Small businesses shown 'blueprint for success'

People setting up a small business with a share certificate have been advised to follow six key factors that will provide a 'blueprint for success'.

Recommended by Warwick Business School, the factors include flexibility, business process efficiency, marketing, human resources planning, growth ambition and research and development.

By following three or more of the factors, businesses can grow up to a third faster than those implementing two or less, claimed Stephen Roper, professor for enterprise at the Business School.

Research by the university revealed that 57 per cent of small-to-medium-sized businesses fail to undertake more than two of the recommendations.

Professor Roper commented: "A number of these factors are simply about trying to encourage small businesses to lift their eyes a little bit from the needs of the day.

"It's about thinking about future business planning, like planning your marketing and thinking about how you plan human resources over the next six to nine months."

He added that firms should "take a strategic rather than an ad hoc approach to business management".

Posted by Morag Lyall

Published on: June 2, 2010

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