Home' Border Enterprise : October 2012 Contents OCTOBER 2012 ENTERPRISE DIRECT 21
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sixth study in the series which benchmarks
the planning practices of SME owners and
assesses the impact of recent global financial
conditions on businesses.
SME owners overall believe their business
is successful, however optimism about their
company's medium-term prospects has
dropped as extended difficult economic
conditions continue taking their toll.
The survey also revealed that 76 per cent
of SME owners now undertake formal
planning, which is a massive jump of 30 per
cent compared with 2011. This suggests a
clear shift in SME owners' focus on business
Andrew Graham, national head of business
solutions RSM Bird Cameron, said: "The
fact that the number of owners now doing
a formal business plan has almost doubled
shows that they understand its importance.
RSM Bird Cameron's experience also shows
that businesses which plan are the most
successful ones. It is great to see business
owners investing in this important process."
On the money front thinkBIG 2012
revealed that SME owners don't expect to
see an improvement in the availability of
finance in the next 12 months and believe
financing will remain tight.
Many business owners said they will still
employ strategies that involve investing in
the business, including increasing efficiency
through technology and injecting capital
into their business.
The survey also showed that 51 per cent
of SME owners continue to rely on re-
invested profits as their primary source of
funding for growth, consistent with 2011.
Significantly, less SMEs are foregoing their
salary, which is a positive change.
Mr Graham said: "Seeing more SME owners
relying on reinvested profits rather than
their own salary to fund business growth is
a very positive evolution. It shows that they
are able to fund business growth through
the success of their business and use their
salary to improve standard of living, rather
than putting everything back into the
"Following improved revenue growth over
the last two years, SME owners appear more
willing to focus on growth and are using
external expertise to plan their future", Mr
"Considering how complicated it can
be to run your own business, ensuring
everything is in order with regards to
tax, superannuation and so on, it remains
important for these business owners to get
advice from specialists. This will also help
maintain and grow their business."
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