Small businesses have not done enough to put post-recession recovery plans in place, according to a new report from the Open University Business School.
Newbusiness.com said the report revealed that only 10% of small firms have put together a plan for the recovery and that those businesses with a plan were most confident about their immediate prospects.
“Just under a third of business owners with no plan in place said it was because the effects of the recession had not been significant enough for their business. A further 18% said recessionary effects on their customers are still too uncertain,” said Professor Colin Gray, professor of enterprise development at the Open University Business School.
“Although there are increasing signs that the economy overall may be turning the corner, recovery remains elusive for the 95% of all firms in Britain that employ fewer than 10 people.”
The question now is, What are you and your colleagues doing to plan your future progress? Are you specifically looking at ways to improve your cashflow or ROI? Which areas of your business are getting the most attention?
The answers to these questions may well dictate how quickly things pick up for you.