Success of Small Business Owners

Luck does not play a big role in a firm’s success according to nearly 3 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 – for growth and unexpected emergencies – was seen as a top priority for business owners.

Other findings from the study include:

  • poorly-performing SMEs cited back luck as one of the top 3 causes
  • good luck did not feature in the top 5 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.