Business owners reveal election concerns

Many decision makers in the UK’s small businesses have voiced concerns over the outcome of the general election, new research has revealed.

 

Some 41% of those in control of SMEs fear an unfavourable outcome or a lack of action on key issues could damage their business, while this increases to 48% among the smallest firms.

 

The research from ClicData also revealed that firms in some parts of the country were more concerned that those elsewhere.

 

For instance, 77% of firms in the North East admitted anxiety relating to the election while that figure was 32% in London and down to 25% in Scotland.

 

With the different parties all placing different focuses on business as part of their election campaigns, some firms fear the key issues may not be dealt with.

 

Key focus areas

 

When questioned on the main areas that cause concern, SME decision makers revealed that pensions and flexible working legislation were top of the pile.

 

These were listed by 44% and 38% of bosses respectively while minimum wage concerns and tax regulation were named by 36% and 32% of decision makers.

 

All of these areas are being tackled in different ways by the main parties and the main concern for businesses is that some issues may be overlooked.

 

Potential outcomes

 

The issues could potentially cause financial stress or loss if favourable solutions are not found, which is why firms are voicing concerns.

 

Additional wage costs resulting from minimum wage changes may require business restructuring in order to make it viable for example, especially if funds are not readily available.

 

Alternatively, pension provision and tax regulations may be bigger issues for smaller firms as both would have considerable impacts on finances.

 

It means financial management in the next few months will be essential for many businesses to ensure they are capable of handling whatever outcomes result from the election.

 

Around 60% of the UK workforce is employed by small businesses and the majority of decision makers revealed that business policies would influence how they will vote.

 

By Phil Smith

 

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