Learn how to avoid common pitfalls that cause most small business to fail!
Learn how to avoid common pitfalls that cause most small businesses to fail!
According to the U.S. Bureau of Labor Statistics (BLS), about 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. This extremely high failure rate can be almost entirely attributed to six key areas!
Maintaining accurate financial records is critical. The foundation for informed decision-making lies in accurate financial records which provide a complete view of a company’s financial health. It’s simply not possible for a business to make good management decisions without accurate accounting.
Management sets the tone and ensures everyone is on the same page. Once you know what type of employee that you’re looking for, create job descriptions that clearly outline the skills and expectations for each role. When it’s time to pick people for your team, have a plan for interviews.
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