What makes a successful business - part one (of three)

A number of years ago a survey of nearly 14,000 Australian businesses was conducted by Dr Alan Williams, PhD. He found that, in contrast to failed businesses, successful businesses were most likely to have certain characteristics.

The list is quite long so I've split it into three.

Five a day for the next few days!

The characteristics are:

• Better accounting records
• Records which were more frequently made available
• Better preparation for business ownership
• Consulted with a knowledgeable person or other source of information before starting in business
• Conducted a market survey to assess whether or not a market existed for their product or service

My thanks to my friend Ric Payne for bringing this survey to my attention many years ago at Boot Camp.