Angie Noll is the Owner of Reconciled Solutions. She is a Certified Profit First Advisor and has an MBA from Loyola (Chicago).
It pains me to state that in today’s small-business community, about 80% of small businesses in the U.S. fail after one year, according to Bureau of Labor Statistics data (via Investopedia). Such a shockingly high percentage of small businesses have not been able to run a sustainably profitable business. This is quite sad: It means that many business owners are likely living on leftovers and are unable to secure themselves a minimum standard of living.
It’s often not their fault. They had the tenacity to start a business in this entrepreneurial world. But many of them likely listened to the age-old formula for success that has been passed down from accountant to accountant for generations.
Sales Minus Expenses Equals Profit
In 2014, Mike Michalowicz came along and…