If so then you’re not alone according to npower Business. They claim that one in ten small and medium sized enterprises are putting their financial future on the line by refusing to follow a comprehensive business plan.
1000-key decision makers from UK SMEs were questioned about their plans as part of the research. It was found that many had scribbled down their projections for the future at the time of seeking initial finance and then never looked at them since.
‘Post-it-note planning’ as it’s known, emerged as the favored option of a third of hospitality and events companies and a quarter of logistic companies also rely on this form of short planning.
So are you a post-it-note planner or do you consider yourself to be more of a mini-planner, detail addict or presentation planner? These were the three other categories of business planning identified in the research. A ‘Mini-planner’ is someone who is defined as preferring to draft bite-sized plans on smartphones and tablets (24%), a ‘Detail addict’ produces a detailed full-scale plan (50%) and a ‘Presentation planner’ aims for a visually pleasing presentation before they start trading.
Head of Businesscomparison.com Philip Brennan comments,
“Whatever kind of business planner you happen to be, the important message from this research is that it’s crucial to keep on top of the direction in which you are taking your company and your finances. Small and medium sized enterprises are waking up to the fact that financial business planning needn’t be a major headache. Fighting your way through bank managers and accountants should no longer be an issue. Alternative lending allows small business leaders to take control of their financial affairs without having to jump through hoops. We set up businesscomparison.com to save small enterprises time and money by allowing them to search for the financial assistance best suited to their business plan.”