A new report by GrowthAccelerator has uncovered the biggest challenges facing small business owners. The main problem for 44% of the small to medium sized enterprises (SMEs) is understanding how to achieve growth.
A further 30% have difficulty defining a clear growth strategy, and two thirds find it hard to devote enough time to growing their business.
Just 16% of respondents spend the majority of their time planning for growth, and almost half spend little to no time on their business strategy. Very few SMEs utilise their business plans: 3% don’t have a business plan at all, and 36% revisit theirs only occasionally.
Furthermore, half of the survey respondents can’t recall their business objectives for the next year ‘off the top of their head’.