My firm, Allison L. Reynolds, CPA, PLLC, is in it's infancy, open since January 2019. However, the odds are already stacked against me.
According to multiple sources including, https://www.fundera.com/blog/what-percentage-of-small-businesses-fail :
20% of small businesses fail in their first year
30% of small businesses fail in their second year
50% of small businesses fail after 5 years
70% of small businesses fail in their 10th year
If you are looking at that and asking yourself is Allison crazy, possibly you know me really well and already know the answer to that :) , but I am here to tell you the odds are against you and I as #smallbusiness owners. As you can see after 10 years, only 30% of us survive! These are scary statistics!
So what can you do about it?
First you have to understand some of the common reasons these businesses fail.
When I read through this list, all I can think is these are all avoidable or preventable. Also, I can help resolve over half of the 9 issues listed here. We specialize in #outsourceCFO services, and that is why I have confidence that small business owners can overcome these statistics. An outsource CFO or #fractionalCFO can help you with things like #cashflow, #pricingforaprofit, business models, and completing your management team so you can avoid some of these common pitfalls.
So let's make a commitment to each other right now! We will not become a statistic! We will take the mistakes of those before us as a lesson, and we will not make those same mistakes. We can break the odds, if we keep our eyes on the task before us!
If you are a small business owner that is struggling to overcome challenges, you are not alone, reach out to us at contact@allisonreynoldscpa.com I would love to hear your story and see if we can help. If you were about to become a statistic and you were able to overcome a challenge as a small business owner, please share it with me. I feel like I learn so much from the struggles of others.
Until next time, happy #entreprenuering!