SMBs falling down on forward planning, warns npower

Thursday 14 February 2013

Business

Many of the UK's small and medium-sized businesses (SMBs) are failing to plan for the long term, a new study has revealed.

Research conducted by energy supplier npower revealed that six in ten small companies are only planning between six and 12 months ahead.

For 42 per cent, the day-to-day running of a business is preventing long-term plans being made.

Some 55 per cent of SMB bosses wish they could plan further in advance, npower found.

Phil Scholes, SMB markets director at npower, said this statistic is "encouraging".

"While the stability of the economy, which many SMBs cite as a key barrier to forward planning, is not something businesses can control, there are some steps they can take to help," he stated.

"For example, businesses may look to fix the cost of overheads where they can such as choosing a fixed energy tariff, to help provide the certainty and confidence to plan ahead."

Mr Scholes said that while the research reveals many companies are failing to plan for the future, others are taking steps to keep costs in check.

This is making planning for the long-term success of the business easier, he added.

Posted by Alex Boardman