Almost half of American businesses fail in the first five years.
Most entrepreneurs have heard this axiom, and it is supported by the latest statistical data from the U.S. Small Business Administration and the U.S. Bureau of Labor.
So, how do business owners ensure they are among the 56 percent who make it past the five-year mark, the 35 percent who make it to 10 years, or the 20 percent who survive at least 20 years?
Area certified public accountants and tax attorneys agree on several key points upon which business owners can focus.
Most of it comes down to disciplined practices and realistic planning.
Cash-flow management, knowing what’s coming up and preparing for it, is vital, they say.
“You don’t go to school — unless you’re an accountant — and... [ MORE ]