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Ninety Percent of Small-Business Owners 'Do Nothing' to Jump Start Stagnant Businesses Finds Michigan CFO Associates - New research commissioned by Michigan CFO Associates shows many small-business owners are “driving without a map,” plagued by uncertainty, and risking their companies in the process
Ninety Percent of Small-Business Owners 'Do Nothing' to Jump Start Stagnant Businesses Finds Michigan CFO Associates

 

NewswireToday - /newswire/ - Sterling Heights, MI, United States, 2009/08/10 - New research commissioned by Michigan CFO Associates shows many small-business owners are “driving without a map,” plagued by uncertainty, and risking their companies in the process.

   
 
 

How much do small-business owners really know about growing a healthy company? According to Michigan CFO Associates, not enough. That’s the conclusion suggested by a compelling new study released this week that shows owners aren’t getting enough information and guidance when it comes to avoiding the warning signs in their path.

Commissioned by Todd Rammler, president of Michigan CFO Associates, the study compiled a wide range of small-business statistics revealing the most common reasons small businesses fail — and what owners can do about it.

“What’s most surprising are the results we didn’t expect,” Rammler says. For example, in a survey of 500 firms nationwide, a shocking 99% had no written plan for growth.

More surprising revelations of the research (see below for availability) include:
• 98% of businesses fail by the 10th year.
• 80% of new businesses fail due to undercapitalization.
• Only 23% of businesses price their products or services properly.

What does this mean? Far more businesses owners than previously thought are running their companies without critical information needed for sound decision-making. What’s more, these ventures are often the largest single piece of the owner’s net worth, which makes for a risky combination.

“This really shows that owners need information and specific skills on business planning and analysis — particularly as it relates to financial decisions — if they are to beat the odds of a 98% failure rate,” Rammler says. “An uninformed decision can easily lead to losing a company, as well as wiping out the owner personally. Sound decision-making is crucial.”

About Michigan CFO Associates

Michigan CFO Associates (michigancfo.com) is a leading provider of outsourced CFO services to privately held businesses. The firm emphasizes “future focus” and specializes in improving profitability and cash flow through better data and decision-making.

 
 
 

Written by / Agency / Source: Michigan CFO Associates

 
 

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Ninety Percent of Small-Business Owners 'Do Nothing' to Jump Start Stagnant Businesses Finds Michigan CFO Associates

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Publisher Contact: Todd Rammler - MichiganCFO.com 
586-580-3285 x201 trammler[.]michiganCFO.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Michigan CFO Associates securities in any jurisdiction including any other companies listed or named in this release.

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