Taking time out from the day to day running of your business to put a detailed strategy in place is the vital first step on the pathway to growth, according to a new report from business support organisation GrowthAccelerator.
Those who have taken the time to plan say it has put them, on average, 10 months ahead of where they would have been without planning.
Yet a third of small and medium sized enterprises say finding the time to take a step back is impossible, citing it as a bigger challenge to their growth prospects than the current economic environment.
63 per cent of those surveyed said they spend less than two hours per week actually leading their company, spending the rest of their time doing day to day work.
“Many business owners are consumed with the day to day running of their company, particularly if they feel they are under-resourced or managing change in the current economic climate,” says Simon Littlewood, director at GrowthAccelerator.
“However, while operational effectiveness is important, business leaders who want to achieve growth need to plan for it.
“A detailed strategy and plan can align management and allow a business to move forward, seize opportunities and unlock their potential, which could remain hidden if they simply focus on working in, not on their business.”