Half of all start-up businesses fail within three years but blaming the economic climate is not a good enough reason for this statistic.
That’s according to Carl Hasty, director of Smart Currency Business. He believes that labelling the economy as the “bringer of doom” is inaccurate and unrealistic, Fresh Business Thinking reports.
After all, the start-ups that aren’t folding are operating in the same economy and are managing to thrive where others are failing.
Instead, companies need to take a long hard look at their operations and consider making changes in order to survive. On top of this, they should have risk management procedures in place.
“In business, the old mantra “if it ain’t broke, don’t fix it” is a poor one to live by. It is too little, too late to wait until something is broken before making amends. Implementing risk management strategies will help strengthen the firm’s future position,” Mr Hasty said.
Posted by the Secret Businessman