FSB recommends more small business support from government

Despite overall business confidence in the UK being stubbornly low, it may come as a surprise that 40 per cent of small firm owners plan to expand in the next 12 months or so, and that a similar number expect to benefit from the oncoming Olympics.

Despite this optimism, John Walker of the Federation of Small Business (FSB) says the government could still be doing much more to encourage small businesses to invest and create more jobs.

At present barriers to growth, which will be familiar amongst business owners, include high levels of regulation, spiralling costs and poor access to the funding needed to fulfil business plans and expand.

The FSB says micro and small businesses should get greater acknowledgement for their part in bringing the economy back to health. Many more could be exporting their services overseas. While one in four European small businesses exports services or goods, it would take an additional 250,000 UK firms to reach the same level.

Supporting small businesses should be at the top of all policymakers’ priority lists. Do small businesses really need to comply yet more proposed laws, many of which are from the EU? The FSB thinks this is an important question to be considered.

A Small Business Administration (SBA) (similar to the long-established SBA in the US) to monitor and control all policymaking for small businesses would help to shrug off burdens and focus on growth.