By Lyndsey Hall
Poor planning could cost UK small businesses £25 billion in extra revenue this year, according to research by the Centre for Economics and Business Research (Cebr).
The research, commissioned by npower Business, revealed that 26% of SMEs do not have a business plan in place and, as a result, are likely to be without basic objectives, revenue targets or a plan to manage cash flow.
Of those businesses which do have a detailed plan, 70% anticipate increased revenue growth in 2016, as a direct result of developing and implementing their business plan. SMEs with an effective plan expect to see growth of 8.2% this year; 1.6% higher than the revenue growth expected by the average small business in 2016.
This equates to a potential increase in revenue of £25 billion above what is currently expected.
Even for the smallest businesses, the increase in revenue from more effective business planning could equate to thousands of pounds per year. For larger SMEs, it could run into the millions.
Knowles Warwick offers clients a unique opportunity to get strategic with us. Clients are invited to spend the day with their advisors, either at our offices or their own, creating a strategic plan to help them achieve their business goals, on a Pay What You Want basis.Â
At the end of the day, the client is encouraged to pay however much they feel the advice and assistance they have received during the course of the day is worth to them. This allows us to serve the needs of both our smaller and larger clients, at a price that they feel comfortable with. As the level and amount of planning required varies from business to business, so does the price.
And, if they don’t believe the day has benefitted them and their business, then there is nothing at all to pay!
If you would like to find out more about strategy days, get in touch here or leave a comment below.Â
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