Holden Associates – Accountants & Business Advisers Blog

I am a regular panelist on the UK Business Adviser Barometer, my reasons, well it helps build a true picture of the small business community here in the UK and not one that has been modified to suit any ones political agenda.

In September 679 panelists responded to the survey, now that’s not a bad response rate, and I have on this occasion decided I will share with you some of the findings (I have had prior permission – thanks Rick).

The areas the panelist clients request their/our help cover in the majority of cases strategic planning and business start-up/development, it was found that although 39% of respondents had seen an increase in their advice being sought 48.9% had seen no change or a decrease, this would normally be a worry, but not in this instance, because there had been an improvement in the performance of clients businesses during the last 12 months in 70.6% of cases.

We are currently in a period of tighter credit, with the recent problems in the American market that ultimately shook Northern Rock being felt worldwide. The reason I mention this is the survey to which I am referring was conducted in September and at that time over 40% of the panelists had seen clients ability to access finance remain unchanged while over 30% had seen it worsen, I would imagine this theme will only continue in the near future. Now would be a very good time to reassess those budgets and forecast, and if you foresee extra funding go talk to the bank now and put them on notice!

When questioned about the single most important problem facing clients the panelist where split through a range of 15 different issues, those that did dominate were:

1. Lack of time/capacity 14.7%
2. Government regulation/paperwork 12.5%
3. Sector-specific demands/problems 11.8%
4. Marketing problems 11.6%, and
5. Cashflow/Payment/Debtors 10%.

This is why I contribute, I would have said most would complain about government legislation yet as can be seen this is certainly not the major cause of concern for our clients, in fact it is only one of five other concerns, all with almost equal priority.

Following on from my posting about Wales and it’s lack of entrepreneurs the panelist found that the qualities and skills most lacking in UK business are vision and leadership (51%) and personal management/development (45%), this is worrying, why is there such a lack of vision, maybe it starts in the class rooms, instead of being encouraged to be our own person we are pushed in a rigid direction?

Other findings were 23.7% of panelist found their clients unwilling to take a risk, well guess what, sometimes you have to, that’s what business is about, taking risks, not silly ones but calculated risks, get professional advice, get a mentor, but don’t shy away, find someone to support you and go for it!

Oh yes, 32% found clients were/are not creating or exploiting innovation, what’s going on, we have some very creative people in this country, mind you, according to research by Gavurin most would appear to be in the South East of England and not Wales.

For those of you out there in business for yourself or thinking about it, get professional advice, and I am not just talking about the accountants up the road, consider a mentor, this maybe someone you know who has done it all before, or what about a business adviser?

It is always easier to be in business if you are not alone, and if no one will help you, give me a call!