New figures posted by Inform Direct have revealed that companies in Northern Ireland are more likely to survive for 5 years or more than in any other region of the UK. This is very much a feather in the cap for the N Ireland business community who are showing commendable resilience and fortitude in what have been very trying circumstances these last few years.
Dissolved Companies An Amazing 14% Lower Than The National Average
Here are the figures which have been copied from an article on the Yahoo News website:
‘It reveals that out of the 23,018 businesses formed in Northern Ireland between 2016-2018, 8,626 were dissolved over the next five years (2021-2023), equating to 37% of the total and an amazing 14% lower than the national average.
‘This compares to other regions in the UK with the lowest survival rates which were Wales with 58%, West Midlands with 57%, London 55% and North West 54%.’
These are pretty astonishing figures which if we can keep producing will stand the country in very good stead in the long term.
Northern Ireland Clearly Offers A Positive Environment For Business
Speaking about the above in the same Yahoo article, John Korchak, managing director at Inform Direct, who are a company secretarial and formation specialist, is quoted as saying that:
“Inform Direct carried out an analysis of businesses across the UK and their likelihood to survive five years from first being established revealing Northern Ireland has the highest survival rate.
“These figures show that Northern Ireland clearly offers a positive environment for business and an ongoing commitment to supporting the companies located there.
“Having the highest five-year survival rate in the UK is also testament to the ambition, creativity and resilience of its entrepreneurs as they navigate the many challenges facing businesses during the past five years, including the recent pandemic.”
I suspect that the recent upheavals that companies have had to deal with, including the Covid-19 pandemic, the huge rise in business energy prices on the back of the war in Ukraine, and of course now many businesses have been struck by flooding, have maybe put off some people from starting up their own companies.
But these figures just show what can be achieved if you stick to your guns and have a good product and a strong business plan to back it up. The more budding entrepreneurs out there that do take the plunge and start their own business the better it will be for the long term wealth of Northern Ireland.