Almost 90% of all businesses in the U.S. are small businesses.

Unfortunately, over 90% of all small businesses fail in the first 5 years of operation. This is a numbing number to say the least! More numbing is the fact that of the 8% that survive 5 years, another 90% of those fail in the succeeding 5 years!

What I have found is that the original concept is rarely the key to their failure. Rather, it lies in other areas associated with knowledge and experience in actual growth businesses. Note that I refer to growth businesses.

A small business will not survive if it does not grow! It is fundamental to its existence. It is usually fundamental to all businessesthe big ones just die slower and more painfully!! I could name a half dozen that are sure to die in the next five years. But I digress.

So, those starting businesses must understand and know how to implement key business skills. Some of the most fundamental that are always needed are: marketing, finance, sales, and operations (varies by business).

For example, in a recent speech to over 200 business owners only about a dozen actually understood what cash flow is. Most confused it with profit. Yet it is the biggest single reason for small business failures and a factor in even more. You can not manage what you do not know or understand.

Now, most people will not have the necessary experience in every area their business requires. They must seek out the experts in the areas they are lacking and fill these key voids. Even very experienced business people and senior executives know the need for experts. As a C level executive I still would never operate a business without having an accountant, attorney, mentor/coach and other trusted associates by my side.

So be honest and self-assess. If you are starting or operating a business under $25 million in revenue then you should find these key people and never let go!!