A new small business is created in Australia every 100 seconds. Unfortunately, not all will be successful. In fact, more than 60% of Australia’s small businesses shut up shop before reaching year three.
But don’t let the statistics crush your small business spirit. There are some common causes of small business failure, from cash flow issues to a basic lack of business acumen. And the more you understand why others have fallen before you, the better chance you’ll have of not repeating the same mistakes.
Here’s what you can learn from the common causes of small business failure:
What’s the lesson to learn here? If you are a small business owner, it’s critical to take a step back to give yourself the time and mental space to consider how best to ensure your business is sustainable in the short, medium and long-term.
If you need funding to manage cash flow challenges or seize an exciting new opportunity to grow, Prospa might be able to help. Talk to our small business lending specialists to find out more.
