In the first few years of business, small companies come up against a lot of different challenges. Some are harder than others to overcome — and according to the U.S. Bureau of Labor Statistics, about 20% of small businesses fail by the end of their first year. By the end of their fifth year, 50% go under; and by the tenth year, that number rises to 80%.
With survival rates like that, it’s easy to understand why folks face the first few years of business with trepidation. But in fact, many common business problems and challenges are actually fixable. Many times, you’ll find you need to take a step back, take the time to understand the pain points you’re feeling, and re-think your strategy.
Here are several challenges every small business faces, along with some tactical advice about how to fix them.