No business will be successful if the owner does not have a good grasp on the finance of the company and they are not budgeting correctly. However, while good financial acumen is undoubtedly essential, so is being a leader and motivating staff.

Some extremely successful entrepreneurs, such as Julie Meyer and Nick Jenkins, have both commented to me in interviews that they think good leadership is one of the most important qualities that business owners must possess.

So it was alarming to see a recent survey by the Department for Business Innovation and Skills (BIS) revealing that only 25% of staff have had objectives for 2010 clearly communicated to them and that a further third do not even know if a vision for their business' future exists.

The research revealed that this is having a negative effect on employee motivation levels, as only 27% feel positive about the year ahead.

Staff motivation is even more important in small businesses, where there are not other employees to take up any slack. Despite the economy slowly recovering, many staff are still not feeling positive about next year and are worried about their job prospects.

Business owners must communicate effectively with their employees so they feel part of the business and are motivated to drive the firm forwards.

As David MacLeod, BIS advisor, says, "If leaders don't explain where the business is going and what it's seeking to achieve, how can people be motivated or know what they're meant to contribute? Clear goals are a key ingredient for achieving performance and productivity."