According to LendingTree, 18.5% of businesses fail in the first year, 30.6% in the second year, and nearly half (49.7%) don’t make it past 5 years. The odds vary somewhat with location and industry. The reasons for failure: cash flow problems, lack of demand for businesses’ products or services, and not researching the competition. LendingTree suggests that keeping expenses low can contribute to success. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.