In October 2006 over 50 pieces of new legislation came into effect, putting UK businesses under even more pressure to comply with increasing amounts of red tape. Bibby Financial Services is calling for the Government to do more to reduce the amount of new legislation introduced each year and lessen the burden on the UKís small business community.
Recent Bibby Financial Services research shows that half (50%) of owners and managers think the ever-changing legislative landscape is one of the biggest headaches when it comes to running a successful business*. And, with entrepreneurs having to spend their time sifting through mountains of new legislation there is precious little time left for them to concentrate on making sure their business is a success.
In reaction to the overwhelming amount of new regulations introduced throughout the year, the Government devised a plan to help owners and managers keep better track of new legislation by grouping legislative changes together and only introducing updates in April and October.
Steve Hollings, director of services at Bibby Financial Services, said: ìWhile it is encouraging that the Government has recognised the need to re-evaluate how and when new legislation is introduced, there is still a long way to go to ease the burden felt by entrepreneurs. Limiting updates to twice a year stops companies getting bombarded throughout the year, but it doesnít lessen the amount of changes they have to adhere to.î
ìAt the heart of the matter is the concern that owners and managers are spending so much time keeping up-to-date with legislation that they are not spending the time they need to on generating new business and maintaining a healthy cash flow to ensure business success.î
Many owners and managers are now outsourcing areas of their business to qualified professionals who can provide the advice and support they need to ensure compliance with the latest legislation, whilst freeing up their time.
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Warning: Regulation overload
In October 2006 over 50 pieces of new legislation came into effect, putting UK businesses under even more pressure to comply with increasing amounts of red tape
