In the small business world, mastering the basics and fundamentals of running a business can make the difference between business failure and success.
UK business prospect of surviving five years falls in ten years
Data from the ONS shows that the five-year survival rate for a business born in 2016 in the UK was a shocking 38.4%. In 2013 the same survival rate was 41.7% meaning that the prospects of a business surviving over five years has declined in the last ten years.
That’s not the full story though. As the graph below shows the failure rate is different over the five years and not linear.… Continue reading the rest of this article