Since we have a decent number of readers in the UK, I thought I'd share this story.
Business Link in London, a business advisory service announced some results from a recent study they conducted regarding London entrepreneurs.
They say that "small business complacency" is harming future growth for London businesses, increasing the chances that they will fail.
Of growing London businesses, only 67% are making it to a third year of business, even though 91% are making it through one year according to the findings.
Other findings revealed from the study include:
- Key areas of concern for growing businesses were finance and cash-flow, staff issues and raising business levels through marketing
- The rate of churn for businesses in London was higher than it was for the rest of the UK
- Only 44% of businesses with less than 49 staff had sourced formal business advice, with Asian and Black businesses less likely to access external help, with only 29% and 27% doing so respectively
- Only 55% believed they needed outside help to develop and grow their business, but 47% thought they needed help across a whole range of business areas, not just one of two
- Restaurants were three times more likely to go bust than other businesses, with financial firms most likely to still be going after three years
Business Link in London is offering a " Business Booster " program endorsed by Apprentice winner Tim Campbell, to help businesses take some initiatve to support their growth.
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Comments
London Restaurants
I totally agree with your statment that "Restaurants were three times more likely to go bust than other businesses"
I buy and sell new and second hand catering equipment in London and am alarmed by the amount of catering equipment we are offered that is under one year old. The capitol cost of new equipment for a restaurant is immense but the resale value is very low. I would urge anyone who is opening a new catering establishment to consider buying second hand catering equipment to start with. This should give a saving of at least 50% of the cost of new equipment.
Once the restaurant is established for a few years then consider buying new equipment.
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