Red tape is creating a barrier to growth for Britain’s SMEs

posted by 3 years ago in News

Could you be spending more than one working day a week on admin tasks for your small business? If so, then you’re not alone and red tape could be standing in the way of the growth of your company.

A new study has discovered that an eye-watering ten hours a week is the average that owners of Britain’s small and medium sized businesses are spending on paperwork. By contrast, one in ten business owners said they earmark less than an hour a week for business development and 8 per cent struggle to find any time at all.

Employment law surrounding employees working hours and holidays were highlighted as particular bugbears in the study commissioned by Instantprint. HR compliance, health and safety regulations and pensions all added to the amount of paperwork landing on entrepreneur’s desks. 53 per cent of those asked said they could feel the time ebbing away and 33 per cent felt it was hampering their efforts to run their business effectively.

According to the report, it’s not just legislation that is clocking up the extra hours. A third of business owners said they could use a hand managing their finances to save time.

Head of Businesscomparison.com Philip Brennan comments;

“SMEs account for 99 per cent of all businesses in the UK and the demand on them to keep spinning all the plates is immense. Entering the growth phase is a massive leap for small business owners and can involve taking on new staff, moving premises, purchasing extra equipment and committing to new contracts; which need to be read with a fine tooth comb as businesses are not protected in the  same way that retail customers are! All of this can add significantly to the amount of time needed to spend on admin taking the focus away from business plans and growth strategy. Businesscomparison.com was set up to save small business bosses time when finding the best finance, energy deals, insurance and bank accounts. With new legislation around the corner resulting from Brexit, Britain’s SMEs need solutions now more than ever before. The government needs to help businesses with clear and transparent processes and regulations so that businesses can focus on moving their enterprises forward.”

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