Running a small business isn’t easy, even during the best of times. According to the United States Small Business Association:
● 30% of small businesses fail within two years
● 50% fail within ve years
● Only 25% of businesses last 15 years or longer
Any small business owner will tell you that running a small business is challenging. You have to manage a thousand moving pieces, ensuring that you stay on top of cash ow, employee performance, sales, marketing, and many other factors. Many owners struggle to manage all the different elements and their business struggles as a result.
When circumstances get tough, running a business becomes an even greater challenge.
In his book How The Mighty Fall, Jim Collins wrote:
“The signature of the truly great versus the merely successful is not the absence of difficulty, but the ability to come back from setbacks, even cataclysmic catastrophes, stronger than before. Great nations can decline and recover. Great companies can fall and recover. Great social institutions can fall and recover. And great individuals can fall and recover. As long as you never get entirely knocked out of the game, there remains always hope.”
Don’t give up. There is always hope!