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Follow on Google News | Small Businesses Without A Business Plan Are Bound To Fail80% of small Businesses without a Business Plan- will fail in their first 5 years
By: ActionCOACH “From our observations, 80% of business start-ups fail in their first 5 years and 80% of the survivors fail in their second 5 years,” Fagan said. He attributed this mainly to the lack of planning on behalf of business owners. According to statistics from the Bank of Ireland, 66% of all business start-ups will fail in their first five years. Ulster Bank’s survey put this figure at 50%. “Whichever way you look at it – these are very worrying statistics and we need to reverse these trends as a matter of urgency,” Fagan said. There are many reasons why businesses fail in Ireland and according to Fagan the main reasons are: 1. Absence of planning, direction and accountability 2. Poor cashflow management 3. Lack of skills and business knowledge within the organisation 4. Reluctance on behalf of the business owners to seek outside help in a timely manner 5. Stress from all of the above leading to burn-out and business breakdown When compiling a business plan – it is crucial that Business Owners include the following elements: • Sales and Marketing: how to grow and sustain business • Cashflow Management: how to understand and manage cashflow • Team Building: how to hire, train, motivate and retain great team members • Systemise the Business: how to put effective systems in place • Time Management: how to prioritise workload • Accountability: A Business Coach can provide the expertise to help business owners implement and execute a business plan that will deliver sustainable growth and to ensure their future survival. “My vision for Irish SME’s is very simple,” Fagan said. “Teach business owners how to run their businesses better so we can change the statistics. Imagine the impact this would have on Ireland if our SME sector thrived in the next 5 years as opposed to collapsing under the weight of the current worldwide recession.” For Further information, please contact: Paul Fagan, Managing Director, ActionCOACH Business Coaching Telephone: E-mail: Website: www.paulfagan.actioncoach.com Olive Fitzsimons, Marketing Manager, ActionCOACH Business Coaching Telephone: E-mail: # # # ActionCOACH is the world’s number one business coaching firm, with more than 1,000 offices in 26 countries. To learn more, go to actioncoach.com. End
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