The Top Reasons Small Businesses Fail
… and how to become a success!
Small businesses are spearheading the economic recovery in the UK. New managing directors and CEOs are striking out on their own as tenacious pioneers – and all of these small firms have big significance in the UK business market. There are a whopping 4.5 million small businesses in the UK. These growing companies account for 58.8% of private sector employment – which is 13.8 million people, and provide for 48.8% of private sector turnover – some £1.5 billion!
As a budding entrepreneur, your business is your pride and joy and, like the 58% of small businesses all over the country, you want to see it develop, going from strength to strength – after all, who wants to stand still? However, the professional landscape is quite volatile and potentially dangerous for the unprepared: 50% of all new startups fail within their first year, and 80% fail within the first five. With so many small businesses falling by the wayside, getting the edge over professional ruin lies in the business owner’s ability to identify the issues that could spell disaster for even the most successful startups – and fix them.
We champion small businesses here at Virtual VIP, and as such have teamed up with Daryl Woodhouse, CEO of small business development company Advantage Business Partnerships, to give you the low down on the top reasons small businesses fail to survive; how these problems can prove dangerous; and most importantly, how they can avoid failure – and triumph in your industry!
Simply click the image to be taken to our moving infographic, with some practical, straight talking advice for pushing your small business to become a thriving success!