Beating the odds
Forbes.com published an article about why small businesses fail. The article stated, “According to the Small Business Administration (SBA) Office of Advocacy’s 2018 Frequently Asked Questions, roughly 80% of small businesses survive the first year. That number might be surprisingly high to you, especially considering the commonly-held belief that most businesses fail within the first year.
However, from there the number falls sharply. Only about half of small businesses survive past the five-year mark, ranging from 45.4% to 51% depending on the year the business was started. Beyond that, only about one in three small businesses get to the 10-year mark and live to tell the tale”.
There are many reasons businesses fail, but among them are that they don’t have the right team and lack of competitive advantage. So, why do you need a brand? Because a good brand has power. It provides employees with direction and motivation and can help you acquire loyal customers.