This week, Bank of Cyprus reported that almost half of SME’s across the UK have no business plan in place. The survey of 500 senior small firm managers revealed that 46% of SMEs do not have any business plan.
Having a coherent plan in place is important in terms of knowing where you want your business to go in the future and how you are going to achieve your goals. Any good franchisor will be able to help you set realistic goals for your business, and set in place a valuable business plan to help you achieve those goals.
"With the recovery around the corner, now is the perfect time for SMEs that have weathered the storm to take stock of their circumstances. Having a business plan can help ensure companies are in a strong position to take advantage of the opportunities that will no doubt arise from a more positive economic climate,' said Tony Leahy, Head of Communications at Bank of Cyprus UK.
If you are an existing franchisee, then take the time to set out goals for 2010 and work out how you are going to achieve those goals. As the UK economy is set for growth in the coming year, now is your chance to plan how you and your business can take advantage of the economic upturn. The early bird catches the worm after all!!
Or if you are researching franchise opportunities, remember to ask franchisors what their plans for expansion are and how they will help you grow your business in the future.