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CATEGORY: Business
Why do some SMEs fail? What to do and what to avoid
Posted on Mar 09, 2023
Longevity and sustainability for a new business are difficult to master. Contrary to popular belief, 30% of new businesses fail within the first two years, according to the Small Business Association (SBA). The SBA goes on to state that 50% of businesses fail in the first 5 years, 66% in the first 10 years, and 75% in the first 15 years.
Despite these damning stats, however, UK business-people are grafting hard year-on-year, setting a new record last year for the number of businesses started. There is no magical formula to ensure your business succeeds, but by identifying the key reasons new S...
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