Implementing a business plan can have an extremely positive effect on revenue and growth.
Over a quarter of SMEs in Britain (26%) are putting their financial survival on the line by failing to follow a business plan, research by the Centre for Economics and Business Research (CEBR) revealed. Without a business plan, these firms have entered 2016 without any objectives, revenue targets or a plan to manage cash flow. Implementing a business plan can have an extremely positive effect on revenue and growth. The research, commissioned by npower Business, found that over half (51%) of the UK’s best performing SMEs are working to a detailed business plan. The research found that many small business owners are struggling to plan for the new year because they do not have the time or the tools to monitor company finances or make accurate business projections.