October 18, 2010
Small businesses are expressing confidence over the imminent Comprehensive Spending Review and any immediate effects it may have on business activity, according to new research.
The Economic Outlook Report by the Chartered Management Institute (CMI), published claims of "huge anxiety" in the business world ahead of the Government's cost-cutting announcement to be made on 20th October.
The CMI surveyed 820 of its members across the UK and found that less than half (47%) of managers from small and medium enterprises (SME) feel that forthcoming budget cuts are a threat to their organisation, when compared to 60% of managers for larger companies, those with more than 250 employees.
Issues with job security are also not affecting SMEs, with just 8% admitting to feeling insecure about their roles compared with 42% of managers working at larger companies.
However, while SMEs may be coping, the CMI has called on the Government to increase the support on offer to managers by giving them greater control over how they choose to spend funding in the wake of financial cuts.
"Ultimately, the key to recovery is ensuring managers feel confident and optimistic about the future,” claimed Ruth Spellman, Chief Executive of CMI.
"Of course, managers and leaders must take some responsibility for developing the skills needed for success, but they are crying out for more support."
