Surely you remember that old saying uttered across classrooms nationwide; “Failing to plan is planning to fail.” Well it seems that the nation’s entrepreneurs weren’t listening.
According to a recent report, many small business owners and those who have recently gone through the company formation and company registration process have done so in the absence of any business plan.
The report which was conducted by private investment company ‘ H.M Associates’ surveyed over six hundred companies, which had been formed over the last month and found that over fifty per cent had not gone into the company registration and company formation process with any codified business plan.
According to the survey over sixty per cent of company owners make business decisions based on gut feeling, rather than coherent strategy or forecasting.
Patrick Smallwood, founding partner of ‘H.M Associates’, comments: “The fact is, that in the current climate understandably many small business owners are concentrating on survival rather than top line strategy or planning.”