The results from the Henchards 2015 one minute business survey are in…
In our survey, conducted during October, business owners who responded to our quick-fire questions revealed a strong focus on reviewing and refreshing their plans, however the plans seem to contain little preparation for when the business might need to run without the owners.
When asked about business planning 69% said that they had written or refreshed their plans this year, with only 6% saying they had never produced a plan. However when we asked about the business owner’s plans for their own time the story was in marked contrast.
If the owner was not around for three months 77% said that they had no contingency for running the company. The implication is that a period of extended illness would have a serious impact on the value of the business and any desire to take some time away would be limited.
The dependence on business owners was also emphasised by the response to our question on holidays. Only 31% of respondents during the summer took holiday with confidence that the business would run well while they were away. A further 31% either took no holiday or worked while they were away. The remaining 37% took time away but with some trepidation – we wonder how many of these were working part-time while the family went to the pool?
When asked about the focus for the remainder of the year the responses were well spread with business owners identifying a range of priorities. The highest specific response was for improving business processes (20%) followed by changing prices, launching a new product or service and focusing on improved time management.
Our final question concerned the EU, which is particularly topical given the recent launches of the ‘Leave’ and ‘Remain’ campaigns. Of the specific options available a small majority opted for ‘Remain’ being positive for their business, however by far the greatest responses were that the outcome of the referendum would make no difference to their business (46%) with 34% saying that they were not sure what difference the outcome of the vote would make.
Our thanks go to the business owners who helped us by providing one minute of their time to complete the survey. We are impressed that such a large majority of owners have committed the time and effort this year to business planning but would impress upon them the importance to their health and wealth of extending that planning to ensure they can take time away from the business. Once that step is in place you are well on the way to the business being able to generate income and wealth without you being tied to it every day of the week.
To explore this further contact us today.