Building A Business That Lasts
According to The US Bureau of Labor Statistics, only 30% of businesses make it to 10 years. Based on the findings, 20% of businesses fail in their first year, 50% fail by year five and by year ten, 70% would have failed.
While we appreciate that the reasons for failing vary from business to business, and that further in-depth analysis would be needed to assess each business' unique situation, we do do know that there are some fundamentals to building businesses that many aspiring business owners overlook.
Over the years we have seen quite a bit in the way of "business missteps". In this quick chat, Bridgett Gagné and Charmaine Wright Orr share some wisdom around Building A Business That Lasts and are highlighting some of things small business owners should be mindful of while building their businesses to ensure that they are able to withstand the challenges that businesses are likely to encounter.