Small business confidence is growing, but SMEs lack the business expertise to move forward

A new study has revealed that in the third quarter (Q3) of 2016, small business confidence rose by 11 per cent over figures recorded in Q2 – and currently sits at a new peak.

43 per cent of Small and Medium-sized Enterprises (SMEs) told Hitachi Capital’s study that they felt positive about the future of their firm – but a separate study has revealed that a lack of business knowledge is holding an increasing number of small business owners back from achieving their entrepreneurial dreams.

According to a survey published in Business Matters magazine, small businesses across the UK have a limited understanding of markets and business strategy – and are deterred from pursuing expansion opportunities by red tape and overcomplicated regulations.

The study highlights the importance of appointing a trusted tax and business adviser to help guide you on your journey from start-up to success.

Mark Emerson, HSBC’s Head of Global Trade suggested that start-up businesses ought to think big.

“Britain is full of dynamic entrepreneurs who want to look beyond their own borders but amid Brexit uncertainty, they’re struggling to see how it can be done. What’s more, they often feel the resources they need can be hard to find,” he said.

“In fact, there is a clear need for both government, banks and businesses to do more to give SMEs the bespoke support they need to flourish globally.”

If you are a small business owner seeking expansion, or you are setting up a new firm and establishing yourself in the business world, it is crucial to make sure that you are supported by expert business advice.

Wilson Wright are here to help. For more information about our services and support for start-up businesses, please contact us. We can help you to get ahead in the business world, effectively manage your spending and day-to-day costs, explore funding and expansion options and tax-efficient business structures, and find your feet on the pathway to success.

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