Monday 2nd August 2010 - Published by Lara Page - Account Manager
SMEs told: 'Mind the knowledge gap'.
A COMPANY that specialises in delivering financial and business management support to SMEs says smaller firms are struggling to access the information they need to make the right decisions.
Suttongate Consulting Ltd, based in the West Midlands, started a debate on the business networking site LinkedIn to gauge attitudes towards business information and strategic planning among SME owners.
Dominic Sears, Suttongate Managing Director said: "The exchange showed widespread agreement that small companies did not have sufficient information while many were unsure how they could gain from strategic planning."
Of the 40 people to respond to the statement "Do SME’s have sufficient Management Information?", an overwhelming 90% said SME’s either lacked the information or couldn’t easily access it due to a lack of resources or experience.
Comments from LinkedIn members included: "The lack of management information is because some businesses do not see it as a problem, whilst others are aware of the problem but choose to do nothing because of the cost implications and uncertainty over the benefits of having the information."
Dominic also asked about strategic planning, again 90% believe businesses don’t do sufficient strategic (forward) planning. "A lot of SME business owners do not devote sufficient time to producing strategic plans or exit strategies. With the right information and financial partner they could make there (sic) lives a lot easier." commented one member.
Dominic Sears said: "We are not accountants. We're far more concerned about what's happening today and what's going to happen in the future, and less so about what happened last year! We don't "save you something on your tax bill." We help you to pay far more tax!"
Suttongate works with SME owners to help make their businesses 'easier and more rewarding to manage'. With 20 years of experience the company says it aims to 'promote sustainable growth and improved profitability'.
Suttongate PR4 - August 2010 LinkedIn Surveys - a pr2go story
