Top 10 Barriers to Business Growth

According to a recent report, these are the top 10 barriers you might experience when trying to push your business to the next level:

(1) The tax system.  (OK, we know more than most that it’s a complete pain in the neck.  But letting it be a barrier is daft – just hook up with an accountant who can guide you through it and get you sorted out.  Concentrate on the areas you do well – hire in specialists for the rest.)

(2) Lack of bank lending.  (Not necessarily a bad thing.  The less debt you have, the more flexible your business is and the less pressure you’re under.  Try to find low-cost methods, or choose to win by a thousand small steps rather than attempting a giant leap.)

(3) Cost of running a business. (Getting lower all the time. There are great web-based resources (like Xero) that are low cost and give your business great flexibility on the admin side of things.  Think outside the box.)

(4) Too much red tape.  (A real hassle.  Try outsourcing as much as possible, letting you concentrate on the key business areas.)

(5) Late payments/cash flow issues.  (A real issue for some people.  You have to be tough from the outset.  Insist on monthly payments, or deposits up front, and be very clear on your terms.)

(6) Rising energy costs.  (Will affect some more than others.  Plan effectively and make a real effort to see what areas exist for savings.)

(7) Not enough government support.  (SERIOUSLY?  You want the government to help you run your business?  HAVE YOU SEEN WHAT THEY’RE LIKE?  Educate yourself with some good business books, and get some good advisers.)

(8) Business rates.  (A big issue, and one that local authorities need to get sorted out if business is to be encouraged.)

(9) The burden of regulation.  (Again, outsource what you can. Delegate effectively.  DO NOT try to do everything yourself.)

(10) Too much competition.  (So what?  Be different.  Be better.  Be special.  This one’s down to you.  Outwork your competition.  Out-think them. Put in the efforts with planning that they won’t.  You can do this.  Read ‘Purple Cow’ by Seth Godin.)

Do barriers exist?  Not really.  There are problems and challenges, but there always have been.  None of the above should stop you getting where you want to go.

Andy Hyland

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Andy Hyland is the owner of AK Tax & Accountancy, the best accountants Kent has to offer. Andy and his team work with businesses across the UK using the latest cloud accounting technology to help them grow and succeed.

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