I was looking at the stats for small businesses on scores website recently. The results are not encouraging. Nope… not one bit at all.
Small Business Survival Rates as Shown on Scores Website
Small Business Openings & Closings in 2008:
- There were 627,200 new businesses, 595,600 business closures and 43,546 bankruptcies.
- Seven out of 10 new employer firms survive at least two years, and about half survive five years.
- Findings do not differ greatly across industry sectors.
So it comes down to this… you have a 50% chance to make it 5 years as a small business. The cards are stacked against you even worse in this recession of 2009-2010.
That is why it is imperative that you strengthen your weaknesses. Most small business owners are weak when it comes to the “numbers” side of the business. That is why it is wise to team up with a Suwanee certified public accountant like Vern Free. Vern has 25 years of experience to help guide you through the togh waters of a recession like this.
In economic times like this having a partner like a CPA can help you to avoid a lot of the pitfalls that contribute to the 50% failure rate of small businesses today.
If you would like a complimentary no strings attached consultation for your business contact Vern Free at (770) 371-2580