But small businesses need all the help they can get, especially in the early years – as the failure rate is high. In 2017-18, says the ABS, 289,161 businesses exited the market, or more than 5,500 a week. Only about 54% of businesses are still operating five years after inception. About 30% fail within two years, according to the Small Business Association (SBA). And according to start-up think-tank Startup Genome, there is a 90% failure rate for start-ups overall.
Clearly there is significant risk, with the prospect of severe financial penalty, involved in starting a business. But enough people love the idea to take that risk, for the chance to succeed and to create wealth for themselves and their families. Helping businesses plan for success while being alert to all the risks – and putting in a strategy to manage those risks – is what we do...
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