Kent bosses are putting the future of their businesses at risk by ignoring their own development needs.

Nearly half (44%) do not invest as much time and resources in developing their own skills as they would one of their staff, according to the latest research from Business Link.

And one in four (25%) of the owners of small and medium sized businesses (SMEs) interviewed for the quarterly South East Business Monitor admit that they do not review their skills and learning needs from one year to the next.

Yet managers who do invest in their own development are more likely to be at the helm of a growing business.

Richard Green, Adviser Manager at Business Link, said: “In the current economic climate, financial investment of any sort may seem too risky but, in fact, this is exactly the time when effective leaders are needed to steer companies through the hard times we are experiencing. The importance of having skilled staff cannot be underestimated but bosses also need to have the right training to lead their team to success.”

Managers of SMEs that have increased their turnover in the last 12 months are much more likely to take time out regularly to look at where they are heading and not let the pressures of operational issues overwhelm them.

Richard Green continued: “Across the South East, one in ten managers reported that they never take time out to think strategically, even though a third of bosses who don’t take time out at least once a year feel their business may have suffered as a result, particularly when it comes to marketing and identifying new clients.

“Experienced Business Link advisers can help you to identify the areas in your business that need addressing. They will go through a step-by-step action plan with you to ensure you are doing all you can to protect the future of your business. This is a completely free service so it really is worth investing the time to sit down with an adviser and look at the bigger picture.”

Most managers (71%) in Kent accept that they need to further develop their skills and competencies with one in four (28%) believing that they need to get better at ‘getting the most from IT’. Other skills that managers identified as needing development included: managing finances and cash flow; strategy and business planning; winning new business; and developing customer relationships.

“The ability to ‘win new business’ and ‘develop customer relationships’ are seen as key skills for future business development by almost two thirds (66%) of managers – not surprising when you consider that every company needs to win new clients to grow and expand – or even survive during tough times,” added Richard Green.

“Inevitably, some clients will be lost whether it be through natural wastage or companies struggling in the credit crunch but you can minimise the risk by giving clients the very best service you can. It is also critical to be on the look out for new business and new types of clients.”

To keep on top of the latest business news, issues and opportunities, sign up for Business Link’s free Information Service by calling 0845 600 9 006.

To book a session with an experienced Business Link adviser who can provide help with issues affecting your company and put you in touch with sources of support, call the Business Link Customer Service Team on 0845 600 9 006.

Online guidance covering a wide variety of topics including: business planning; access to finance; making the most of IT; and developing your workforce are available at www.businesslink.gov.uk/southeast