A lack of budgeting is often a likely contributor to business failures.
Alarming statistics released by the Ministry of Economic Development revealed only 28% of sole traders who started up in business in 2001 were still going in 2010. Only 46% of businesses employing five or fewer staff made it into 2010.
This happens in two ways, either they hadn’t planned well enough or they didn’t know how they were going until it was too late.
The easiest way to address both situations is by creating a budget for your business.
Contact us for more information on budgets and Key Performance Indicators (KPIs) for your business.