In 2019 some 665,000 new companies were formed in the UK but sadly, approximately 50-60% of those will fail within three years and up to 20% within just the first 12 months.
Even if a number of those ‘failures’ will be businesses that never really started, it still shows how many people’s dreams never came true. And some of these businesses will have failed quite spectacularly, potentially ruining the founders’ lives along the way.
The vast majority of these businesses will of course be SMEs. SMEs are crucial to the UK economy, and by 2020 there were over six million SMEs, representing over 99% of all business in the UK, and employing almost 17 million people.
As we all know, it is not just early-stage businesses that fail but businesses of every size – it is just that smaller companies have a much higher risk of failure.
This is because they do not have access to the same level of expertise that larger companies do, due to the fact that they often cannot afford to employ all the full time staff to provide the whole range of services required to understand the complexities of running a business and how best to scale it.
This is exactly where BOOM & Partners comes in. We can help by mentoring your business, advising on strategy and scaling, getting investment ready, helping with Pitch Decks and Business Plans, raising finance, and so much more.