Small and medium-sized businesses (SMBs) face challenges in achieving long-term success despite the high survival rates of new businesses in the U.S. The Pacific region saw a record high of 84.6% survival rate in 2021, while the South Atlantic region struggled with only 71.4% of businesses surviving their first year in 2008. However, the journey to long-term growth is fraught with obstacles, as more than half of businesses that started a decade ago ended up closing by 2024.
The U.S. Bureau of Labor Statistics has been monitoring the survival rates of new businesses by region since 1994. In 2021, the Pacific region experienced a significant milestone with 84.6% of businesses surviving their first year, while the South Atlantic region faced challenges in 2008 with only 71.4% survival rate. Despite the initial success, the long-term growth of Small to medium-sized businesses (SMBs) remains elusive, as more than half of the businesses that commenced a decade ago closed their doors by 2024. This article explores four essential technology strategies for growth-oriented companies to achieve sustainable success in the long run.
