Almost half of small and medium-sized businesses have no business plan in place, according to data released by SME lender Bank of Cyprus UK.

The survey of 500 senior small firm managers revealed that 46% of SMEs do not have any business plan.

For the 54% that do have a written business plan in place, the most common timescale for the plan was 12-18 months, although approximately one in ten had a plan which extended more than three years into the future.

"With the recovery around the corner, now is the perfect time for SMEs that have weathered the storm to take stock of their circumstances. Having a business plan can help ensure companies are in a strong position to take advantage of the opportunities that will no doubt arise from a more positive economic climate,' said Tony Leahy, Head of Communications at Bank of Cyprus UK.