There are enough statistics available to scare any would-be entrepreneur from going into business. Although over 99 percent of all businesses with employees in the U.S. are considered to be small, the staggering statistic is the expected lifespan of a new business. It is estimated that only 70 percent of new businesses will still be operating in two years, and only 50 percent will still be operating in five years. Wow, pretty gruesome if you’re thinking about opening a business or already own a fairly new business.
Rather than simply operating day-to-day hoping for better results tomorrow, successful small business and SME owners practice many of the same principles. There’s no need to be a statistic of failure when you can be a statistic of success by implementing the following seven strategies: