In a recent article from Small Business Trends, ten of the top reasons that small businesses struggle or fail were highlighted. Starting a business and operating as a small business can often times be hard to navigate and scary, no matter how confident you are in your product and ideas. Through this article, author Jeff Charles lists the complications as follows:
- Healthcare
- Government Regulations
- Federal Income Taxes
- The Economy
- Tax Compliance
- Cash Flow
- Staying Passionate
- Not Diversifying Client Base
- Growth vs. Quality
- Hiring New Employees
As for some of the other technical difficulties that Charles lists, though, Peerview Data is here to aid the cogs in the works.
In reference to number six on the list, cash flow, the fix for this is made simple by Peerview Data. With Peerview Data, you and your CPA can keep track of your cashflow and compare fluctuations from year to year. Not to mention with our Industry Reports you can compare your cashflow to companies in your industry to see how you are doing in comparison, where you should be spending more, and where you should think about spending less. Peerview Data helps take the guesswork and drama out of your cash flow problems.
Now looking at Growth vs Quality, as listed as number nine on the list of issues, Peerview can help here too. When your company experiences growth, it can be bittersweet. It's exciting that you're growing, but it can also be intimidating to monitor and plan for expansion- especially after a sudden boom. With Peerview Data's Industry Reports, you can adjust your numbers, play with different scenarios, and see which adjustments would theoretically bring which outcomes. This way, before you commit to an adjustment, you can see how it might effect the other areas of your business.