There are 28 million small businesses in the United States. Two out of every three small businesses are either not running profitably or are on the brink of bankruptcy. Surveys conducted by the Small Business Administration (SBA) reveal that:
83% are surviving check to check. This means that if these businesses do not get paid an invoice, payroll may be missed, and the company could go out of business.
25% of startups fail within two years and that increases to 50% by year 5.
Hearing these alarming statistics, what do you have in place to ensure that you are not one of those unprofitable failing businesses? If you find yourself in these positions, know that there is nothing wrong with you, but you do need to make some changes. The book, Profit First by Mike Michalowicz is an excellent resource for turning your business from a “cash-eating monster to a money-making ma