Securing Business Success

Jan 31

Securing Business Success with Sage & Co Accountants

As many as half of all businesses fail in their first three years of trading. Securing business success and avoiding failure comes from knowing your enemies. Generally the main reason for the high failure rate of small newly established businesses is when the owner lacks experience in managing all aspects of the business. Interestingly, new businesses appear to survive better in economic downturns than older more established businesses. This may be because they are more adaptable to change, or possibly perhaps they were set up in the recession and therefore were not surprised by the sudden weakening in trading conditions. There are many more specific reasons for business failure.

Common reasons cited by many owner managers for business failure

  • Increased competition from larger businesses
  • Lack of sales
  • Lack of monitoring of performance and results
  • Turnover instead of profit led
  • Taking too much out of the business
  • Taxation
  • Management skills
  • Legislation
  • Location
  • Finance and business plans

For much more detail on this reasons, please download our full online guide.

When things go wrong

It can be extremely difficult and traumatic to face up to the failure of your own business. Many owners are tempted to bury their heads in the sand and hope that things will somehow improve. However, the best way to get things to improve is to face up to the fact that the business is struggling as soon as possible – the earlier you identify there is a problem, the earlier you can take remedial action to try to save the business before it is too late. If you think that your business is struggling, seek help and advice immediately.

How we can help

There are undoubtedly many advantages to securing business success. We are able to assist you in the areas where businesses generally fail and assist in ensuring that you have the right mix of skills suitable to making your business a success. We can assist with preparing management accounts, cash flow forecasts and finance and business plans and, if things go wrong we can assist with remedial action.

If you are thinking of starting a business or currently run a business and would like further help,  please contact us.

 

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From first going self-employed to starting a limited company, the fantastic accountants at Sage have talked me through the processes and looked after all things accounts-related, leaving me with peace of mind; free to focus on the day-to-day operating of the business. Sage handles everything for me from payroll to tax returns and their service is flawless; when I need something its done; when I need info I get it. All of their staff are friendly, professional, efficient and patient and I couldn’t manage without them.

 

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