Entrepreneurial spirit and business culture is viewed as the most favourable aspect of doing business in the UK, despite a lack of government support, a new report has found.
In a survey of 6,455 small and medium sized enterprises from the US, Canada, Germany, France, Spain and the UK, 43% of the British respondents said they viewed entrepreneurial spirit and business culture as a reason to do business do Britain, but did not expect much help from the government. Over half of those said they planned to monitor their finances closely over the coming year.
The Global Business Insights study by Sage, the business software and services supplier, also revealed that a cautious confidence was returning to British firms, with many respondents believing that the UK’s recovery is surpassing other leading nations.
Paul Stobart, chief executive, Sage Northern Europe, said: “The resilience of SMEs in the UK is quite remarkable. Despite red tape, lack of access to capital, and a nervous economic environment, the SME is coming out fighting, determined to invest in and grow their business to fulfil their ambition. This positive business culture and entrepreneurial spirit bodes very well for the SMEs of today and tomorrow.”
The government’s handling of economic challenges, business bureaucracy and legislation, and a lack of access to finance, were cited as the least favourable aspects of doing business in the UK.
Less than a quarter of the UK’s business owners thought the government was doing enough to provide sufficient support and advice for those starting businesses, with only 14% saying that the information and advice made available by the government is something they would rely on.
© Crimson Business Ltd. 2011