Small Business Statistics: Challenges & Risks
2. What is the failure rate of small businesses?
Everyone talks about Small Business Failure Rates. We want to talk (and participate in) your probability of success as a small business instead. Approximately two-thirds of small businesses last at least 2 years; half make it to 5 years while only one-third make it to the 10-year mark. Businesses that have been around for a while tend to stay in business – the first couple of years are always the most difficult. Business survival in various industries is tracked by the Bureau of Labor Statistics and these stats are fairly consistent irrespective of the industry.
Money, Cash Flow, if of course among the most vital of resources for Small Business. To quote a friend of ours in South Florida, If they aren’t paying you, the aren’t a client! If you have clients that are not paying you, as a small business, this is likely directly impacting your potential for survival. Its probably time to call Marcadis Singer, PA. We are debt collection attorneys, its what we do. If your case is not yet ready for an attorney, we can refer you to a debt collection agency. If your case is ready for legal action, you will be glad you didn’t spend the time worrying over what to do. Let the Debt Collection Attorneys at Marcadis Singer, PA get you paid.