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Government Policy: What do SMEs think?

What do you think about the government’s efforts to help small businesses in the UK? According to research, independent businesses across the UK fear that their concerns are falling on deaf ears. Many believe that changes to the business regulations of the UK will have no effect on small businesses, leaving many struggling to keep up with day to day business costs.

Around 40% of companies believe that recent changes to government policies will have no positive effect on their businesses. According to this survey, the Small Business Barometer Report by Viking, one in ten respondents  even believed they would have to close by the end of 2013. It was male business owners aged between 45-54 who felt most strongly about the lack of help from the government.

It was businesses from the legal sector who were most despondent about the recent changes, with 75% admitting that recent changes will do nothing for their business. Regional attitudes weren’t much better – overall a third of businesses were unconvinced about the direction the government has taken in regards to business policy. It was businesses in London that remained the most unconvinced, with 52% being doubtful about benefits for their company.

However, some businesses are more optimistic than others – start up businesses are more upbeat with 78% saying they were planning on growing their business within the next year, compared to only 39% of businesses of businesses established for a longer period of time.

Viking commented; ‘It’s a tough time for SMEs at the moment and having a substantial support network is essential in unstable economic conditions. Although support comes in many different forms, the issue here is regarding financial support from government policies and evidently this is where SMEs feel let down. The report reflects the voice of the SME’s, so we hope that we will see the beginnings of more an optimistic outlook in the next quarter.’

 

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