Businesses are hurting their productivity by setting aside little time for planning and strategy, according to a survey.
The research, by the Department of Trade and Industry (DTI), revealed that although 95 per cent of firms were aware of the importance of planning for the future of their company, almost 90 per cent spend less than two hours each week doing so.
Bosses cited time constraints as the number one factor preventing them from undertaking planning strategy. Some 84 per cent were worried that they were not able to spend enough time looking at ways of improving their firm.
Respondents also revealed that they were forced to strategise outside of work hours.
Three fifths made plans whilst traveling to work, while 40 per cent came up with ideas late at night.
Another third admitted to contemplating changes at weekends, with a quarter setting aside holiday time to come up with ideas.
Andy Poulton, DTI best practice champion, said: “We’re trying to encourage businesses to follow best practice in all areas of their organisation and this includes spending a reasonable amount of their time on planning to improve their business.
“While it seems that there’s a trend to plan outside of normal business hours, the most successful businesses are those that have a systematic approach to planning and strategy.
“The better the plan, the better the performance.”
