Small businesses still fail to plan

One in five small business loan applications were rejected last year, according to services and software provider Sage UK, research finds. APA believes it is much higher and suggests it might be closer to three in five.

The findings, which draw on more than 1,000 responses, also reveal that seven in ten small firms make use of their business plans to measure the performance of their company, but that only one in ten use their business plans to secure finance or funding.

Unsurprisingly, the research also identifies that under half of all firms (42 per cent) do not have a business plan at all.

Gareth Osborne of APA says: “Access to finance remains one of the greatest challenges facing small businesses today. However, there are a number of vital things owners can do to help themselves, such as ensuring they have a fully robust and up-to-date business plan in place. Their PAs can be a great asset in this area, we can train them to develop and assemble a great business plan from your ambitions and desires. Business planning is included in our Diploma programme and in other courses.”

APA