- June 7, 2019
- Posted by: Sandeep Singh
- Category: Succession Planning
We asked SME owners about the risks in their business – by completing our one-minute Business Risks Survey they identified key indicators of their business’s strengths and weaknesses and pinpointed areas for improvement. Their responses are set out below (from 245 SMEs in the period 1 January to 31 December 2018).
- 66% can produce accurate financial information for each key product/ service category
- But only 28% know how they compare to industry benchmarks
- 77% are responding to changing customer demands
- 56% have analysed the impact of changing technology on their industry & business
- But only 40% had identified their top 5 Business Risks
- 59% have staff engaged in growth
- But only 37% have documented Growth Plans
- Only 23% have succession plans in place to reduce owner reliance
- 36% currently have enough assets* to fund their next venture or retirement
- But only 48% have taken steps to protect their assets from a ‘trigger event’
* apart from their business
Are you using the information you have, to run a better business? We can help you access the right benchmark information for your business, and show you how to make the best use of it, to maximise your opportunities!
Let our reliable team here at Astute Advisory Group help you accelerate the growth of your business and keep it growing for many years to come. To kick things off, simply contact us for a free consultation or complete our Business Risks Survey.
Our Business Risks Survey comprises of 10 questions that would help you identify key risks in your business. Once you’re done answering, you’ll receive a personalised Business Risks Scorecard. It only takes 1 minute of your time and we highly recommend you complete the survey before we proceed.