New study reveals
Tech skill shortages and the cost of administration are among the biggest threats to entrepreneurship in Britain, according to a new poll of SMEs and microbusinesses.
The global research has revealed deep rooted pessimism about the prospects and future longevity of businesses after the UK’s departure from the EU.
The study, conducted by global booking software platform SimplyBook.me, profiled businesses across a wide-range of sectors and found that the time taken to perform basic administration tasks was hampering SME growth.
Although businesses from 11 different countries responded to the survey, there was a clear and over-riding concern surrounding the need for more effective technological systems that can alleviate administrative the stresses of the day-to-day running of a business.
A lack of tech skills, was an issue for one third of British companies compared to just one in ten business in Europe, evidencing a clear divide in the support systems in place for upskilling entrepreneurs.
The research also found that:
- UK entrepreneurs were much less confident about Brexit than those in the EU as a result of issues on ‘long hours’, ‘admin’ and ‘too many things to think about’.
- The biggest surprise to business owners was needed to do ‘too many things at once’, with 43 per cent registering that as their biggest grievance ahead of admin at 39%.
- 57 per cent of respondents chose time constraints (doing everything yourself) as the biggest challenge to growing a business ahead of not being able to hire the right staff (24 per cent).
Of the survey results Ingvar Gudmundsson, CEO and Founder of SimplyBookMe, commented: “The surveyhas been extremely crucial in highlighting the core need for entrepreneurs to have more effective resources at their disposal to assist with the daily running of their businesses, particularly in the UK.”
“The development of efficient online platforms, geared to take over time consuming administrative tasks, will work to alleviate the challenges voiced, revolutionising how entrepreneurs run their business, whilst freeing up their time to focus on delivering services.”
Highlighting issues with productivity and time constraints, entrepreneurs believe that technological support will be crucial to the future growth and success Britain’s small businesses.