There has been plenty of discussion about UK business growth recently, and the Chancellor has now given us some indication of the direction the Government intends to take in the October Budget ...
UK business growth is hindered by the lack of certainty, making good intentions insufficient in driving economic progress
In a recent speech, Chancellor John Healey talked about encouraging investment, innovation and jobs, while also committing to reducing the regulatory burden on businesses by 25% by the end of Parliament.
Those are encouraging ambitions!
But when I talk to business owners, the problem is rarely a lack of ambition. Most want to grow and invest in equipment, technology, and people. What often holds them back is not knowing what their costs will look like six or twelve months from now.
That is why any serious attempt to encourage UK business growth needs to focus on creating an environment in which businesses can plan with confidence.
Reducing unnecessary regulation could certainly help. Every hour a small business owner spends dealing with complicated administration is an hour they are not spending winning customers, improving their service or developing the business.
The same applies to tax. Businesses understand that taxation is necessary, but constantly changing rules and unexpected increases make long-term planning much harder. Stability and simplicity can be just as valuable to businesses as individual tax incentives.
There are also plans to encourage more regional investment and give local authorities greater influence over economic development. Done well, that could help investment reach businesses and communities beyond the traditional economic centres.
Of course, the real detail will come in the actual Budget!
Announcements about UK business growth are one thing; creating the conditions that enable businesses to invest with confidence is another. My advice remains much the same. Keep a close eye on your numbers, understand your cash flow, and avoid making major decisions based purely on political announcements.
Good businesses plan for what they know, prepare for what they don't, and remain ready to take advantage of opportunities when they appear.
If anything I've written in my blog post resonates with you and you'd like to discover more of my thoughts about UK business growth, then do call me on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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