Small business success and failure can be fickle. Like a Midwestern tornado moving through a neighborhood of homes destroying one and sparing another on a whim, it is often hard to tell which small businesses will succeed and which will not. However, there are certain trends that we can look at to better understand why certain small businesses find success and others experience failure.
The graphic below provides data (from various resources listed at the end) on the most frequent reasons for both small business success and failure. This information is valuable in examining our own small businesses.
By understanding common causes of small business success and failure, we can look for trends in our own business and set a course that leads to success.
Please enjoy this infographic and share your thoughts in the comments below:
As you can see from the information above, access to capital for improvements and growth are vital to small business success. The best way to protect your capital improvements is through a comprehensive business insurance program.
Taking out loans to acquire capital to invest back into your small business can be a risky venture. A well-built business insurance program provides the parachute in the event that something does go wrong. Taking on risk is important to growing your business, and a good business insurance program allows you to sleep at night despite that risk.
If you questions about your current business insurance program or if you would like to receive an insurance proposal tailored to your small business, please give us a call at 518-777-7777 or to begin the process by email click here.
Thank you and good luck,
Ryan Hanley, CIC