5 years ago
Research has highlighted that 84% of SMEs do not believe that the introduction of the new small business commissioner will add any value to their business.
Many SMEs across the UK are dealing with issues relating to late payments and disputes with the larger companies who have more power. They are feeling cynical about the new government-backed ombudsman, and whether it will add any value to businesses according to the research conducted by Close Brothers Invoice Finance.
Just three months after former small business owner, Paul Uppal officially began work as the small business commissioner which came after a 2-year search, less than one in five SMEs have faith it will prove a positive impact.
The last quarterly Close Brothers Invoice Business Barometer revealed that only 16.2% of SMEs believe that the Uppal’s position and the small business commissioner will add a boost to their business. A vast 41.8% say they do not believe it will add any value while 42% have stated they are not sure.
The research also found that SMEs have expressed their priorities for Mr Uppal;
1% - want additional recourses and services for support
2% - want focus on tackling late payments
15% - want the priority to be on the current disputes SMEs have with larger businesses
CEO of Close Brothers Invoice Finance, David Thomas comments;
“While the launch of an independent ombudsman with powers to intervene on SMEs behalf is well-intentioned, the jury is out on whether it will have any significant impact. Our research suggest that many SMEs are far from convinced that the commissioner is going to be able to provide them with the help they need on issues
Head of Businesscomparison.com, Philip Brennan also comments;
“Unfortunately, governments in the past have promised changes for businesses, and until business owners see real actions they are feeling less optimistic. Many previous government led initiatives have made little differences to the businesses of the UK, it seems that it may have been more of PR exercise than a real driver of change to UK businesses.”