Red Tape Holding Back Small Business Growth
10% of enterprise owners spend less than an hour a week attempting to increase profit, while 8% struggle to find any time at all
UK small businesses are struggling to dedicate time to achieving growth, because red tape and regulations are taking up too much of their time.
In a study of 500 small firms by instantprint, respondents were revealed to have spent over 25% of their working week completing admin – instead of looking to expand the business.
In contrast, 10% of those surveyed spend less than an hour a week attempting to increase profit, while 8% struggle to find any time whatsoever.
When asked about what regulations give business owners the biggest headache, employment law surrounding working hours and holiday allowance was highlighted as significant blight on work efficiency, followed by invoice processing and managing customer service.
In terms of solutions, recruitment seems to top the list of small firm owners, as 25% believed things would improve if they just hired one more person.
James Kinsella, co-founder of instantprint, said:
“We all know how it feels to fight the clock. There are only so many hours in the day to get everything done and small businesses are feeling the squeeze.
“It’s interesting to see from the research that, while factors such as admin and staff management have an impact on productivity, it is the management of our hours, minutes and seconds that have the biggest effect on the running of a successful enterprise.”
Struggling with admin? Have you considered the benefit of freelance or temp workers?