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The burden of business regulation and bureaucracy is a major deterrent to new business start-ups by the next generation of serial entrepreneurs, according to new research.
A survey by accountancy firm Sage, revealed that almost half of company directors of small businesses cited red tape as the biggest reason they would not expand their empire.
Some 46 per cent reported that unfavourable company legislation puts them off from setting up another business, while only a fifth believed the government provides sufficient advice for complying with regulations.
Despite government efforts to streamline the number of advisory bodies, only 34 per cent said Business Link - the governments flagship SME support service - is among their top five most trusted sources of help.
In contrast, 80 per cent said that their accountant was one of their key advisors and 55 per cent cited fellow business owners as among those they turn to for assistance.
Stephen Orr, founder of London based business web4marketing, told Business Zone that the promise from ministers to deal with SME confusion over where to turn for help by cutting official schemes from 3,000 to 100 is welcome, but much more needs to be done.
"I can see you need a set of guidelines for each area of business, but you only need about one for half a dozen different disciplines," he said.
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