Small businesses across the UK are afraid of ‘business jargon’ – and are missing out on important expansion and growth opportunities as a result, according to a new study.
Research carried out by business loan company LDF has found that almost half (47.8 per cent) of start-up businesses and small and medium-sized enterprises (SMEs) admit to straying away from exploring their business finance options due to their limited understanding of business knowledge.
The study found that entrepreneurs in the East of England were most likely to be ‘confused’ by business terminology (57.1 per cent), while business owners in the South West (70 per cent) are the most comfortable and confident with business terms and acronyms.
An LDF spokesperson and study co-author said: “For many, running a SME is a challenging, all consuming activity, so complicated financial jargon and acronyms are just extra barriers in the way of their success.
“There seems to be a tipping point, at which the companies really start to grow, and there is often a need for additional finance, but the language used doesn’t encourage people to apply, potentially hindering their expansion”.
If you are a small business owner, or you are setting up a new firm and establishing yourself in the business world, it is crucial to make sure that you explore all of the expansion opportunities available to you. This can be achieved by ensuring that you are supported by experts who understand today’s business environment and are experienced in helping people just like you to achieve specific entrepreneurial goals. It is equally important to seek out expert tax-planning assistance and advice.
Wilson Wright are here to help. We can assist you with all tax-related matters and ultimately help you to get ahead in the business world. Our team can advise you on managing your spending and day-to-day costs, and help you to implement tax-efficient business structures and find your feet on the path to success.
For more information about our services for small and start-up businesses, please contact us.
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