It finds that almost half of firms (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.
Its Working On - Not In -Your Business report 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 activities, to focus on a long-term strategy or determine how best to grow.
Just one in six business leaders spend the majority of their time planning for growth, the report states.
Simon Littlewood, director at GrowthAccelerator, said: “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.”
ADVISER COMMENT
Keith Thomson, director of investment services at Blackadders said: “The big issue for many firms is ensuring leaders are not involved in the day to day and so don’t lose overall focus. They have to step back and have a clear vision. But in our industry, regulation and a general smoke- and-mirrors approach can distort this clarity especially as leaders take on so much responsibility personally. My experience is that consultants tell us exactly what we know and give us solutions we can come up with ourselves even if we have not done so. There is no magic wand: you’ve got to hold the wand itself and make it happen.”
