Barriers to SME growth
Recent findings from research conducted among 500 UK SMEs by top 15 chartered accountants Haines Watts drew some interesting conclusions around concerns of poor planning and communication being barriers to growth.
More than four fifths of business owners are only spending between 1% to 10% on the long-term planning of their business. Worryingly though, was that almost half of owners surveyed indicated that they lacked trust in their management team and their capabilities to grow the business. The knowledge and long-term business plan was also invariably locked in the heads of owners/co-founders.
The Haines Watts article concluded that this left management teams siloed, uninformed and restricted from stepping up.
With SMEs increasingly punching above their weight in job creation in the UK these are issues that need to be addressed.
It is imperative that SME owners spend more time on strategic planning, improve productivity through workflows and systems, consider partnerships/joint ventures, communicate a shared vision for the future amongst their staff and empower themthe freedom to deliver the future vision.