Armalytix Press – Fintech Herald Data sharing, regulations & record keeping
Small businesses are notoriously susceptible to business failure – this can be for any number of reasons, but recent research conducted in the US has highlighted that cash flow management is probably the biggest challenge.
The research identified that of the small businesses that fail:
- 82 percent had poor cash flow management skills or poor understanding of cash flow
- 79 percent started out with too little money
- 78 percent did not have a well-developed business plan, including insufficient research on the business before starting it
- 73 percent were overly optimistic about sales, costs and the work needed for success