The Federation of Small Businesses has asked for a representative of small companies to have a seat in the Cabinet. The United States have a small business administration which has been created to support and boost small businesses in America. The FSB, thought to be the largest organisation for businesses, is calling for something similar here in the United Kingdom.
Although various initiatives and pledges are made by governments, they typically aren’t put into place fast enough or they just don’t meet the requirements of small business. According to the FSB, the government are working on initiatives for small business, but large businesses are often the ones to benefit initially. The FSB Budget submission to the Chancellor has called for a set-up based on the US small business administration, so that small businesses are guaranteed to be prioritised.
The FSB further adds that very often measures are introduced which look promising but offer very little to a small business. Various measures have been announced by the current government, including the procurement of a quarter of all government contracts to small business.
The regional chairman of FSB, Gordon Millward said:
“Through implementing a small business administration, it would allow the government to quickly implement policies aimed at helping small businesses- such as credit easing- which firms have been waiting for since the Autumn Statement.”
Until such an administrative body is set up, a small business accountant will maximise the benefits of all initiatives introduced by the government.
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An experienced business and finance writer, sometimes moonlighting as a fiction writer and blogger.