2 minute read
SME survey
Is having a business plan important?
I remember an insolvency practitioner once telling me that 7 out of 10 of the clients he dealt with didn’t have a business plan. I guess you could argue that statistic alone would suggest that having a plan in place is important?
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In this survey (47 respondents), 87.2% thought it was important to have a business plan (which is good news). However 1 in 10 felt that it wasn’t important. Unfortunately the survey didn’t ask a supplemental question as to why those people felt it wasn’t important – may be a question for a future survey?
The next question was actually “Do you have a business plan?” In this instance, 68.1% said they had something in place; still leaving around a third that didn’t. Fortunately, a supplemental question was asked in this case as to what got in the way of putting a plan together. The responses were as follows:
■ I don't need one x 4
■ Nothing - I'm working on it x 3
■ Time to write one x 3
■ Knowing how to write one x 2
■ It's not important x 1
■ Can't afford to outsource it x 1
Whilst I am sure there are successful businesses out there that have survived without a business plan, I think the consensus is that having a written plan for your business can only enhance rather than hinder your business.
A business plan does not have to be complex, in its simplest form it can be a list of goals that you what to achieve over the next 12 months for example. Some businesses may prefer to put a bit more meat on the bones and create something a little more comprehensive that breaks down the plan into the separate “pillars” of business; looking at each in turn to establish the overall intent and direction for a business.
Whatever option you take, and often what is missing in most plans, the only way forward in any business, is to take action in line with what you want to achieve.
Business plan in place or not – good luck with the success of your business.
Do you think having a business plan is important? Do you have a business plan?
Get involved
To take part in the next survey – How important is social media to your business? – visit here: https://forms.gle/ JSBaqqjgoJJNDhC3A. The results will be shared in the next edition of this magazine.
