Five Financial Tips for Small Business Owners
Having a Firm Hold on Your Finances is Crucial to Your Company’s Success
Small businesses are vital to the U.S. economy, employing half of the private-sector workers in our country. They also create 1.6 million net new jobs annually, according to federal data. As of 2020, there are 31.7 million small businesses in America, which accounts for 99.9% of U.S. businesses.
Despite an integral part they play in the economy, small businesses often struggle to find success. In fact, the U.S. Bureau of Labor Statistics has reported that 20% of small businesses fail within the first year of opening and only one-third of businesses are able to survive the 10-year mark. The leading cause small businesses cite as the reason they were forced to shut their doors is – you guessed it – cash flow problems.
When it comes to the success of your small business, having a strong wealth management strategy in place and practicing smart money habits can play a significant role in your long-term success. Follow these five tips to help keep your business on track.