It May Be Hard, But Don’t Give Up
Running a small business isn’t easy, even during the best of times. According the United States Small Business Association:
- 30% of small businesses fail within two years
- 50% fail within five years
- Only 25% of businesses last 15 years or longer
Any small business owner will tell you that running a small business is challenging. You have to manage a thousand moving pieces, ensuring that you stay on top of cash flow, employee performance, sales, marketing, and many other factors. Many owners struggle to manage all the different elements, and their business struggles as a result.
When circumstances get tough, running a business becomes an even greater challenge. Throughout the years, many events have occurred that placed a squeeze on businesses:
- The Great Depression
- World War I and World War II
- The Cold War
- The 2008 housing market collapse
- The 2020 coronavirus pandemic
During these difficult times, many small businesses folded under the pressure. They simply weren’t able to keep going
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