20-08-2007
Five key problems preventing small businesses from developing
A recent report by the Institute of Directors has identified 5 problems that hold small businesses back from developing.
The top 5 issues were:
Late payment
Lack of business finance
National insurance contributions
Business rates
Levels of government business support
The report has made several recommendations on the basis of the report, specifically: rejection of the Lyons Report recommendation that proposes the introduction of supplementary business rates; calls for a government led investigation into the issue of late payment; appealing to the government for a reduction of the heavy taxation on business.
Miles Templeman, Director General of the IoD, said: While figures for start-ups in business are broadly favourable, this report demonstrates some clear obstacles to growth, which need tackling before they become endemic.
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