By Daniel Hunter
Knowing the best way to achieve growth is the top business challenge for company leaders according to new research. It finds that almost half (44 per cent) say a key challenge is knowing how to grow, with 30 per cent also citing defining a clear strategy for growth an obstacle.
The Working On Not In report from GrowthAccelerator shows that this is made more difficult for the two thirds of business leaders 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 16 per cent of business leaders spend the majority of their time planning for growth. The report shows that nearly half (47 per cent) of business leaders don’t force themselves to work regularly, or even at all, on their business strategy.
Similarly, 36 per cent revisit their business plans at most only occasionally with three per cent not even having a business plan. This lack of planning could be behind why half (50 per cent) of business leaders can’t describe their business objectives for the next 12 months ‘off the top of their head’.
“For business leaders, 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," Simon Littlewood, Director at GrowthAccelerator, said.
“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."
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