The latest findings from the UK's leading survey on the performance of small and medium sized enterprises, conducted by the Centre for Business Research and the Cambridge MIT Institute, shows that availability of finance is no longer considered the main constraint to growth and innovation among smal
Access to finance no longer the big issue among small firms
l firms - its now lack of skills.
Only 24% of companies surveyed with fewer than 100 employees considered access to finance a factor limiting growth against over 40% of firms in 1991. Indeed of those seeking finance 80% now got all they wanted.
The main factors limiting growth in small companies, are now perceived to be an increase in competition and a shortage of skills. With increased competition and a doubling in the number of small businesses now exporting in the past decade, marketing skills in particular have shot to forefront of concerns.
Over 25% of small and medium sized firms now consider lack of marketing and sales skills as a constraint to growth, a 50% increase in since 1991 These management and marketing skills issues are even more pronounced in innovative and hi-tech companies.
Further information available from Hamish Watson, YTKO Ltd Tel: 01223 461400, email: Hamish@ytko.com
YTKO Group has worked for over 40 years to support the creation and growth of businesses, increasing revenues and ultimately contributing to economic prosperity. Through funded/sponsored programmes, we provide a range of services, spanning start-up, scale-up, finance and female entrepreneurship. We provide grant, loan and financial management services and deliver tailored training and mentoring programmes for specific client groups, together with creating peer to peer networking communities.