Get the right support for your business needs
Nearly 90 per cent of all small businesses fail. That is the inconvenient truth of doing business in the UK today. The act of launching a business and investing all that time, love and money will see nine out of ten ventures failing in the process. Prestige Business Management can help turn small start-ups into successful businesses. We understand how those 10 per cent succeed – good financial planning and support.
The UK economy is dependent upon small businesses. Small businesses account for 99.3% of all private sector output. Furthermore, SMEs employ 60^ of the entire private sector workforce and has a combined annual turnover of £1.8 trillion, which is 47% of all private sector turnover in relation to the UK’s GDP.
Why do start-ups fail?
The main reason surrounds cash. Cash is king and many start-ups fail to comprehend the importance of good financial management – from paying bills on time to getting invoices paid fast. Another key area of failure surrounds the coherent lack of planning. Many small business owners do not have a business plan. Complacency is another reason small businesses failure. Some start-ups become complacent after winning a couple of big clients – they suspend marketing and do not source new clients as they believe their ability to produce for extra clients has been diminished. Similar to no business plan, another reason surrounds metrics. Many businesses do not have performance metrics that they can showcase success or failure. Others include bad management, no backup of sensitive data and not acting on market intelligence and change.
What can Prestige Business Management offer?
The team at Prestige Business Management understand the centrality small business plays in the wider economy. They also understand the reasons behind failure. Prestige Business Management leverages this knowledge in order to help small business clients succeed. Our team of experts can help provide advice on a range of issues:
- Business planning
- Financial Planning
- Tax advice
- Credit Control
- And more…
Our services can help inform entrepreneurs of issues or problems surrounding their business concept or operations. The team can help to create the right solutions and provide the right advice for your specific needs.
We can help entrepreneurs unleash the freedom of creativity and empower small business leaders attain success. If you would like to discuss your business plan and financials with our specialist team why not call us today on 020 3773 2927 or email us on [email protected] for more information?