Chartered Accountants Hartley Fowler are sponsoring our Chamber breakfasts until March 2020. In this blog, Managing Partner Peter Collins discusses the importance of professional support networks for start-ups.
An article by the Association of Professional Sales that I recently stumbled across mentioned the top 5 reasons why start-ups fail as:
1. No market need
2. Ran out of cash
3. Not the right team
4. Get outcompeted
5. Pricing/cost issues
According to the OECD, the UK is ranked 4th in terms of start-ups created but drops to 14th for companies that survive beyond 5 years.
This got me thinking about the relationship between business owners and their professional support network, and the importance of working with trusted business advisers.
Many members of the Brighton Chamber are themselves small business owners. As a business owner/CEO of a small business, you need to wear many hats and spin many plates – a challenge that as the business grows gets even harder.
One of the biggest challenges is managing a team. Not only do you need to hire the right people but also train, motivate and retain them which can be a considerable burden on the owner, often taking them away from their core role.
Start-up businesses need the support of professional trusted advisors to guide them through the early phases of their business journey. But many do not actually take the time to engage with such advisers. Starting a relationship with providers such as experienced accountants or HR experts, will help business owners of start-ups and small businesses receive valuable business advice that will help them in the long-term and give them a better chance of success.
Many business owners often start off with the wrong business model, spend money too quickly and have a lack of strategic funding options – once you put in place a strategic business plan to address these points you are put in a much better starting position, especially as there is a lack of your own initial data to help you make informed decisions when you first start out.
Organisations such as the Brighton Chamber play a vital role in connecting business owners with exactly those advisers and providing the necessary knowledge to help them make informed, long-term strategic decisions.
Why not give us a call to discuss how to future proof your business? Get in touch with Dan Simpson on 01273 202311 or dan.simpson@hartleyfowler.com
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If you want to contribute to the Chamber blog, contact us on hannah@brightonchamber.co.uk