Running a small business isn’t easy, even during the best of times. According to the United States Small Business Association:
● 30% of small businesses fail within two years
● 50% fail within five years
● Only 25% of companies last 15 years or longer.
Any small business owner will tell you that running a small business is challenging. You have to manage a thousand moving pieces, ensuring that you stay on top of cash flow, employee performance, sales, marketing, and many other factors. Many owners struggle to manage all the different elements and their business struggles as a result. When circumstances get tough, running a business becomes an even more significant challenge.
Throughout the years, many events have occurred that placed a squeeze on businesses:
During these difficult times, many small businesses folded under pressure. They simply weren’t able to keep going. But many companies have survived these incredibly challenging circumstances. Some of them have even thrived.
In the early 1920s, Prohibition prevented the sale of alcohol in the United States. As you can imagine, this made things difficult for producers of alcohol. But many companies adapted and came up with cr