Almost 43 per cent of London’s business owners have said that addressing the shortage of skilled workers is important so that London becomes the best place for businesses and entrepreneurs to thrive.
One of the solutions proposes is by increasing the leadership and management skills of senior strategic decision makers. According to the survey one in three people who started and operated a business said that personal mentoring schemes would be their primary training choice in order to help their company’s performance while 42 per cent said that one to one coaching is beneficial.
DTI research debunks myths about small business (Part 2)
In a previous blog entry the newly released research of the Department of Trade and Industry on business myths was discussed. The research, entitled Myths Surrounding Starting and Running a Business, debunked a number of myths about starting and operating a small business. Here are some more myths that the research debunked:
* MYTH: It would take years to start a business from the ground.
* FACT: Most businesses are usually formed within six months.
* MYTH: The rejection for business loan applications is so much higher than it is.
* FACT: Only 10 to 20 per cent of applications are actually rejected.
* MYTH: It is hard to make a living from a start-up.
* FACT: People’s income estimate in their first year of trading is just half of the figure that is really achieved by small businesses.
New software helps deal with absenteeism
Based on a survey conducted by the Employment Law Advisory Services (ELAS), about one in four small and medium sized business has had more staff taking sick leaves than it has taken action against.
But almost 90 per cent of businesses have revealed that they would actually discipline their workers if they were legally confident in doing so.
Armed with this information ELAS has released a computer program that will help employers stay within the bounds of the law. The software, a personnel package, will not only keep a record of a worker’s sick days but also alert managers when the levels of absenteeism has already become a problem. The program will then guide them through the correct disciplinary measures to take.
Company formation and business solutions experts agree that these innovative way of handling the absenteeism problem will be a boon to employers who do not know how to go about disciplining lazy staff.
A quarter of SME owners want to sell their business
One-fourth of the country’s small to medium-sized business entrepreneurs have revealed that they plan to sell their business in the next three years. But almost one-half of them have no real idea about how much their business is worth.
According to the research of Tenon Forum, an independent entrepreneur think tank, of the 92,000 businesses that are expected to be up for sale, about 47 percent had no idea about their business’ worth. The findings among smaller companies were more pronounced especially those with only five to nine employees, where 32 per cent wish to sell their business but only 37 per cent have an idea of the worth of their business.
Company formation and business solutions experts are suggesting that business owners devise a more definite and well-researched exit plan if they want to sell their business some time in the future.
Women finding it hard to achieve work-life balance
Achieving a work-life balance between their careers and their family is getting harder for working women today compared to 30 years ago.
This was the statement made by Jenny Watson, the newly appointed chair of the Equal Opportunities Commission (EOC). Following her appointment by the Department of Trade and Industry (DTI), Watson, citing a poll by the EOC, said that the results showed nearly two-thirds of men and women believe that it is harder for mothers today to maintain a work-life balance when they return to the workforce.
Company formation and business solutions experts are asking the government to take into serious consideration the plight and concerns of working parents to better address their abilities to provide for their families while also taking into consideration their responsibilities at work.