SMEs (small and medium sized enterprises) face a range of issues at the moment although the main one is access to finance, which is due to the financial credit crunch,” says Charles Clarke. “Banks are less likely to invest in a new SME start up because there is no guarantee that they will get a return on their investment.
“Other factors inhibiting prospective small business owners from launching include the uncertainty or fear of going alone and taking sole responsibility for their future, to knowing how to market products effectively and get the business up and running as profitably as soon as possible.
“However, the government has different initiatives and agencies in place to help small business owners overcome these problems, as well as understanding tax and employment. The government has invested £350 million into its Train to Gain Scheme, which helps small business owners and their staff develop and learn the correct skills and knowledge for their vocations.
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