Just 45% of British small to medium enterprises have a business plan opines
In a survey 46% of respondents claimed to have a strategy but no plan and a further 9% say they have no plan at all, with 25% arguing that the owner makes the decisions and 17% saying they have no time to come up with a plan.
In the current economic environment, businesses are confident they don’t need a plan to survive and succeed. Sixty-five percent of companies interviewed were projecting growth of up to 25% this year with a further 23% expecting even greater growth. Almost a third of companies are planning to make at least one acquisition in 2007, with 66% looking to acquire a competitor.
“Effective planning is critical when building a successful business and, while companies can succeed without proper planning, the most effective are generally those that are aware of the opportunities and threats in the marketplace so that they can plan how to achieve targets and monitor their progress. Growth is generally good for business but companies need to understand the implications so that they don’t create ‘boom and bust’ situations.”