Inside Small business has published today an article with the headline, "Admin “killing the dream” of small businesses".
For me, this is neither new, nor groundbreaking. Small business owners have always highlighted red tape and regulatory burden as being a huge time-sink and distraction from growing their business, and just 'getting on with it'.
From the opening paragraph: "The engine room of the economy may be at risk of stalling, as new research reveals the weight of administration and red tape is costing small business an average of 541 hours in time, and $14,857 in money each year. This is a total annual cost of more than $20.16 billion per year for small businesses."
I love the data, and the research that has been conducted by Reckon, and I also think that it is a bit excitable to say there is a risk of SME business 'stalling'. Small business is tenacious, passionate, and renowned for 'making it happen' on the smell of an oily rag. Perhaps it's always at risk of stalling, but I don't think that Small Business Owners would let that happen; they have too much riding on it.
You can read Inside Small Business' article through the link below.
Read the Article Here