Poor planning 'could cost companies dear'

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Business leaders need to plan for success in 2016

New research has highlighted the considerable proportion of UK businesses that are running the risk of under-performing in 2016, as many firms are yet to put in place a key business plan for the year ahead.

Data compiled by the Centre for Economics and Business Research (Cebr) on behalf of npower Business has shown that small to medium-sized enterprises (SMEs) up and down the country could be losing out on billions of pounds of additional revenue by failing to effectively plan for the future.

Overall, the research revealed that more than one quarter of UK SMEs (26 per cent) have entered the new year without basic objectives or targets in mind for what they wish to achieve in the coming year, as well as how they hope to go about this.

Furthermore, the study showed that more than half (51 per cent) of the nation's best-performing SMEs do have clear goals in mind for the coming year and crucially, they know how they are going to set about achieving these aims.

As such, the Cebr data has forecast that those businesses currently failing to plan for the future could miss out on combined revenues of up to £25 billion this year.

Laura Holdgate, senior economist at Cebr, commented: "The research suggests that more effective business planning among the UK's SMEs is directly linked to better business performance.

"SMEs have the potential to experience higher turnover growth as a result of more effective business planning, in turn boosting UK plc."

Indeed, delivering enhanced performance through effective planning could go a long way towards helping the UK's SME sector to bolster the nation's economic performance as a whole in 2016.