…. and this question applies to ‘one person’ businesses and ‘companies’ with premises and staff. Experience says that so many people commit so much time and efforts into starting and running their businesses that they do not have the time, or the confidence, or the experience, to try to develop a working Plan for their business ?
In every single situation over the past years, when a trading SME has come to our Business Hub for advice or assistance on creating a Business Plan, to plan the future development of the business, there have been the same range of operational and marketing issues to address … These are usually identified in the first or second meeting. Although there are usually business management or operational issues which are only identified, when detailed questions are asked about the current business operations. These might include current or planned marketing issues, pricing and margins, cash flow issues, or, a lack of management or sales skills in certain areas… Many businesses in need of advice or assistance, will have reached out in specific areas with the belief that a certain one is the ‘answer’ to their business requirement. These may include loans, or spending money on specific marketing ‘services’. One of these is very rarely the answer to a business’s growth.
But two answers to the question, ‘ Are SMEs scared to create Business Plans?…. Firstly , many do not believe the need for a Business Plan and were contented to graft away, with hope and whatever expectation. A marketing company recently advised that it had a ‘Business Plan’, but it was ‘out of date’ (and he sold ‘marketing services’ ! ). And secondly, many with ambitions to grow, just do not know how to start to define realistic business objectives and, how to even start to create a working Plan.
The latter are part of the future of SMEs in the UK. Those who want to grow and reach out for advice and specific help. They have recognised that they need external support and advice, as markets and marketing channels keep changing. But they must be prepared to accept that some of their internal financial, marketing and management systems might have to change for the business to grow.
It is recommended that if a business wants to grow, the principal has to reach out to at least 3 external ‘specialists’ or advisors, to get ideas on what has to be done by and for, the business. And plan to get an experienced business specialist to create the Plan with and for the Business,
That specialist must have experience in the SME sector, from the working ‘hands on’ level up, not just from the director or consultant level, down.
This cost will be repaid many, many times over,. And the first step is to make first contact with a Business Plan specialist, and this first discovery meeting is always free.
Published by Croydon Business Hub and Startup Assist UK