Half of small firms start with no plan, survey says

According to a new study, 54 per cent of UK businesses start life without any kind of plan at all.

The research into running your own business, conducted by Panasonic Business Systems, also found that 53 per cent of men start with a plan, compared to 40 per cent of women. Over a quarter of those surveyed cited the major reason for wanting to be their own boss was the desire for more flexibility. One in ten women made the decision as they wanted a lifestyle change, or because of children.

Over 64 per cent of those surveyed said their PC and broadband connection were "indispensable", according to Panasonic Business Systems head Bob Tate: "The survey has revealed that attitudes to small business have changed and that they are able to compete on a level playing field with larger organisations thanks to the resources that now exist," he said.

"With the business equipment available today it is easy enough for a smaller business to produce high-quality documents. Other ways to boost the size of a company include a well developed website, indicating that an online presence is essential; good branding was also important.

"Reassuringly, even though today's self-made bosses are hugely reliant on technology, a massive two-thirds of those surveyed said that people were still their most important asset."

He said the survey showed there were no regrets from those who had gone it alone, with over 83 per cent saying that they prefer to be their own boss. "Over 60 per cent don't miss the boredom of being an employee and prefer the fact that they are a lot busier, " he said. "For 60 per cent of those surveyed, the biggest hidden expense was time and chasing invoices."

l Panasonic System Solutions is establishing its European operation to meet the demands of an increasing EU customer base.

The changes see former UK systems manager Simon Wright promoted to Head of Business Unit, giving him responsibility for operations at a European level.

The Panasonic System Solutions Company, based in Japan, will begin the operation for its CCTV business in Europe, in close cooperation with the countries' sales companies and Panasonic Marketing Europe.

Sales manager Paul Meehan will be responsible for the UK sales arm.