Formal Business Plan

Less Than Half of Small Businesses Have Formal Business Plan

A quarter of firms have no growth strategy at all in place Less than half (47%) of small businesses have a formal business plan in place, according to the latest research from Barclays, with an additional 25% only having a verbal, informal, plan established. The remaining (23%) of firms don’t have a growth strategy in place at all and only 49% have a succession plan, indicating that whilst small firms are growing (recent updates to the Government Growth Dashboard revealed small and mid-sized business turnover and profit increased in 2014) they could be impeding further progress by not focusing enough on growth plans. The report found that small businesses in the South and the East, who usually perform better than the rest of the country, are more likely to have a business plan in place tha... »