New research has revealed that six out of ten small and medium sized businesses are only planning ahead for the next 6-12 months.
The study by npower questioned 500 small and medium sized businesses, and found that the lack of forward planning was down to the uncertain economic climate and income.
Another 42% said day-to-day running of their business was holding them back from making longer-term plans, and agreed that more time and resources would make things easier.
Most of the small and medium sized businesses (55%) said they recognise the benefits of long term business planning, and would like the chance to plan further ahead.
Phil Scholes, SME markets director at npower says, ‘It is encouraging to see many SMEs wish they could plan further ahead. While the stability of the economy, which many SMEs cite as a key barrier to forward planning, is not something businesses can control, there are some steps they can take to help.