In 1994 Professor David Storey did research on understanding the small business sector.One of the fundamental characteristics (other than size) which distinguishes small firms from large is their higher probability of ceasing to trade. One of the findings of the research was that failure rates were lowest amongst small firms expressing a desire to grow.
Growing is not easy and many small firms are happy to get through the start up stages and stay pretty much as they are. Those individuals are often referred to as “lifestyle entrpreneurs”. Others are hugely ambitious from the start and start to build large. Others have a scale of ambition which lies between the two.
The challenge of growth is always a challenge to owner-managers and the research indicated that two thirds have no plan for growth and those with plans and strategies, grow faster. With that in mind, how are we thinking about how our business will perform in 2016?
Click on the link below to view some slides about thinking about the way we think about how we live and work in 2016: