The end game for many SME owner managers is to retire in the confidence that they are leaving the business – their ‘baby’ that they have worked tirelessly to develop and grow – in the capable hands of a new team.
The UK’s small businesses are owed more than £32bn in late payments – a perennial issue that can push SMEs over the edge into insolvency.
The increasing unlikelihood of there being an interest rate increase before the general election this May means that rates have remained at a record low of 0.5% for over six years.
Many SMEs with limited financial support have undoubtedly emerged scarred from the worst post war recession which saw the demise of businesses – large and small – and across all sectors.
World class corporations are a different breed of business compared to SMEs but they have much to teach their smaller cousins about performance, profitability and how to achieve ground breaking results. In my experience, SMEs that are willing to adopt corporate disciplines soon reap the rewards.
Spectacular business failures have dogged some of the world’s most successful business people at early stages of their careers yet resulted in no long lasting harm to their public profiles.
“If you always do what you’ve always done, you’ll always get what you’ve always got” goes the adage credited to Henry Ford, founder of the Ford Company.
Over 70 per cent of UK businesses are family owned but research indicates that only a fraction – some 13 per cent – survive beyond the third generation.