As many as half of all small businesses fail within their first three years of trading, and the recession has wiped-out many well established businesses in the past few years. Nevertheless, in 2013, almost 530,000 new business were registered, so how can these new ventures secure success?
There are numerous steps business owners can take to increase their chances of business success, and many of them relate specifically to our specialty; money. No matter how big a business is for instance, poor cash flow can be a pressing issue. Similarly, maintaining a turnover, rather than profit-led mentality, can also lead to problems.
Other considerations include the effect of competition from larger businesses and a lack of sales. For a handy guide on what pitfalls to look out for, and how to mitigate against them, take a look at our 5 Considerations for Business Success.