“Catastrophic 20% of businesses failing in first year could be avoided”
An acclaimed marketing industry leader has spoken out about the tragic waste in the economy following statistics showing that new businesses are being launched at record levels but with 60% failing within their first 3 years.
But Andy Davies of the award-winning Focus Digital Marketing agency maintains that “we’re just storing up problems for the future.”
He explained: “When you consider that currently, 20% of new businesses will fail within their 1st year and even if you make it through the treacherous first year, a further 60% of new businesses will fail within 3 years, it’s a tragedy. Firms have got to consider a more sustainable, holistic way of growing a business and not just because of economics. It can’t just be about numbers.
Davies continued: “We’re acutely aware as a society of the pandemic toll on our stress levels and mental health. According to the Office for National Statistics, nearly 400,000 UK companies closed in 2020 and it is predicted a further 250,000 will have folded in 2021 once the data lag has caught up.
“What’s hidden in there is the stress and insecurity this creates in all those affected, from owners to employees plus all their family and friends.”
Davies, a fellow of the CIM Chartered Institute of Marketing along with Sian Cunningham, a fellow of the Institute of Data & Digital Marketing, has conducted in-depth research into the reasons behind these statistics.
Davies maintains: “It’s clear from our findings that the overriding cause of failure is the profound weaknesses in too many businesses not having a clearly defined marketing approach.
Simply put, the lack of information in this critical area from both a knowledge base and planning/implementation is in complete contrast to the huge amount of passion and purpose what’s gone into trying to make a success of the business. That includes e.g. brand development and sales generation. It’s all about developing a holistic marketing mindset.”
Davies in his career to date which spans more than 5 decades has primarily focused on the blue-chip IT sector but his knowledge and appetite to help all kinds of businesses, large and small is unyielding. And that’s despite a Multiple Sclerosis diagnosis 10 years ago.
“That period of my life provided time to gather the wealth of knowledge I have, focus on my own passion and purpose for the remainder of my career and make all of it relatable and practical for all small business owners.”
Davies and Cunningham went on to devise and develop an enhanced online marketing training course tailored specifically to help start-ups & SMEs thrive instead of becoming another statistic.
18 topics including tips on how to implement marketing ideas plus real-life examples of where businesses have got marketing and branding right, along with big names that have failed sets the tone for the course content.
“Despite the alarming statistics, banks and in fact, the entire business community are encouraging start-ups, and on first impressions, it’s a good news story. However, the statistics clearly show how many will fail.
“All we’re doing as holistic marketers is asking that same community to support these new firms who are risking everything by encouraging a holistic responsibility ensuring that every new business wherever possible, has access to marketing knowledge they will need to avoid becoming another statistic.”
Companies and organisations wanting to understand more about the online course can obtain a code and access into all three modules to help gain an initial understanding of the course. https://www.marketing-essentials-training.co.uk/
Editor’s Note:
Up to 50% funding is available for qualifying firms. Modules can be purchased separately for £79.00 or as a bundle for £159.00. Funding is available for qualifying firms of up to 50% which brings each module down to £39.50 or as a bundle for £78.00. A panel of industry experts ready to answer specific marketing or branding questions is also available to assist all those signing up.
