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British businesses 'not working to plans'
10/04/2007
More than half of small businesses in Britain have no business plan, according to the latest research, which could mean their finances are not being managed or monitored effectively.
Accountants and business adviser PFK has found that just 45 per cent of British small firms have a plan, while nine per cent have neither a plan nor a business strategy.
"The research findings suggest that businesses are riding the wave of relative economic prosperity in the UK but many appear to be forgetting some business basics," said PKF corporate finance partner Mark Lister.
"Growth is generally good for business but companies need to understand the implications so that they don't create 'boom and bust' situations."
While 46 per cent of those British firms asked said that they had a strategy but no plan, a quarter of those asked said that there was no need for a plan because the "owner makes all the decisions".
Accountants and business adviser PFK has found that just 45 per cent of British small firms have a plan, while nine per cent have neither a plan nor a business strategy.
"The research findings suggest that businesses are riding the wave of relative economic prosperity in the UK but many appear to be forgetting some business basics," said PKF corporate finance partner Mark Lister.
"Growth is generally good for business but companies need to understand the implications so that they don't create 'boom and bust' situations."
While 46 per cent of those British firms asked said that they had a strategy but no plan, a quarter of those asked said that there was no need for a plan because the "owner makes all the decisions".