Just one in 10 small businesses succeed in meeting their original goals, according to the results of new research.

A survey into how owners of small and medium enterprises (SMEs) perceive their achievements compared to their initial dreams found only 10 per cent were happy with the way things were working out.

The researched looked at various areas of business, including revenue, growth and work/life balance, and found that 90 per cent of owner/managers considered themselves to have failed in some way to realise their ambitions in full.

"The majority of small business owners are overworked and underpaid - not a great combination for running a successful business and attaining personal ambitions,” said Mark Norden of Nordens Chartered Accountants which commissioned the study.

“Planning and regular reviewing of progress against goals is a must, but is often overlooked.”

In the first quarter of this year more than 4,500 news businesses were registered in Scotland alone and as more people face the prospect of changing careers in the current economic crisis that figure could grow in the next 12 months.

Our View
There were more new businesses formed in Scotland in the first quarter of 2010 compared to the same time 12 months ago and more are likely to start up as private enterprise tries to fill the gap created by the proposed cuts in public spending.

When people start out in business it’s often because they have a burning passion for what they do or they’ve identified a gap in the market, but as many find out keeping things on track requires a level of organisation few are prepared for.

It has never been so essential that all business owners, new or experienced, learn to plan their work then work the plan.

The last few years have been difficult and the tough times are not over yet but business owners can make it easier for themselves if they learn to focus on a realistic plan of action and follow it rigorously. Only by setting goals and constantly reviewing achievements can progress be measured and momentum maintained.