Red tape still a big issue for SME’s

According to a recent survey conducted by Zurich Insurance small businesses are more concerned about reducing the amount of bureaucratic hoops they have to jump through then they are concerned about financing options. The survey revealed that about 70% of the 600 SME business owners polled felt that the Government needed to address ‘red tape issues.’

In comparison, only about half of the business owners were considered about more financing opportunities and another 36% stated that they were concerned about employee legislation. Northern England SME’s were the most concerned about reducing red tape regulation with 76% of these businesses compared to 60% in London felt that ‘red tape’ matters were holding them back.

Manufacturers were apparently the most affected group with 86% of small and medium sized manufacturing business owners reporting that ‘red tape’ was their main concern. Director of the SME department at Zurich Insurance, Richard Coleman, stated that it is important that Britain has a great regulatory environment that allows small businesses to prosper if they want to promote the growth of SME’s at home and abroad.