According to some statistics in the last few years, 99.5% of all businesses in most western economies employ fewer than 200 people, 98% employ fewer than 50 people and 96.4% employ fewer than 20 people. These figures clearly illustrate the importance of independent businesses in the economy, but equally many such businesses fail within the first three years of starting - in fact only 15% actually make it beyond this point.
Ongoing feedback from thousands of independent businesses reveals that the greatest problems recognised by their managing directors/owners are:
The Management 'Gap'
Feedback also shows that managing directors / owners of small to medium sized businesses generally have to:
But business people cannot be expected to 'know what they don't know'. Importantly, it's not just the lack of knowledge or experience that can be a limiting factor, but also the available time to be effective in doing what needs to be done. More often than not, the need is for practical hands-on assistance.
Practical advice that works
From research gained from face to face meetings with owners/managers of independent businesses, it is understood that there simply aren't enough hours in the day to focus on non-profitable activities. The day to day needs of the business must be taken care of, whilst the right solution is implemented.
A no-obligation meeting with an Executive Associate is the ideal way to discuss the challenges faced on a confidential basis, and to discover if the business qualifies for help under the Business Support Programme delivering practical advice that works. A meeting with an IIB Executive Associate can be one of the most important meetings ever.