Small businesses often struggle with financial challenges that go beyond bookkeeping, and these struggles materially impact survival and growth. According to the U.S. Bureau of Labor Statistics, about 20.4% of small businesses fail in their first year, and roughly 49.4% do not survive past five years. By 10 years, about 65.3% have closed, a sobering indicator of the long-term risks small businesses face.

Read the rest of entry »