The Statistics You Need to Grow Your Business [Infographic]

Building and growing a successful business requires a solid strategy grounded in facts. The shrewd business owner knows how vital it is to use accurate data to guide smart decisions.

 

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Building and growing a successful business requires a solid strategy grounded in facts. The shrewd business owner knows how vital it is to use accurate data to guide smart decisions.

Take a look at the enlightening statistics we’ve collected to help you plan realistically for your business’ future.

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Capital Is King

82% of businesses fail for lack of money, and 55% of business owners peg cash flow as the number one challenge to growing their businesses.

Tip: Successful business owners are cash savvy and use tools to track and analyze cash flow. From choosing the right software and hiring the right talent, to simply understanding all costs associated with business processes, use tracking and analytics to maintain a tighter grip on your capital.

Finding Funding Is Tough

More than 60% of business owners worry about how they will finance continued growth.

Tip: There are a number of financing options available to medium-sized businesses. In addition to loans from banks and other financial institutions, you might consider accounts receivable factoring, purchase order financing, equity issuance, or using assets to secure a line of credit.

The Talent Pool Is Shrinking

77% of CEOs fear that a lack of available talent will stunt company growth.

Tip: Smart CEOs are looking for soft skills on top of credentials to ensure they’re hiring the right people. When they find what they are looking for, they go for it. The job-seeker may have a lot of negotiating power, but your business will end up with the talent it needs.

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Growth Requires More Than Money

⅔ of the fastest growing companies fail to become self-sustaining.

Tip: While financial success is necessary, that alone will not sustain your business. Setting up processes for continuous innovation is essential to keep your business growing long-term.

As a business owner, your priorities should be to exercise mindful cash flow forecasting, explore your options for financing, make smart hiring decisions, and support innovation.

With these four tips in mind, your business won’t stay stuck on that bottom step — it will climb step by step into the future.

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