|What is a Successful Business?
Given the amount of time, effort and money put in to setting up and running a business, a good entrepreneur or business owner would want a long-term future from their business or a handsome offer to sell, the price being based upon the prospects of the business without the current owner there. So a successful business could be said to be one that has a long term and profitable future.
What nobody wants is for their business to fail, especially not in the short term before they’ve had a chance to recoup some or all of that time, effort, and money they’ve sunk in to it.
As a business owner you are unlikely to get a real return within the first 3 to 5 years of trading. There are exceptions and lucky ones but for the majority of us a business’s value is arrived at by its reputation and brand and in the way it is managed. These strengths take time to develop hence the 3-5 year time frame that is often used to assess the small and medium sized business sector performance.
So What Makes for a Successful Business?
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