According to the Small Business Administration (SBA), a whopping 50 percent of small businesses don’t see past their fifth birthday. This is disheartening considering no one starts a business for it just to fail. But where do these businesses go wrong or rather what didn’t they do that they were supposed to?
There are a number of reasons that lead to a company’s failure within five years. Here are common reasons why many small businesses struggle to stay afloat.
Lack of communication with customers
Customers are the backbone of any business. If you choose to ignore your most valuable asset, …