Marshall Peters – Survival of the Fittest
It is an often quoted statistic that around 80% of start up businesses are doomed to fail, which is possibly why most of the funding and mentoring support is aimed at this sector, but what happens to businesses which survive these early years? When you take into account that small businesses represented 99.3% of all private sector businesses at the start of 2016 and 99.9% of these were small or medium sized (SME’s) it is hardly surprising that more of these business owners are looking for additional support to continue trading, and thereby contributing to the economy. Total employment in these organisations was 15.7 million, 60% of all private sector employment in the UK. with a combined annual turnover of £1.8 trillion, 47% of all private sector turnover in the UK.
Given these figures alone it is essential therefore that in order to sustain a robust economy there must be mechanisms in place to ensure that should such organisations experience difficulty they have access to trusted professional advice.