Small Business Failure ...

According to a recent multiple choice survey of more than 1000 owners of Australian Small and Medium Enterprises (SMEs), the percentage of respondents and reasons identified for small business failure are:

Ø  61% an inability to manage costs;

Ø  50% inexperienced management;

Ø  50% poorly designed business models or no business plan;

Ø  49% insufficient capital;

Ø  37% poor or insufficient marketing;

Ø  35% insufficient time managing the books.

Only 26% identified failure to seek professional advice as a key reason for failure, while 70% trusted their ‘gut instinct’ over any professional advice.

The survey was published by accounting software provider CCH and global information services group Wolters Kluwer.  Chief Executive of Wolters, Russell Evans, told SmartCompany the majority of SMEs which shun professional advice were doing so possibly at their peril.

The Brightwater Business Development Program has been designed to address many of the issues outlined above.  If you have considered Brightwater Coaching in the past and are still to take the first step … call me on 1800 242 366 and ask what Coaching can do for you and your business.

Written by Anthony Davis