Doing everything yourself and the cost of administration are among the biggest threats to entrepreneurship in Britain, according to a new poll of SMEs and microbusinesses.
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 the administrative stresses of the day-to-day running of a business.
A lack of tech skills, was an issue for one third of British companies evidencing a clear divide in the support systems in place for upskilling entrepreneurs.
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The research also found that:
- The biggest challenge to business owners was needed to do ‘too many things at once’, with 43 per cent registering that as their biggest grievance.
- The second biggest challenge was 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 survey has 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.