Why Small Businesses Fail

A staggering 95% of small businesses fail within the first five years.

Here are the most common reasons why…

1. Poor Financial Management 32%
2. Management Competence or Experience 15%
3. Economic Conditions 12%
4. Poor Books and Records 12%
5. Sales and Marketing Problems 11%
6. Staffing Problems 9%
7. Union Problems 6%
8. Failure to Use External Advice 3%

Perhaps knowing about the most common pitfalls can help new small business owners avoid them and increase their chances of success.