Supercharging small business growth

Welcome to our report for first-time founders, examining the key challenges you may face when growing your business.

It's stuffed with expert advice and tips to help you overcome these barriers, so you can build a business without obstacles.

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Are you a new business owner who's unsure of what challenges you may come up against?

It’s vital to understand what you need to prepare for, so that you can plan your growth trajectory more accurately and proactively put in place some systems to mitigate the impacts of these challenges.

Based on our research of 2,000 small business owners, the key challenges we identified were:

  • Competition
  • Late payments
  • Obtaining finance
  • Recruitment

Our report goes through each of these barriers in detail, unpacking why it's such a factor for small businesses, who is most affected by them and we share useful tips of how to overcome them.

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A snapshot of what's inside

barriers for small businesses report

1

Scoping out the competition

35% of respondents picked this as their biggest barrier to growth

Our survey found that this was the biggest barrier facing small businesses – and rightly so. Not only do small businesses have to understand who their competitors are but need to think of ways to get one step ahead of them. Our report found five ways that small businesses can be more competitive based on our survey and includes how to action these insights.

2

Tackling late payments

A majority (60%) of small business owners said that over 10% of their cashflow is from late payments

Late payments have the power to disrupt cash flow, which can have severe knock-on effects for a small business and even risks permanent closure. Our report discusses the main reasons for late payments and the processes you can put in place to minimise them or chase them.

3

How to obtain external finance

37% of small business owners have tried and failed to secure external finance in the past

Many small businesses rely on securing finance to fuel their venture, but many also find that merely obtaining it is a major challenge, for reasons including poor credit and outstanding debt. Our report highlights the various ways that small businesses are funding themselves and the avenues that you could explore.

4

Recruiting right!

A lack of candidates with the right experience is the biggest challenge for small business recruitment at the moment

Due to a range of external factors, many small businesses have come to understand that the current job climate is a 'candidates world' not an 'employers world'. Our report highlights the systems that would most help recruiting businesses right now and includes recruiting tips for attracting the right talent.

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It's quick, instant and unlocks tons of valuable business advice.

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