Special edition from Empire Codex:
• Know this
• What’s going on
• Specialized area
US bankruptcy mayhem as of 2023
Broken apart: There were a recorded 459 US corporate bankruptcy filings as of August 31, 2023; more than the full-year totals for 2021 and 2022.
The downfall: The consumer non-essential sector has recorded 57 bankruptcy filings through the first eight months of 2023, while the industrials sector has 54 filings and healthcare has 51.
Major states: The greatest number of US bankruptcies since 2010 has been filed in California, Texas and New York (3 of the most populated US states). California accounted for 1,195 bankruptcies, with 973 from Texas and 665 from New York (2010-August 31, 2023).
Reality of doing business in US
Apparently: Businesses that began in 2017 had seen a failure rate of 20.9% in 2018 to 31.4% in 2019 and 39.3% in 2020. As for 2021 44.5% failed and in 2022 it rose to 48.4%.
Further: According to the US Bureau of Labor Statistics 65% of new businesses fail within the first 10 years, and only 25% of new businesses make it to 15 years or more.
The point: Considering the risks, challenges, and uncertainty involved in running a business, it should come as no surprise.
How businesses can improve with help
The professional: Strategic partners will research and assess the performance of an organization or department to determine its strengths, weaknesses, opportunities and threats.
Scoping in: Many times analytical work are hired to evaluate companies based on industry standards.
What else: In relation to consultative services – it not only provides recommendations for improvements, but in addition offers specific suggestions for making the improvements, and might also provide services to make them happen.
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