Regulation, reputation and employee issues, such as the rising costs of minimum wage, top the list of concerns for UK SME’s
This is according to a recent survey commissioned by Broker Network, the UK’s leading network of independent insurance brokers.
The research, which polled over 500 small and medium business owners across the UK, found that 30% of SMEs see threats to their reputation as the biggest issue for their business, while 24% cite regulatory changes and 17% say that employee issues are a high risk. The lowest concerns include supply chain issues (13%) and legal issues (11%).
Business owners said that reputation, once lost, can be impossible to regain and moreover, it can be affected by things outside of their control, such as a supplier failing to deliver on time. Surprisingly, many said that online reputation was less of a worry than traditional word of mouth. The data is reinforced by face-to-face interviews with business owners of either micro, small or medium-sized enterprises.
Commenting on the findings Broker Network CEO Andy Fairchild said “As the UK’s leading network for independent insurance brokers, we wanted to assist our members and give them a voice in the UK business landscape.
“The findings will allow our members, all SMEs themselves, to engage with and build stronger relationships with their customers by understanding them and their risks and concerns.”
