manage working on your business while you work in your business.

Make sure your business plan and cash flow allows for the independent contractors you need to get your business to the level where you can hire full time staff to grow your business and thrive in the marketplace.

Why? Because starting my own business is still the most exhilarating, exciting, and adrenaline producing thing I've ever done.  I'm betting it's the same for you.

And you can bet that I'm going to do everything I can to make sure I am in the 1/3 of small businesses that makes it work, and you can too!