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Success in challenging times: Key lessons for UK SMEs

Success in challenging times: Key lessons for UK SMEs

Gray, David E. ORCID: 0000-0002-3881-5083, Saunders, Mark N.K. and Goregaokar, Harshita (2012) Success in challenging times: Key lessons for UK SMEs. Project Report. Kingston Smith LLP, London, UK.

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Abstract

There are approximately 4.5 million small businesses in the UK providing 13.7 million jobs, half the private sector workforce in 2011. However, while Small and Medium Enterprises (SMEs) are of importance, it is their durability that can be considered of greater significance. The precarious nature of SME existence has been well documented. Only about 65% of small businesses are still trading after the first three years of initial start-up. After five years, less than 45% of businesses will have survived. Put simply, small firms are more likely to die than larger firms. Indeed, other than size per se, the higher likelihood of death is what distinguishes small from large firms. Much of the research into small firms has focused on their failure. The danger of this approach is that it identifies what has gone wrong, but may fail to discover what they need to do right. The approach of the current study, then, is to focus on the triggers that lead to SME success, as a way of highlighting more effective strategy decisions for firms themselves, and to inform better policy decisions for government. A return of over 1000 survey questionnaires completed by SME owners/directors or senior managers, 20 in depth interviews and 14 focus groups, makes this one of the largest surveys into the strategic management of SMEs in the UK.

Item Type: Monograph (Project Report)
Additional Information: [1] The Surrey Business School at the University of Surrey was commissioned by Kingston Smith LLP, a top 20 chartered accountancy firm, to conduct a research study into the ‘triggers for SME success’. [2] A summary report also published (official link).
Uncontrolled Keywords: SMEs, success, finance, cash flow, liquidity, social capital, social media, innovation, learning orientation, outsourcing
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HF Commerce
Pre-2014 Departments: School of Business
School of Business > Leadership and Organisational Behaviour Research Group
Related URLs:
Last Modified: 14 Oct 2016 09:26
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
URI: http://gala.gre.ac.uk/id/eprint/11191

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