IN ONE YEAR, 22,000 BUSINESSES STARTED IN SCOTLAND, IN THAT SAME YEAR 21,000 CLOSED.
Our world is changing and evolving at more rapid rate than ever before. What customers want and need, how they find out about new things, how they buy their products, are changing all the time.
I have little doubt that these changes, and business’ not being able to react to them is a big part of the reason behind this number.
Current stats show that around 50% of businesses fail in their first 5 years. We have are lucky in Scotland to have a great eco-system for supporting start up companies.
What about the other 50%? These are established businesses, they’ve survived or even thrived through their first 5 years or more but over 10,000 of them ceased trading in one year alone.
What support is there for them?
Nicola sturgeon announced last week that £650,000 funding was to go to Entrepreneurial Scotland to support our businesses. Is that enough?
There are nearly 200,000 businesses in Scotland, that works out at about £3.50 per business. Or a large latte each.
Now I am sure the team at Entrepreneurial Scotland can make that funding go far in the form of training courses, networking etc.
But what can businesses do to help themselves?
We are in fast-paced times, technology is continuously evolving it is more important than ever for businesses to keep on top of their position in the market place.
Businesses should be taking an objective look at where they are in their market place on an annual basis, looking at both the external and internal environments to ensure they aren’t drifting away from their customers.
At Futrsmpl we pride ourselves in keeping strategy and marketing as simple as possible.
We work on an assessment basis rather than by brief, so we get under the hood of a business and understand where issues lie before we commence work.
We are currently offering free consultations for businesses who feel they aren’t performing as well as they could be, if you would like book one for your company simply email email@example.com
Statistics source: ONS Business births, deaths and survival rates. Dec 2017