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A new survey carried out by NatWest bank, shows that 80 percent of new businesses with a turnover of less than £100,000 have no professional support for legal or taxation matters. As a result, a large number of new enterprises remain unaware of their legal obligations regarding relevant legislation, which could ultimately lead to business failure.

The survey also revealed that 60 percent of small businesses could be at a disadvantage, managing without professional advice, especially in the early days of starting a new enterprise. According to the survey, 35 percent of small firms have no business plan in place for future growth, essential for any business. A large number of businesses, 32 percent, don’t know where to look for professional advice, which often results in not having a business plan or financial strategy in place.

Small business owners who try to deal with their own administration, struggling to stay ahead of legislation changes and new regulations being introduced, risk failure. Theo Paphitis, from the TV show Dragon’s Den said:

“At a time when we need businesses to thrive, too many good businesses risk failure because they struggle to manage the basics early on.”

According to previous statistics from Clydesdale and Yorkshire banks, 15 percent of small businesses are uncertain of the regulations which they have to follow, resulting in 100,000 firms being fined for breaches of legislation. The survey results have shown that small businesses can benefit from professional financial advice and planning skills, in addition to help with legislation.

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