| How many of you have been trading between 5 | | | | still be in operation. |
| and 10 years? | | | | So what can you do to make sure your business |
| Well your business is at a high level of risk – | | | | doesn’t become one of these DTI statistics? |
| let me tell you why | | | | Entrepreneur Magazine and Yahoo Business |
| Most business owners think that business failure | | | | recently did some research into the number one |
| only happens within the first 2-3 years of trading | | | | reason why businesses fail. The result was a |
| and if you survive past 3 years and start to | | | | simple one – Businesses fail at the high rate |
| become established your survival rate will increase. | | | | they do because they fail to plan. |
| Statistics produced by the DTI show that over | | | | These businesses that fail do so because they |
| the past ten years on average 9.5% of | | | | only create a business plan at their inception to |
| businesses close in the first year and by year 3 | | | | raise funds and investment, they then fail to |
| that figure rises considerably to 30.7% of | | | | incorporate strategies and plans for their |
| businesses closing. | | | | marketing, staff development, sales, lead |
| So do the figures change after three years? Yes | | | | generation, cash flow, business development, and |
| Do businesses that last beyond 3 years increase | | | | on the list goes. |
| their chances of survival? No | | | | At Your Business Growth Coach we don’t |
| The same figures from the DTI show that within | | | | just show you how to create plans, we work |
| 5 years of start up 52.5% of businesses do not | | | | with you to implement them and most |
| survive. By year ten of start up the figures get | | | | importantly develop them to truly grow your |
| worse as a massive 68% of businesses end up | | | | business and achieve success. Visit our website |
| closing. | | | | and in particular our page on getting results |
| New business start up is currently at a record | | | | Now is the time to stop thinking your business is |
| high, with 125,000 new businesses starting in | | | | going to be ok because you have been trading |
| 2005, the highest since records began. If the | | | | for more than 3 years. Now is the time to start |
| statistics produced by the DTI continue their | | | | planning for business growth and business success. |
| trend, by 2015 only 40,000 of those 125,000 will | | | | |