The 2022 Business Radar Report was recently released by Pitcher Newcastle. Surveying 400 businesses of varying sizes across Australia, the outcome was surprising.
Only 15 per cent of respondents said they were comfortable looking more than five years ahead into their business’s future with COVID disruptions, supply chain constraints and inflation present.
The report also highlighted that only one-third of those decision-makers had mapped out the next six to twelve months, with 29 per cent listing unforeseeable events as their primary barrier to success.
Partner at Pitcher Partners, Gavin Debono, said, “There’s a very strong correlation between having a clear strategy and long-term plan, particularly that covers succession and being a more confident business. If you find yourself at the mercy of every change, it becomes increasingly hard to keep disruption in focus, which translates to a sense of losing control.”
Have you looked five years into the future when it comes to your business?
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