Annual Small Business Survey
A government department has revealed the results of its Annual Small Business Survey.
Now that it’s 2008, the Department for Business, Enterprise and Regulatory Reform (BERR) once better known as the Department for Trade and Industry (DTi) has published the ASBS 2006/2007 findings.
The results are from a survey of nearly 10,000 small firms that was conducted from November 2006 to February 2007. So what did the survey find?
Of the firms quizzed some 20% had experienced growth in the previous year whilst 15% had seen a decline in business. Around 65% were expecting business to increase over the next 12 months with less than 30% looking to close over the same period. So on the whole the business outlook was generally positive.
As for the potential issues that businesses foresaw over the coming months, only 2% saw no barriers to business. The most commonly cited concerns were:
- Competition (15%) down from 22% the previous year
- Regulations (14%)
- Financial issues like tax & National Insurance, VAT, PAYE and business rates (12%)
- UK economy (10%)
- Cashflow management (10%).
- Recruitment problems (6%)
- Skills shortages (4%)
Other potential concerns raised were with premises, access to finance, lack of managerial skills, pensions and keeping up with everchanging technology.
Only 25% of small firms sought business advice in the year prior to the survey.