Obtaining finance and skills shortages are the top concerns among start-ups.
According to a survey by the Institute of Directors (IoD) of 650 entrepreneurs under the age of 35, revealed that finding skilled employees and accessing scale-up finance are the most important issues for start-ups.
42% of entrepreneurs said they had trouble hiring people with the right skills, while 39% had difficulty accessing finance.
53% used money from family members to start their businesses, while 45% had used money from their friends.
56% of entrepreneurs had used personal unsecured finance such as credit cards.
Nigel Holland from Holland & Co Chartered Accountants said:
“ It is often difficult to obtain the right people who possess the skills necessary to complete the jobs which are available on the job market. At my firm we look for graduates who have achieved a first class degree in Accountancy at either Liverpool or Manchester Universities.
Once we have taken on a graduate we provide them with 2 important forms of training:
- The first is on the job training, this involves supervision by a work colleague who is experienced in each particular area.
- The second form of training is provided by my firm paying for the employee to attend courses run by Kaplan who is the UK’s leading global provider of diverse education and training. Programmes include professional accountancy and financial training.
For start-up businesses, overcoming the skill shortage obstacles can be the difference between success and failure.
I am concerned that so many start-ups struggle to hire skilled employees. There needs to be a comprehensive training program in place at all firms. “
Talk to us today to discuss about your business plan.