Shweta Jhajharia explains why over two and half million UK businesses are unable to break the coveted £1 million threshold and highlights three areas that might just hold the key.
The majority of businesses never reach the £1M turnover mark – a level often used to benchmark firms. This is significant because most business owners, when they first started, envisaged not just a multi-million pound business, but a multi-billion pound business.
Statistically, only 4% of business owners ever reach the £1M mark and further, only 10% of these businesses (that’s 0.4% of all business owners) ever reach the £10M mark.
So the question is; what's holding back more than 2,500,000 businesses, across the UK, from crossing that coveted £1M mark?
Having worked with hundreds of businesses over the last several years, I have discovered that there are striking differences between the ‘micro’ business owner and the owner of a £1M enterprise:
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