New Data Reveals Challenges Facing SMEs

nuse.

More than two thirds of SME business leaders are grappling with finding time to step back and work on the business due to being stuck in the day-to-day, according to new research.

This was cited as the biggest challenge facing SMEs (68%), followed by the rising cost of doing business (51%) and balancing investment in growth with day-to-day operations (48%).

The data comes from business leaders who are alumni of the Help to Grow: Management Course, the 90% government-funded course delivered by more than 60 Small Business Charter-accredited business schools across the UK.

To date, 14,420 business leaders have completed the 12-week course to bolster their leadership capabilities and resilience during challenging economic conditions.

The survey showed that the challenges businesses face are wide-ranging. Beyond the top three challenges, factors such as implementing technology (42%) and skills shortages (34%) were also major concerns for business leaders.

The impact of Help to Grow: Management

Despite ongoing pressures for business leaders, the support provided by the Help to Grow: Management Course is having a positive impact.

More than three quarters (78%) of respondents said the Help to Grow: Management Course was key to achieving a specific business challenge, project, milestone or personal development goal they had identified before starting the course.

In addition, more than two thirds (68%) said the course had helped them respond to broader challenges they were facing. Specifically, 58% were finding time to step back and work on the business rather than in it, 46% felt more confident managing growth sustainably and 37% cited digital adoption as a key area of impact.

Peter Beaumont, Managing Director at Monty Miracle Ltd in Leeds, said:

“Before the course, I was overwhelmed by the responsibility of leading the business. It can be incredibly isolating, and I didn't have anyone who understood how I was feeling or could advise on next steps."

"The course changed that. Having access to experienced tutors and a peer group who'd faced the same challenges gave me clarity and the confidence to make decisions I wouldn't have made before."

"It's nearly four years since I completed the course, and I still use the practical tools and broader perspective it gave me every day. I continue to face challenges, that’s the nature of running a business, but the course gave me the foundations I needed for dealing with changes, managing growth and leading through uncertainty."

Duncan McCombie, CEO of YES Energy Solutions and a member of the Small Business Charter Management Board, completed the Help to Grow: Management Course at Sheffield Business School at Sheffield Hallam University. He says the course helped him step back from day-to-day pressures, make clearer decisions during uncertain times and focus on building a stronger organisation. Since completing the course, YES Energy Solutions has increased revenue by 28% and grown its headcount, enabling the business to support more households with energy efficiency advice and measures.

Duncan said:

“The course made a real difference to the way I lead the business. At the time, like many business leaders, I was dealing with uncertainty and competing pressures. Help to Grow gave me the structure, confidence and practical tools to take a step back, test my thinking and make better long-term decisions."

"That shift in approach has had a lasting impact. It helped us focus on sustainable growth, strengthen the team and increase the number of households we can support. These findings show why the course matters: it gives business leaders the headspace, network and confidence to respond to challenge and turn uncertainty into opportunity.”

A catalyst for continuous learning

The Help to Grow: Management Course is a catalyst to inspire SME business leaders into continuous learning. Since completing the course, alumni are prioritising mentoring (45%), peer-to-peer networking (44%), and attending conferences, workshops or seminars (41%).

Flora Hamilton, CEO of the Chartered Association of Business Schools and Executive Director of the Small Business Charter, said:

"In addition to the immediate impact businesses are feeling from completing the Help to Grow: Management Course, it’s very encouraging to see that alumni aren't stopping after the 12 weeks."

"Armed with new knowledge and having built strong, local connections, business leaders are continuing to invest in their growth, whether through other initiatives provided by business schools or through sector specific initiatives, mentoring and peer networking. That's the kind of long-term resilience that will empower small business success,”

Categories

Jul 29, 2024
2 min read

Professional services firm, AAB, is announcing a strategic consolidation of its five brands across the UK and Ireland, a cornerstone of its six-year plan to strengthen and expand its position as a leading provider in the mid-market.

Employing around 1,000 people across 12 office locations, AAB will bring FPM, Sagars and May Figures under its main brand title, AAB. Think People and SeeHearSpeakUp will become AAB People.

AAB delivers Audit, Accounting, Tax, Payroll, HR, Consulting and Advisory Solutions globally from offices across United Kingdom, Ireland and United States, with annual turnover approaching £100 million. The rapidly growing business, with its expanding client base, has trebled in size since 2021, ranking in the top 20 of Accountancy Daily’s Top 75 Accountancy Firms last year.

This strategic move is designed to optimise AAB’s robust brand presence, enhance market penetration, and deliver a more integrated experience for clients. AAB's growth plan, which includes enhancing client engagement, expanding its service offerings and investing in technology, has continued backing from August Equity.

A transition period is currently underway, ensuring that clients experience a seamless change with no disruption to services.

Emma Lancaster, Chief Executive at AAB commented:

"Our brand consolidation marks a pivotal moment in our growth journey. By combining our diverse services under the widely recognised AAB brand, we are not only simplifying our structure, but also amplifying our ability to deliver integrated, innovative solutions to our clients. This alignment is crucial as we continue to pursue our ambitious growth targets and expand our footprint in the UK and beyond."

"AAB's commitment to our clients remains steadfast, with a focus on delivering unparalleled accountancy, consultancy and advisory services that drive success," added Lancaster. "By uniting our brands, we will operate more efficiently and effectively, enhancing our ability to offer holistic professional services, and ensuring that our clients continue to receive exceptional support as they navigate their own journeys."

“We have a wealth of experience and expertise across all five brands, and we are delighted to welcome these individuals to the AAB brand. I’d like to thank everyone in our team for their continued hard work.”

n.

nuse.

New Data Reveals Challenges Facing SMEs

nuse.

Most Read

Categories

Most Read

Categories

Recent Posts

Become a digital subscriber and support our publication enabling us to continue to share more news, each and every day.