Firms failing to plan ahead

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THE region is dominated by small business owners and entrepreneurs with visionary plans for substantial growth are thin on the ground, a key business survey has found.

Most bosses have no plans to relocate to get ahead - only eight per cent are considering a move to Enterprise Zones to take advantage of tax breaks.

More than half do not have a business plan. Of those that do, most are for only one year.

The Yorkshire and Humber Entrepreneurs Survey was written by law firm Nabarro and accountants BHP after interviews with bosses at 78 companies established in the last 10 years.

It states: “There is an unwillingness to take on the attributes to develop a growth business, suggesting the region has many more business owners than gazelles.

“It is difficult to see how these companies will fulfil their potential to grow when there appears to be so little forward thinking and planning.”

The findings will cause dismay for the Government which hopes to make this decade ‘the most entrepreneurial in the UK’s history’.

Bosses were asked about Government initiatives aimed to stimulate economic growth, but 65pc had not heard of them. Only 53pc knew of Government mentoring schemes.

Only a quarter of businesses had tried to borrow from a bank. Two-thirds who applied were successful, suggesting banks were not ‘closed for business.’