Small and medium sized enterprises (SMEs) are the power house of the British economy. SMEs produce 52% of the UK’s total turnover and employ 59% of the UK’s total work force.1
Despite this sector being a vital part of the UK’s economy, the impression given is that most enabling legislation and important tax breaks seem to be aimed at multi-nationals and, indeed, smaller businesses are overly-burdened with administration and excessive regulation.
The Government rule book for smaller businesses generally tends to be that the same rules are followed as for larger entities, with only a few exemptions, rather than a clearly designed set of relevant regulations for SMEs which will enable them to operate more efficiently.
SMEs have different needs and wants from larger enterprises and each business will have individual characteristics requiring a focused and tailored service from experienced advisers.
Business owners need to spend their time running their organisations and not become bogged down with the ever-increasing burden of red tape. Stephen Peak, Partner at Peters Elworthy & Moore (PEM), says “At PEM we deliver individual advice to our extensive SME client base, this advice is relevant to their specific needs and provides a proactive and regular review of their financial position.
Regular meetings are arranged to discuss issues as they arise and to ensure that the business owners are one step ahead of the introduction of tax and other legislative changes.
Plans are formulated to set targets and to establish monitoring procedures to ensure that objectives are met.”
Experience is vital in acting for SMEs, meetings between business owners and advisers usually evolve into a general discussion covering all aspects of financial matters and wealth management issues for the owner/directors. It is the full range of relevant advice that is so highly valued.
Relevant services will be provided at each stage of the SME’s life cycle, from initial start-up to the growing stage of the business, through market consolidation and finally to possible disposal or alternative exit routes.
Business owners should ensure that they receive a personal and individual service. It is certainly the case that a “one size fits all” approach does not work for SMEs.
Advisers who are experienced, flexible in approach and highly committed to the SME sector are those that will provide the best and most appropriate service.
For further information on PEM’s tailored services to the SME sector, please contact Stephen Peak on 01223 728222 or email speak@pem.co.uk
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1Reference Source: Department for Business Enterprise and Regulatory Reform August 2007.
Date:18 March 2008
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