Notes

As a business owner, you should always be prepared for the unexpected. We live in volatile and unprecedented times, and there are so many variables and risks that you should take into consideration if you want your business to survive. A great example of this was the covid-19 pandemic that created an immense amount of challenges for business owners, especially those that have businesses within the tourism, hospitality, and entertainment industries. Business owners that employed business survival strategies were much more likely to cope with the pandemic and keep their businesses going than those that weren’t prepared.

In this article, we’ll have a look at what business strategies are and some of the most effective business survival strategies, some of which are incredibly easy to start using in your business today. At Real Business, we are passionate about educating small business owners in the UK, and we believe that business survival strategies are essential for minimising risks and external factors that could have a detrimental effect on your business.

It’s time to prepare for anything!

What are business survival strategies?
Business survival strategies are a wide range of different strategies and tactics that business owners make use of to give their businesses the best chance of survival. The recommended strategies will often change depending on what business expert that you’re speaking to, as well as the dynamics of your business. There are hundreds of examples of business survival strategies. The trick is finding out what will work best for you.

Why do business owners use business survival strategies?
In the UK, around 20% of new businesses fail each year, and it’s estimated that only around 5% of new businesses ever reach their 5th birthday. It is quite a staggering statistic and can be incredibly daunting for new business owners.