Running a company is no easy feat. If it were easy, everyone would be doing it. It takes courage to start and grow a business.
According to the U.S. Small Business Administration, there are approximately 113,779 small businesses in West Virginia, which make up 98.9% of businesses in the state. While this is a notable statistic, it’s important to acknowledge that approximately 20% of small businesses fail within the first year and, unfortunately, 50%2 fail by the end of the 5th year.
Various factors can affect the success of an organization. Whether it’s handling the impact of the coronavirus pandemic, securing financial stability, attracting customers, or identifying new markets to pursue, small business owners encounter many challenges. These obstacles can become accentuated during periods of growth and vulnerability. Therefore, small businesses need to implement and execute a strategy to help scale their business.