Many businesses — contractors included — never survive to the five-year mark. The usual reason? An unexpected cloud overhead overwhelms their lack of preparation.
Repeat after me: The most expected hardship businesses run into is the unexpected. I wrote a few months back about challenges in my personal business this year. I won’t bore readers with details, but revenue fell sharply for months while fresh liabilities stacked up. It got tough, really tough. But we managed because we prepared for the unexpected as best we could.