10 April 2017
Whilst I think we’re all a little scared of growing up at times, for a business growing old and growing up is a real achievement, especially when you consider that 96% of businesses fail within the first decade.
According to business consultants Ormsby Street, four in 10 businesses don’t make it past five years and 91% fail after just one year of trading.
It’s hard out there for a budding business, particularly with the growing trend for finding funding early on, which I think just encourages spending where it’s not needed. You don’t need a fancy office or a flash car if your business is in its early days and you could invest that money into your team or your company’s development.
That’s something that my wife and I have always stuck to as business owners. We waited patiently and three years ago we were able to begin the development of UKFast Campus and the extraordinary workplace that that has proven to be.
Having less money, and being more stringent with what we did have in the early days meant that we had to be creative. It helped us find value in the small investments like fish and chips on a Friday or camping out in Wales for team building trips.
Ultimately that has stood us in good stead, we’ve been a consecutively profitable business for 17 years and we’re still growing. Recently we were honoured to be included in the FT 1000. The FT1000 lists the 1,000 companies in Europe that have achieved the highest percentage growth in revenues between 2012 and 2015.
The FT describes the businesses in the list as “Innovative and fast-growing companies are the driving force of the European economy in the 21st century. They generate jobs and sustain Europe’s competitiveness.”
I am extraordinarily proud to be included in this list and it is another step on the UKFast journey, and another sign that we are growing up.