The Backbone of the Economy
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Graph data source: U.S. Bureau of Labor Statistics
Small and medium enterprises (SMEs) are pivotal to the global economy, representing approximately 90% of all businesses and accounting for over 50% of employment worldwide. In emerging economies, formal SMEs contribute as much as 40% of national income (GDP). With the World Bank projecting a need for 600 million jobs by 2030 to support a growing global workforce, the development and sustainability of SMEs are more crucial than ever.
Despite their significance, SMEs face high failure rates. In the United States, about 20% of small businesses fail within their first two years, and around 45% fail within five years, according to sba.gov. The situation is similar in the UK, where 20% of small businesses fail in the first year and 60% within three years. India reports comparable, if not higher, failure rates. Notably, businesses with fewer than ten employees often have lower success rates.
Despite their significance, SMEs face high failure rates. In the United States, about 20% of small businesses fail within their first two years, and around 45% fail within five years, according to sba.gov. The situation is similar in the UK, where 20% of small businesses fail in the first year and 60% within three years. India reports comparable, if not higher, failure rates. Notably, businesses with fewer than ten employees often have lower success rates.
Why Businesses Fail?
Successfully running a business involves mastering various complex aspects, such as customer relations, product development, marketing, branding, competition analysis, logistics, and financial management. It is challenging for one person to excel in all these areas simultaneously. Take our Panorama Assessment Tool (PAT) to evaluate your proficiency in these domains.
Entrepreneurs often possess unique qualities such as vision, high-risk tolerance, and a passion for problem-solving. Many believe they can manage every aspect of their business single-handedly. While this might be possible, it often demands substantial time and resources.
Entrepreneurs often possess unique qualities such as vision, high-risk tolerance, and a passion for problem-solving. Many believe they can manage every aspect of their business single-handedly. While this might be possible, it often demands substantial time and resources.
Source: Panorama Management Advisory Services.
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A Tool for Business Success!
At Panorama, we developed our Panorama Assessment Tool (PAT) in response to the high rate of business failures. Our goal was to offer a simple, cost-effective solution for businesses at various stages of growth. The PAT guides you through a structured assessment process, helping you visualize and understand the critical areas of your business that need attention.
Our premium package allows team members to take the assessment together, providing a platform to compare and analyze data, thus identifying misalignments and promoting cohesive teamwork. This data-driven approach eliminates guesswork, guiding you where to focus efforts to achieve better alignment and success.
PAT is designed for convenience, enabling you to take the assessment anytime, anywhere, without scheduling hassles. The instant report feature ensures you don't have to wait to receive your business assessment results. PAT identifies areas of challenge and provides tailored recommendations to address your specific needs.
Panorama is committed to empowering entrepreneurs by offering various packages, including a trial version, so they can experience our services before committing.
Our Guarantee: you will gain valuable business insights from the PAT assessment, sparking new ideas and strategies for improvement. Are you ready to enhance your business operations and strategy? Why not start now?
Our premium package allows team members to take the assessment together, providing a platform to compare and analyze data, thus identifying misalignments and promoting cohesive teamwork. This data-driven approach eliminates guesswork, guiding you where to focus efforts to achieve better alignment and success.
PAT is designed for convenience, enabling you to take the assessment anytime, anywhere, without scheduling hassles. The instant report feature ensures you don't have to wait to receive your business assessment results. PAT identifies areas of challenge and provides tailored recommendations to address your specific needs.
Panorama is committed to empowering entrepreneurs by offering various packages, including a trial version, so they can experience our services before committing.
Our Guarantee: you will gain valuable business insights from the PAT assessment, sparking new ideas and strategies for improvement. Are you ready to enhance your business operations and strategy? Why not start now?
About the Panorama Assessment Tool
Our Assessment Tool is designed to be your strategic partner, providing comprehensive insights into your business strategy ranging from your vision to your operations.
Why Choose Panorama?
Panorama recognizes the uniqueness of your business. Whether you are:
Our tailored assessments ensure you receive data that aligns precisely with your business needs, empowering you to make informed decisions and drive your business forward.
Unlock the potential of your business with Panorama, your partner in strategic growth and operational excellence.
Why Choose Panorama?
Panorama recognizes the uniqueness of your business. Whether you are:
- ● A startup carving your path
- ● An SME optimizing operations
- ● An established enterprise aiming for continuous improvement
Our tailored assessments ensure you receive data that aligns precisely with your business needs, empowering you to make informed decisions and drive your business forward.
Unlock the potential of your business with Panorama, your partner in strategic growth and operational excellence.
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