“美国小企业的规模差别很大, 员工人数, 融资, 现金流, and understanding the breadth of this spectrum is critical to developing public policy and business strategies that really help America’s 小型企业," 澳博官方网站app研究所总裁兼首席执行官戴安娜·法雷尔说. "While many people think of 'gazelles' and Silicon Valley start-ups as the keys to U.S. 经济增长, self-financed 小型企业 that may never hire an employee or secure external 融资 make significant contributions to our economy and are the engine of the small business sector."

事实上, most 小型企业 are not—and will not be—企业 that rely heavily on 融资 or hire 员工, but they nevertheless produce a large share of overall small business revenue and contribute greatly to the economy. Across 12 different industry sectors, the median life expectancy of an American small business is 5.3 years, with real estate firms lasting nine years and restaurants staying in business for 3.退出前7年. 适用于所有业务类型, nonemployer firms are five times more likely to exit the marketplace than they are to hire 员工.

The report leverages 澳博官方网站app’s unique transaction-level data to shed light on daily revenues, 费用, 融资现金. This provides a remarkable understanding of how different firm types contribute to the economy and the importance of 现金流 management to small business outcomes.

Analyses of these data also provide new empirical insights on how actual 小型企业 manage their 现金流s. 以前, policy makers did not have data on how 小型企业 manage their finances that could explain the relationship between small business 融资, 现金流, 和经济增长, or that could be used to craft policies to support the development of different types of 小型企业.

该报告根据规模将小企业分为四类, 复杂性, and dynamism to identify the economic contributions of different small business segments.

• 资助增长: 这一领域占小公司的3%, 比如一家新的汉堡连锁店或一家科技创业公司, 它们打算通过大量利用外部融资来实现增长. These 企业 have the potential to make sizable contributions to the overall economy, 尽管大约20%的公司在四年内倒闭.
• 有机增长: The largest sector of American 小型企业, these firms account for more than half of all firms. 这包括企业, 比如由具有多年行业经验的人创办的咨询公司, 它们打算在有限使用外部融资的情况下实现增长. These may include a large share of 企业 that transition between employer and nonemployer status. 跨部门, 有机增长的企业最有可能失败, 31%的公司在四年内退出.
• 稳定的小型雇主: 公司, 比如当地的医生办公室, 只雇佣了一小部分人, 一般在5到20岁之间, 也不太可能寻求外部融资. 这些公司中有12%在成立后的前四年内退出.
• 稳定微: 这些类型 企业, such as a local dry cleaner, typically hire zero or very few 员工. These firms provide economic support to large numbers of households of small business owners, 随着时间的推移，哪些企业可能不会显著增长. Of these 企业, 15 percent of firms are likely to exit over a period of four years.

调查结果的其他亮点包括:

Finding One: Organic growth firms generate the majority of small business payroll and revenue but are also the most likely to exit the market.

• 有机增长的小企业在创收方面发挥着重要作用, 但同时也是最脆弱的，承担着巨大的风险. More than 31 percent of these 企业 that survive for one year will exit the market before the end of their fourth year.

Finding Two: Financed growth firms are more concentrated in some industries and cities, 但每个行业和城市都有大量的有机成长型公司.

• 公司 in locations like San Jose and San Francisco are three times as likely to be financed growth 小型企业, but organic growth firms contribute more to overall 经济增长 and distribute the benefits of that growth more broadly across geographies.

Finding Three: Nonemployer 小型企业 are more likely to exit the market than to hire 员工.

• 大多数不雇佣员工的小企业仍然不雇佣员工, 绝大多数雇佣企业仍然是雇主. 每年, 一小部分非雇主变成了雇主, 但随着企业的成熟，这种转变的可能性也在降低.

Finding Four: New 小型企业 achieve more stable and regular 现金流 patterns over time or exit the market.

• Small 企业 with volatile 费用 (relative to revenues) are much more likely to exit than those with other 现金流 patterns, suggesting that large and perhaps unexpected 费用 could be especially difficult to manage.

发现五:稳定的公司能够生存, 不断增长的动态公司转向更可预测的现金流模式, 而活力下降的公司退出了市场.

• New dynamic 小型企业 are particularly prone to certain types of irregular 现金流s. 融资成长型公司尤其可能有零星的收入, and organic growth firms are especially likely to have both revenues and 费用 with erratic timing. 这些类型 irregularity become less common for firms that survive and grow.