Small firms offered 'blueprint' for success

Date: 3rd June 2010

Small businesses in the UK have been offered a "blueprint" for success by a leading business school.

On behalf of the Royal Mail, the Warwick Business School developed the document, which said businesses will increase their chances of success by focusing on flexibility, business process efficiency, marketing, human resources planning, growth ambition and research and development.

However, further research by the school has revealed that more than half (57 per cent) of the UK's small businesses admit that they are focusing on no more than two of the six recommendations.

According to the school, if these firms adopted all six, they would prevent their rivals gaining an advantage and help contribute an extra £15 billion to the economy.

Professor Stephen Roper, professor for enterprise at Warwick Business School, said: "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."

Posted by Thomas Fletcher