At a glance
- We asked SMEs what they would change if they were Chancellor of the Exchequer for the day
- Red tape emerged as the most pressing issue, with VAT and late payments also among SMEs’ biggest concerns
- Despite difficult times financially, SMEs maintain a strong sense of community and willingness to help one another
Zurich’s latest SME Risk Index asked decision makers what they would change if they were Chancellor of the Exchequer for the day.
More than half (51%) said they would address the volume of red tape, suggesting SMEs consider this to be the greatest roadblock to business growth.
Financial concerns also ranked highly, with a third (33%) saying they would change the current VAT limit, more than a quarter (27%) calling for more regulations around late payments, and one in five (23%) saying they would increase funding to support their fellow SMEs.
Encouragingly, despite what appears to be hard times for SMEs financially, decision makers have demonstrated a strong sense of community in the sector. Given the chance, more than four in five (82%) say they would take measures to help other SMEs if they were appointed Chancellor.
There is a real sense of togetherness and community among small and medium-sized businesses.”
Jason Eatock, Head of SME at Zurich
Jason Eatock, Head of SME at Zurich, comments: “SMEs are clearly feeling the strain, with almost half of decision makers in the sector calling on the Chancellor to address red tape and business taxes at this week’s Autumn Statement.
“Our research shows that these are the greatest factors inhibiting growth among SMEs. Given the importance of SMEs to the success of the UK economy, this could be a major roadblock to safeguarding the nation’s long-term economic health.
“An encouraging trend we can take from our research is the camaraderie that still exists among SMEs – with more than four out of five decision makers stating they would take measures to help other SMEs. There is a real sense of togetherness and community among small and medium-sized businesses, which will only serve to aid the success of the sector.”
For more information on how Zurich can help your SME customers please contact your local Zurich Account Executive.