Help For Small Businesses Is Needed To Ensure SMEs Achieve Their Potential
Help for small businesses is needed if we are to improve the percentage of small firms that survive longer than five years. UK government figures from the Department for Business, Innovation and Skills show that 50% of start-ups fail within their first 5 years. Many reasons have been proposed to explain this high failure rate, which is broadly similar to that in other developed economies. However, it’s also been demonstrated that these survival rate figures can be dramatically boosted by showing small business owners how to be successful in business through training, mentoring, working with business schools or providing targeted extra financial support. Read on to find out more.
SME Owners Need To Know How To Be Successful In Business
The picture, however, may not be as gloomy as this 'failure rate' statistic suggests. Recent UK government studies have shown that the number of small businesses is growing at 3% per year, more rapidly than at any other time. 99.3% of all private sector businesses are now SMEs, with a combined turnover of £1.8 trillion per annum. Small firms also account for 60% of total private sector employment in the UK. This shows that there are still many entrepreneurs who are prepared to 'take the leap' and start their own businesses. By providing small business advice UK and help for company owners, we can support these individuals to further help the UK's economic recovery and growth. There are many studies which examine the causes of fledgling companies’ failures. They suggest there are many contributory factors. These have included reasons such as no real demand for the product or service offered; no business planning; under-capitalisation; growing too quickly (or indeed too slowly); the inability to budget or forecast; under- or overpricing; and excessive start-up costs. Looking at all these studies in the round, though, demonstrates that the primary reasons underlying this failure to thrive are nearly all due to a lack of, or poor, business knowledge and skills among actual and potential small business owners. Providing help for small business owners in the skills necessary to run a business effectively will lead to the development of stronger small businesses in all industry sectors. Without it, too many small businesses will continue to fail.
How Help With Small Business Skills Creates Stronger Businesses
A new operation which is able to access good quality, expert small business startup help will be built on firm business principles. This might include a step-by-step guide to business planning; or training in producing an effective marketing plan. Key guidance like this can place the fledgling business on firm footings, making it more likely to achieve its goals from the outset. There is a popular misconception that entrepreneurs are born and not made. However, it has been shown time and again that the skills to run a business can be taught and developed in anybody who is prepared to commit to the process. Therefore, the ability to access ongoing help for small businesses especially during the early years of operation really can reduce the risk of a new business failing. What about businesses further along the cycle? The evidence here is again very clear. Small business owners are undoubtedly experts in the products or services they are selling; but many simply do not have the business knowledge, experience or skills to keep their businesses running efficiently once the initial flurry of creativity has passed. Accessing reliable help with small business skills designed to develop an SME owner's ability to run the business has equally been shown to dramatically improve its chances of survival past its fifth year. Indeed, it has even been shown that such assistance not only enables the business to survive, but also to grow. The message to business owners is clear. Accessing tailored resources at the right times greatly improves an SME’s competitiveness and longevity. Such skills training is available from I-Thrive.
Reduce The Risks To Your SME By Accessing Help For Small Businesses From I-Thrive
At I-Thrive, we produce and deliver online resources designed to help your business survive and grow. We have tools, tips and techniques to show you how to be successful in business which can be easily applied and help you create measurable business growth within six months. Download the course outline and see details of how we can help you at https://www.i-thrive.co.uk/. Our help for small businesses trains you in essential business fundamentals, regardless of the business sector you operate in. Our friendly support team can answer your queries any day of the week using our online form. We also welcome contact by phone on 01223 967260.