Beating the odds. Daily.
As Light the Fuse celebrate our 10th birthday, I find myself both incredibly proud of what we’ve achieved for our clients, and thankful for the fun we’ve had along the way.
I know it hasn’t always been plain sailing. In some cases, the success we enjoy today has come at great personal sacrifice, for us, and the loved ones that support us every day. It’s only through the planning, creativity, dedication, expertise, hard work, and sometimes the sheer bloody-mindedness of our team that has enabled us to reach this immense milestone.
I don’t know the odds of making it to our 10th anniversary, but only 31% 1 of companies, in our line of work, make it to their fifth.
Business survival statistics like this bring into sharp relief the challenges facing business owners, everyday. They also continue to focus me, and the team, on the daily realities facing companies in the sectors we serve.
As company owners, we know all about the emotional roller coaster that comes with running and nurturing our own business. The peaks can be joyous. The troughs demoralising. Despite it all, I don’t know a single company owner that would voluntarily chuck it all in and return to a “safe” corporate job. However, now more than ever, running a business is challenging. After an extended period of global financial turmoil, we now have to face the challenges, and grab the opportunities, of Brexit.
Vibrant, Crowded and Noisy.
There’s no doubt that the UK’s ICT sector is incredibly vibrant. Its 219,000 1 companies account for nearly 6% 2 of the UK’s total GDP, over 4% 3 of employment, and the sector spawns 36,000 1 start-ups each year.
All of these companies are “making noise”; trying to persuade investors to invest; customers, journalists and analyst to say good things about them, their technology, or their products; or simply to convince customers to buy “stuff”. However, despite the passion, technical expertise and innovation of ICT companies, it’s a sad fact, only 47% 1 will survive for the long term; the rest will fall by the way side, within their first five years.
This astonishingly high failure rate isn’t due to a lack of vision, or technical expertise, but rather a failure to adopt an appropriate marketing strategy. Research shows that the top seven reasons why businesses fail, can be directly linked to an inadequate approach to marketing 4.
CHRIS BEGENT, CO-FOUNDER, SIXIS.
With a decade in operation under our belt, we know that in order to grow and thrive it’s essential to invest time and resources into developing and executing an effective marketing strategy. Don’t repeat the mistakes of the wrong half of the sector. Enhance your marketing and achieve your ambitions.
Grow and Thrive.
Light the Fuse has been helping telecoms, technology and IoT companies achieve their ambitions, since 2007. Our outsourced marketing services, delivered by a team with a proven track record, help companies to grow and thrive.
Let’s go on a journey and achieve your ambitions, together.
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1. Office for National Statistics, UK.
4. Hiscox plc.