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Top Reasons for Small Business Success and Failure

TOP REASONS for SMALL BUSINESS SUCGESS & FRILURE THE NITTY GRITTY OF ALL U.S. BUSINESSES A 99% 7 OF EVERY 18 NEW JOBS IN TH E U.S. COME FROM SMALL BUSINESSES ARE SMALL BUSINESSES Best Coffee 1162 TO 1 The number of small businesses which IN TOWN outnumber corporations in the U.S. 29.6 78% OF SMALL BUSINESSES ARE MILLION SMALL OWNED AND OPERATED BY BUSINESSES IN THE US A SINGLE PERSON TOP 18 FASTEST GROWING SMALL BUSINESS SECTORS FOR 2813 "SALES GROWTH OVER THEPAST YEAR 22.43% 21.88% 21.43% 21.42% 21.23% 17.92% 15.57% 15.37% 13.88% 12.59% OILSEED & FARMING ARCHITECTURAL AND STRUCTURAL METALS AND MANUFACTURING CATTLE RANCH AND FARMING EMPLOYMENT SERVICES INDUSTRIAL MACHINERY MANUFACTURING MACHINERY MAKERS AND RETAILERS AND SMALL PART MANUFACTURERS COMPUTER SYSTEMS DESIGN AND RELATED SERVICES GAS STATIONS MANAGEMENT, SCIENTIFIC, AND TECHNICAL CONSULTING SERVICES BUILDING AND DWELLING SERVICES THE SURVIVAL DF NEW SMALL BUSINESS 12 18 1111 178,880 MORE THAN SMALL BUSINESSES IN THE U.S. SHUT DOWN BETWEEN 2008 AND 2010 MONTHS THE AVERAGE LENGTH OF TIME IT TAKES T O BREAK ABOUT HALF OF NEW BUSINESSES SURVIVE 5 YEARS OR MORE ONE THIRD SURVIVE AT LEAST 10 YEARS EVEN INA NEW SMALL BUSINESS > MOST SMALL BUSINESSES turn to lenders for the capital they need to survive TOP $ FACTORS AFFECTING SMALL BUSINESS SUCCESS BANK OF AMERICA SMALL BUSINESS OWNER REPORT, SPRING 2013 76% 75% RECOVERY OF CONSUMER SPENDING CONSUMER CONFIDENCE 67% 59% 59% 58% 56% 52% TAXES STRENGTH OF U.S. DOLLAR COMMODITIES PRICES EFFECTIVENESS OF GOVERNMENT LEADERS HEALTH CARE BENEFITS/COSTS CREDIT AVAILABILITY HOW SUCCESSFUL BUSINESS OWNERS KEEP THEIR DOORS OPEN TODAY'S APPROVAL RATE FOR SMALL BUSINESS LOANS 88% 76% FIND WAYS TO CUT COSTS STRENGTHEN EXISTING CLIENT RELATIONS 69% LOOK FOR NEW CLIENTS 49.8% 65% 16.9% 44.8% 63.4% REFINE BUSINESS STRATEGIES BIG BANKS SMALL BANKS CREDIT UNIONS ALTERNATIVE LENDERS SMALL BUSINESS OWNERS ATTRIBUTE THEIR SUCCESS TO: SAGE REINVENTION OF SMALL BUSINESS STUDY 49% MORE TECHNOLOGY INVESTMENT 48% BETTER MANAGEMENT OF CASH FLOW 44% MORE USE OF MOBILE DEVICES 32% MORE TECHNOLOGY INVESTMENT 32% BETTER MANAGEMENT OF CASH FLOW 32% MORE USE OF MOBILE DEVICES > TOP FACTORS FOR SMALL BUSINESS FAILURE Lack of experience Poor location Unexpected growth Insufficient funding Poor inventory management Competition Not saving enough money Over-investment in fixed assets Low sales ARE SMALL BUSINESS OWNERS "LIVING THE DREAM"? WHD ARE SMALL BUSINESS OWNERS? 56% YES 44% ND 72% ARE MALE 28% ARE FEMALE 50.8% HAVE A COLLEGE DEGREE 36.5% ARE 55 OR OLDER 31.7% ARE BETWEEN THE AGES OF 24-44 29.6% ARE BETWEEN THE AGES OF 45-54 2.2% ARE YOUNGER THAN 25 HOW SMALL BUSINESS DWNERS DEFINE SUCCESS RESPONDENTS ANSWERED THE FOLL OWINGONA SCALE OF 1-7: 6.6% 6.5% 6.3% LIVING THE LIFE I WANT DOING THE WORK I LOVE DETERMINING MY OWN PATH SECURING BASIC FINANCIAL GOALS (RETIREMENT SAVINGS, EDUCATION, FREEDOM FROM DEBT) 6.3% 6.3% 5.8% 5.8% 4.6% 4.6% HELPING MY CUSTOMERS BE MORE SUCCESSFUL MAKING A LOT OF MONEY BEING IN CONTROL GROWING MY BUSINESS SO I CAN SELL IT SUPPORTING MORE EMPLOYEES BROUGHT TO YOU BY: ALL BUSINESS LO AN S http://allbusinessloans.com SOURCES: http://na.sage.com/"/media/site/sagena/documents/Sage-Reinvention-of-Small-Business-Study-2013-Summary-Report http://smallbusiness.foxbusiness.com/finance-accounting/2013/05/07/top-us-cities-for-small-business-growth/ www.sageworks.com http://www.businessinsider.com/facts-about-small-businesses-in-america-2011-8?op=1 http://www.entrepreneur.com/article/226548 http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf http://www.biz2credit.com/small-business-lending-index/june-2013.html http://www.sba.gov/content/small-business-size-regulations

Top Reasons for Small Business Success and Failure

shared by StaceySD on Aug 01
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Every morning across America, a small business owner wakes up with the intention of doing what he or she enjoys most – growing their company, earning a living, and determining their own path in this...

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