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Small Firms Rely on Planning, Not Luck

August 7th, 2014

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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