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How to Know if Your Business Will Be Around in 10 years

Business will be around, business built to last

Whether you’re just starting out or running an established operation, odds aren’t in your favor. Over 70% of small businesses fail before reaching their 10th birthday.

Businesses fail for all sorts of reasons. In the beginning, getting beyond the startup phase is no small feat. Businesses face cash-flow problems or fail because of poor budget planning. Companies succumb to stronger competitors and customers have no incentive to remain loyal.

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The Cost Iceberg

Cost iceberg

There’s this concept called the Cost Iceberg, which refers to the idea that like an iceberg, the total cost of an order might not be evident at first glance.

The iceberg is an oft-used visual metaphor, especially in the realm of spending.

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