Time poor business leaders in the South unable to plan for growth
Knowing the best way to achieve growth is the top business challenge for company leaders in the South according to new research out today.
It finds that over half (55 per cent) say a key challenge is knowing how to grow, with 34 per cent also citing that defining a clear strategy for growth is an obstacle.
The 'Working On Not In Report' from GrowthAccelerator shows that this is made more difficult for 41 per cent business leaders based in the South who do not have enough time to step back from the day-to-day, to focus on a long-term strategy or determine how best to grow.
Only 15 per cent of South based business leaders spend the majority of their time planning for growth. The report shows that 40 per cent of business leaders in the South don't force themselves to work regularly, or even at all, on their business strategy. Similarly, a third revisit their business plans at most only occasionally with four per cent not even having a business plan. This lack of planning could be behind why 41 per cent of business leaders in the South can't describe their business objectives for the next 12 months 'off the top of their head'.
Max Adam, Director at GrowthAccelerator, said: "For business leaders in the South, knowing the best way to achieve growth is a sizeable challenge and an added pressure in changeable economic times. This combined with the time consuming demands of ensuring a business is running smoothly on a day-to-day basis, means looking forward with longer term planning can slip down the to-do list but it is essential for success."
Max Adam continues: "From our experience of working with high growth businesses to support them with reaching their growth potential, revisiting business fundamentals such as profit margins and their cash position and forming a solid business plan with strategies to reach their objectives are vital. Mapping an attainable path to growth is an invaluable process that enables businesses to move forward and invest confidently in their future success."
GrowthAccelerator is a service provided by the country's leading business growth specialists, which delivers uniquely tailored advice and support to fast-growing businesses. The service matches experts in business to companies with high growth potential, to provide a bespoke programme of coaching, connectivity, workshops and leadership training, all designed to help business owners and directors ensure their companies fulfil their growth potential. Further information is available at http://www.growthaccelerator.com.
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