Biggest challenge facing UK start-ups revealed
Almost half of Britain’s small businesses feel they could be operating more efficiently while 55% don't survive more than five years
Research by the British Standards Institution (BSI) has revealed the biggest challenge facing the UK’s small and medium-sized enterprises and it lies in logistics.
Surveying 250 small business owners, the research reported that almost half of small firms believe their businesses aren’t operating efficiently with 60% of firms based in East Anglia, Scotland and Yorkshire and the Humber highlighting operations as their main growth obstacle.
A quarter of those surveyed said that there was room for improvement within their business, while around 20% of business owners said they were involved in every aspect of day-to-day running.
More significantly, the research highlighted that 55% of all small and medium enterprises don’t survive more than five years and, if they do, find it difficult to achieve significant growth.
63% of small business owners said it was difficult to grow their firm and 61% said they lacked the confidence necessary to achieve continued growth over a three year period.
Mark Gouldstone, client propositions manager of small businesses at BSI commented: “It’s vital that businesses have the necessary knowledge to be more efficient in their business to ensure customer satisfaction, improve employee engagement and to enable access to new markets.
“Standards or management systems can help businesses to focus on the products and services that they deliver, their business processes and the way that they manage their organisation as a whole.”