Archive for April, 2014

22
Apr
14

Failure to plan hits small businesses’ profits

Small and medium-sized businesses are being advised that failure to have a business plan in place could hit their profits – a warning that is backed up by new research.

According to the study, which surveyed 453 SMEs, 70 per cent of those with a business plan in place made a profit, compared to 52 per cent without a plan.

Of those polled, a third had not put a plan in place for the year, with two thirds of these saying they did not see the need for a plan.

Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw Chartered Accountants, said: “There is a saying that failing to plan is the same as planning to fail – and that is certainly true of a lot of small and medium-sized businesses today.

“While many business owners may not see the need for a plan, the fact is that those who do have a plan will see greater benefits in the long term, including increased profits.

“If your business is not where you want it to be then it may be time to review your business plan and if you have not got one in place then now is the time to take that step. Your local accountant can help you identify your business goals and then draw up a plan which can be reviewed on a regular basis as your circumstances change.”

For further information, please contact Christopher on T: 0114 251 8850 or email: chris.brown@hartshaw.co.uk.

Connect with Christopher on LinkedIn

Hart Shaw Business Recovery & Insolvency

Hart Shaw Chartered Accountants

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