Bill Fox, managing director of the Kent Business Academy, made a presentation to WBG earlier this month in which he outlined his secrets to business success – and a remarkable analysis of how many SMEs fail to
perform, particularly in their early years.
Asking the question “Do you plan to fail or fail to plan?” Bill produced some statistics which included…..
• After three years in business, 46% of business owners could still not rely on the business as their primary source of income;
• 34% were not showing a profit, even though they had been in business for two years or more;
• 40% of owners had not drawn a regular salary after two years;
• 58% of self-employed individuals still feel uncomfortable about taking a holiday even though they’ve been in business two or more years; and
• 77% do not have employees after two years.
Bill explained that these weaknesses among new business were down to a fundamental lack of planning, notwithstanding the fact that SMEs are an overwhelmingly important part of the UK economy……
• SMEs account for 99% of all private enterprise in the UK, 58.8 percent of private sector employment and 48.8 percent of private sector turnover.
He outlined barriers to business success and 10 tips to grow your business.
• For further information about the Kent Business Academy, contact Bill Fox on 01233 668809, email [email protected]