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News Release from: Business Link in London | Subject: Business Booster initiative
Edited by the Marketingservicestalk Editorial Team on 10 April 2008

Capital complacency stifling small
business growth

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Small business complacency is harming future growth potential and increasing the chance of business failure across London according to Business Link in London.

With 29 out of 33 London boroughs experiencing a growth in the number of new businesses, only 67 per cent of them are making it to their third birthday, while 91 per cent are making it to their first Business Link in London hopes the findings will be a wake-up call to businesses that have passed their one-year anniversary, helping them recognise and effectively tackle the growing pains they often face

Companies can find support in Business Link in London's Business Booster initiative, which is designed to help businesses across the capital grow.

Tim Campbell, the successful winner of The Apprentice, who has since gone on to set up his own charity, The Bright Ideas Trust, said: "If you're running your own business, you will know that everything doesn't always run smoothly.

"You will experience growing pains, but to face the challenges, you need to think about who can help you plan for the future: no one is an expert in everything.

"The Business Booster initiative provides access to a range of resources to help businesses develop into the companies they passionately want to be".

The Business Link in London awareness survey conducted in November 2007 highlighted several trouble spots.

Key areas of concern for growing businesses were finance and cash-flow, staff issues and raising business levels through marketing.

The rate of churn for businesses in London was higher than it was for the rest of the UK.

Only 44 per cent of businesses with less than 49 staff had sourced formal business advice, with Asian and Black businesses less likely to access external help, with only 29 per cent and 27 per cent doing so respectively.

Only 55 per cent believed they needed outside help to develop and grow their business, but 47 per cent thought they needed help across a whole range of business areas, not just one or two.

Restaurants were three times more likely to go bust than other businesses, with financial firms most likely to still be going after three years.

Andy Berrow, Senior Business Advisor at Business Link, commented: "We found that recruitment, marketing and finance were the key problem areas for developing small business.

"We want to make sure that out of the rising number of businesses starting up in London each year as many as possible are making it to their sixth birthday - in reality only 20 per cent will make it this far.

"Business owners can't just put their head in the sand when it comes to growing pains; they have to overcome them and the best way to do that is with external advice and support".

The Business Booster campaign sees Business Link in London providing businesses with access to free support and advice to help them boost their business to the next level.

Businesses will be able to use the organisation's Online Business Review tool - which offers users a ten-minute reality check of their business online - to see how their business shapes up, along with access to local events, master-classes, fact-sheets, advice and consultancy.

Topics covered will include: marketing; recruiting the right people; employment law; finance and funding; tax and VAT; Sales and negotiating; moving your business to the next level.

Business Link in London also suggests five top tips for businesses to think about when it comes to going forward.

1 Assess current performance - and identify where your business is now.

2 Set a vision for growth - identify where you want to be.

3 Plan to grow - work out how to increase market share, develop new products and take advantage of commercial opportunities.

4 Lead staff through the growth - motivate current staff and take on new ones to fuel growth.

5 Manage the risks - look at the risk in each of the areas of your business and how to limit it.

For further information about growing your business please contact Business Link in London.

Business Link in London is a free and impartial business advisory service available to anyone starting up or running a small or medium-sized business.

It is the first place to go for high-quality, actionable information and practical advice to help business people succeed directly or with further expert assistance.

The service is available 24 hours a day, seven days a week through a dedicated telephone enquiry line and website or face to face at an event, local business surgeries or at your premises.

Business Link in London is wholly funded by the London Development Agency (LDA) to build a stronger small and medium business sector, help create and sustain jobs, and contribute to the economic prosperity of London.

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