The research, compiled by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA), found that concerns about skills shortages were expressed almost entirely by those in the UK compared with those in other countries.
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 businesses. Despite SMEs across the globe reporting greater access to growth capital, small businesses in the UK did not see much improvement.
Cash flow and access to finance difficulties are not new to SMEs, especially during what is a very fragile time of recovery for the smaller end of the business spectrum,” said Rosana Mirkovic, ACCA’s head of SME Policy. “However, our global analysis revealed trends that are very specific to the UK SMEs, most notably a skills shortage.”
Read the full report here.