The statistics on small business failure vary widely depending on the report and the source. Some say nine out of 10 while others put the first year failure rate as low as 20 percent. As a small business owner, you may not care what the actual number is as long as you are not one of them. However, it is a real threat and there are commonalities in why it happens. Here are my top five.
1. They run out of cash.
2. The market for the product or service is not what they expected.
3. They do not know how to market.
4. They do not have the right team.
5. They try to grow too quickly.