Small Firms Rely on Planning, Not Luck
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 top priority for business owners.
Other findings from the study include:
- poorly-performing SMEs cited bad luck as one of the top three causes
- good luck did not feature in the top five 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
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