One of the big advantages CPAs have working with small business owners is that we get to learn what makes them profitable and what makes them fail—without losing any of our own funds.
Not only that, but we are also business owners. We face many of the same opportunities and challenges that other small business owners face.
So what have I learned? Well for starters, launching a small business is risky, and the chances of building a successful business are small. According to the Small Business Administration (SBA), over 50% of small businesses fail in the first year and 95% are out of business in the first five years. Of the ones that survive past five years, less than 1% reach a level that allows the business to survive the retirement or death of the founder.
This is a statistic that many of us have run across before. But very few of the articles that quote these statistics actually go into detail as to why they fail. In this video I outline the top 25 reasons I have seen or small business failure. Be sure to watch tomorrow's video where I will reveal the number one reason that small business owners succeed.
C’mon over to the Small Business Profit Maximizer Facebook page at https://www.facebook.com/BusinessProfitMaximizer/ where I am sharing business profit maximizing moments that you can use to quickly increase you can double, triple or even 10X your bottom line while creating a more hassle free business. Be sure to like the page and follow it so you will be notified when I am live and can ask questions live..
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Be sure to check out my blog, “Small Business Profit Maximizer!” Where I share these videos and other ideas you can use to make this your most profitable year ever! Click https://wjb-cpa.typepad.com/ to go to the blog page. .
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As a gift to you for watching and following my videos, go to https://profitmasters.mykajabi.com to access the following free courses that will help you increase profits and your bank account balance:
- Double Your Business Profits in 30 Days!
- Turn to Your Customers When You need Cash Now!
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Finally, if you have a question or wish to talk to me you can email me at Wayne@wjb-cpa.com or call my office at 915-857-8158. .
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Thanks so much and let’s make this our most profitable year ever!