Fast growth SME's are not the norm. Quite the opposite, per the FT, two thirds of starts up have gone under by year 7. So what do the fast growth SME's have that the others don't is it luck or skill?
Luck does play its part. Sometimes being in the right place at the right time can make a huge difference. I've seen some of SME's biggest clients come from unlikely situations. The odds of it happening were small, but possible. I've also seen strong management teams being caught up in external factors just outside their control. Even the best team can't prepare for the infinite eventualities the world can through up at it. Sometimes it is just plain bad luck that strikes us all.
So luck plays its part for a growing business, but over the years I've become more and more convinced skill is underplayed. What do I mean by that? I mean there is an enormous amount that the majority of SME's can do to improve their odds of growing and becoming more successful. What this entails I'll be covering over future posts this year.