“Businesses with fewer than 20 employees have only a 37%
chance of surviving four years (of business) and only a 9% chance of surviving 10 years.” Restaurants only have a 20% chance of surviving 2 years.
Of these failed business, only 10% of them close
involuntarily due to bankruptcy and the remaining 90% close because the business was not successful, did not provide the level of income desired or was too much work for the operators efforts.
No magic solutions will guarantee a business success. However, the
following items will definitely help more than hinder your efforts of achieving business success.
Development of a business plan
Ask around and you’ll find varying views as there are businesses. As the 16th President of the US proclaimed “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” Continue reading