Luck does not play a big role in a firm’s success according to nearly three quarters of small business owners, research by software provider Sage has found.
In a survey of more than 1,000 UK small business owners, just 28% of respondents felt that luck had a bearing on their success.
Effective planning – particularly for growth and unexpected emergencies – was seen as a top priority for business owners.
Other findings from the study include:
- poorly-performing SMEs cited bad luck as one of the top 3 causes
- good luck did not feature in the top 5 contributing factors for businesses performing well
- 74% of companies reported good business performance in the last year; of these, 77% reported making a profit
- good customer service, a solid business plan and sound knowledge of the business’s finances and suppliers were cited as the most influential contributors to success.
We regularly support clients with long term strategic planning. Contact Peter Taaffe to discuss your business planning needs.