Business Success Rates

People often wonder about business success rates. Well, a while ago, the Australian Bureau of Statistics (ABS) put some more data out on this.

In the between July 2017 and June 2018 there were 343,888 new business created.

By June 2019 only 76% of these were still in business.

By June 2020, only 62% of these were still in business.

By June 2021, only 51.9% of these were still in business.

Looking at this another way, after 3 years the business success rates are around only 1 in 2 businesses surviving.

And, surprisingly, this is only down marginally on the:

2020 data where 53.3% of 328,205 new businesses in 2016 – 2017 survived 3 years.
2019 data where 53.6% of 310,435 new businesses in 2015 -2016 survived 3 years.

And one of the key reasons why nearly 1 in 2 new businesses don’t survive more than 3 years is poor cashflow management. Another is poor strategic management of the business.

If you want help to improve your your businesses chances of being one of the businesses that last more than 3 years, contact me below.

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Contact Wayne Wanders for your FREE Business Survival Session

To ensure I help your business specifically, the best approach I have found is to have an obligation free session with you. In this session we will review your current business in a factual and objective manner, to better understand the challenges that you face. And this session does not need to be face to face. At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times. Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.

To get help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times, simply use the contact form on the left to email Wayne or call him on 0412 227 052.

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Let Wayne Wanders, a fully qualified and experienced CFO, help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times. Wayne Wanders, A Real CFO wayne@aRealCFO.com.au

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