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New research has revealed that close to nine in 10 businesses believe the government needs to do more to stimulate growth amongst the UK’s businesses.
The study of 150 companies by Iris Accounting & Business Solutions revealed 30% of businesses think that a reduction in the burden of required administration practices would help them prioritise growth. A further 27% felt that tax breaks would be an incentive for expansion and 12% feel it will be a challenge to retain existing customers in 2012.
Almost one in three feel the unpredictable economic climate is the biggest challenge for 2012, whilst 23% face problems with operational costs.
As most businesses have already been through a process of reducing costs, many have to look for further savings to ensure they stay competitive. With tax breaks, there would be less cost-cutting pressure and more room for entrepreneurial activities to help growth.