Capital complacency stifling small business growth
| Published: 10th April 2008 00:43 |
Small business complacency is harming future growth potential and increasing the chance of business failure across London according to information released today by Business Link in London.
With 29 out of 33 London boroughs experiencing a growth in the number of new businesses, only 67% of them are making it to their third birthday, whilst 91% are making it to their first.[1] Business Link in London hopes the findings will be a wake-up call to businesses that have passed their one-year anniversary, helping them recognise and effectively tackle the growing pains they often face.
Companies can find support in Business Link in London's ‘Business Booster' initiative, which is designed to help businesses across the capital grow. Tim Campbell, the successful winner of The Apprentice, who has since gone on to set up his own charity, The Bright Ideas Trust, comments, "If you're running your own business, you will know that everything doesn't always run smoothly. You will experience growing pains, but to face the challenges, you need to think about who can help you plan for the future. No one is an expert in everything. The ‘Business Booster' initiative provides access to a range of resources to help business develop into the companies they passionately want to be."
London Business Link in London is a free and impartial business advisory service available to anyone starting up or running a small or medium sized business. It is the first place to go for high quality, actionable information and practical advice to help business people succeed directly or with further expert assistance. The service is available 24 hours a day, 7 days a week through a dedicated telephone enquiry line and website or face to face at an event, local business surgeries or at your premises. Business Link in London is wholly funded by the London Development Agency (LDA) to build a stronger small and medium business sector, help create and sustain jobs, and contribute to the economic prosperity of London.
Visit http://www.businesslink.gov.uk
[1] Information complied from the DTI Small Business Service 2007 and the Business Link in London boroughs start up research 2007
source: Business Link London
