Business Planning

More than 700, 000 small firm owners see more opportunities in other UK regions

Fred Heritage | 25 May 2016 | 8 years ago

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The majority of small business owners see greater opportunities in other parts of the UK
One-in-seven small business owners believe their firm would have greater opportunities if based in another part of the UK.

New research conducted by the Association of Accounting Technicians (AAT) has discovered that small business owners in the North East are the least comfortable, with just 36 per cent stating that the region provides their venture with the best opportunities.

In contrast, 69 per cent of owners based in Wales felt that they had the best chances available in their own region the highest satisfaction rate of anywhere in the UK.

Perhaps unsurprisingly, London is considered the most desirable place in the country for small business owners to move to. In total, 40 per cent felt the capital would provide their business with greater opportunities, while the South East and West Midlands were considered desirable places to relocate by 22 per cent and 9 per cent of small business owners respectively.

Commenting on the findings, AAT chief executive and research commissioner Mark Farrar said: Many small firms struggle to survive and it’s sad to think that there are some owners who may feel they would have gained more benefits from being in a different part of the UK.

Despite the fact that a record 600, 000 businesses were started in the UK last year, the AAT research revealed that one-in-seven of the country’s small business owners arent satisfied with their local business environment.

Conducted amongst over 500 company owners, the survey also demonstrated that 31 per cent felt confident that their business would thrive wherever in Britain it was based.

‘small businesses should be given every encouragement to thrive in all corners of the country, Farrar went on to say. Improving the skills of the workforce available to firms is one key way in which owners can be helped to run highly efficient small businesses.

The government’s Northern Powerhouse initiative aims to boost small businesses in the North of England by devolving greater powers to regional and local authorities and giving them more funding,

First set out by the chancellor George Osborne to soften the economic gap between the North and South of England by improving infrastructure and attracting investment to northern towns and cities, recent research has suggested that the government is struggling to deliver on its Northern Powerhouse plan.

Business Advice recently reported that half of local councils in the North have so far missed the government’s pledge to spend 1 in every 3 with small businesses.

Read on to find out why London is a more prosperous place for startups than other European cities.

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