Corporate strategy may be left behind in small businesses due to the difficult economic climate, but the Chartered Institute of Management Accountants (CIMA) have warned against letting strategy slip.
Thinking about the long-term has been advised as the best option for the survival of small and medium businesses by the group of accountants, which has launched a campaign, Strategy Under Stress, to help small companies make the right decisions.
Short-term decisions have led, in part, to the current recession, according to innovation and development specialist for CIMA Gillian Lees, and small businesses should be looking to the future.
"This is particularly crucial for small to medium businesses across the world as one hasty decision can ultimately wipe them out", she said.
Peter Mandelson said that small firms were being left "high and dry" during the current recession in a showing on Panorama last night, emphasising the need for good account management.
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