Research house Bstar, in conjunction with SV Partners, also found in its 2016-17 SME Research Report that only 34 per cent of SMEs spend time on strategic planning.
Further, 95 per cent of SMEs believe opportunities exist to grow their business, however only 22 per cent have a plan in place to grow their business’ value.
Almost half of SMEs also have an “urgent” succession planning need, with 90 per cent lacking a formal succession plan.
Also, 70 per cent of SMEs believe their business has key person risk, with only 30 per cent believing their business can operate without them.
“Accountants are well aware of the opportunity to advise in this space, and they need to do more, but previous research we’ve done shows there is low action,” Grant Bloxham, chief executive of Bstar, told AccountantsDaily.
“SMEs are clearly searching for a trusted adviser. I think accountants can be more proactive and create serious opportunities for their practice,” Mr Bloxham said.