55 percent of small business owners surveyed felt that the growth of their firm was being hindered by the amount of time dedicated to business administration, while two thirds felt administrative necessities were a distraction from their company’s purpose.
The study found that small business owners are forced to spend more than 33 hours each month on admin, almost a quarter of average working hours. With an average of £3,600 spent on help and advice with tax compliance, the burden of administration is not just a drain on time and resources, but also on finances.
Initiatives like the Cutting Red Tape programme, the ‘one-in-three-out’ approach to new regulations, and steps to boost the Regulatory Policy Committee are all moves in the right direction”
Commercial director at FSB Dave Stallon comments: “The Government has pledged to remove £10 billion worth of red tape over the course of this Parliament. FSB welcomes this focus on deregulation, which should free up small business owners to spend more time doing business and creating economic growth.
“Initiatives like the Cutting Red Tape programme, the ‘one-in-three-out’ approach to new regulations, and steps to boost the Regulatory Policy Committee are all moves in the right direction.”
If you have an interesting story or a view on this news, then please e-mail news@signlink.co.uk
Follow Karis on:
