Lack of access to growth capital and skills shortages have strong adverse effects on SMEs in UK

Lack of proper access to growth capital and skills shortages have a significant adverse effect on UK small and medium sized enterprises (SMEs), a new market research study from ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) has revealed.

For this paper, market researchers from the aforementioned two bodies compiled responses from the Global Economic Conditions Survey (GECS) between Q4 2011 and Q2 2013. GECS is the largest quarterly economic survey of accountants in the world and gauges the views of ACCA and IMA finance professionals working at the coal face of businesses.

The answers revealed that concerns about skills shortages were expressed almost entirely by those in the UK, with 15 per cent of UK respondents highlighting the issue. Cash-flow problems were also flagged up by the UK's SMEs, who were almost twice as likely to cite securing late payment as a problem than larger business.

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