Think there’s not a profit crisis? The Small Business Administration conducted a recent study and found that of the 28 million small businesses in the US, about 83% are not profitable. That’s a shocking statistic. The vast majority of small businesses lose money. That means these small businesses are likely to close, ending job opportunities and reducing incomes for millions of families.
How do so many small businesses fail to turn a profit? It turns out that it’s because of the way we think about profit – our profit mindset. We talk about “year-end profit” or “the bottom line.” We consider profit to be whatever is left over after we pay all our bills.