Survival rates

Small Business Survival Rates Reach 10 Year Low

Majority of small businesses fail to survive over five years with 55% stating it has never been more difficult to grow in the UK New research has declared 55% of small and mid-sized businesses are failing to reach the five year mark; with 68% finding it difficult to grow their business due to bank lending, tax breaks and business rates barriers. The research, released by insurance broker RSA, revealed that despite an overall improvement in the economy, business survival rates have decreased since 2004 with the construction industry performing the worst (survival rate of 44%) followed by the health sector (56%). The report, titled Growing Pains, also looked at business growth potential and identified the leading barriers to it. 61% of small and medium-sized firms lack confidence in their bu... »