Almost Third of Small Businesses Think a Business Plan is Irrelevant
Almost a third (29%) of small and medium sized businesses don’t have a formal business plan with 43% asserting that a plan is not important, according to the latest Close Brothers Business Barometer (CBBB). Of the remaining number of business owners without a plan, 20% say that they prefer to keep an informal plan in their head and 15% believe that, although a plan isnot completely irrelevant, an official business strategy is not a priority. The survey also found that, of the small businesses who have a formal strategy in place, 14% only review their business plan every two to five years. Small businesses could be missing out on opportunities to grow by not having (or failing to review) a formal business plan, with a recent Barclay’s report (also highlighting the number of small firms with... »