Essay Sample on Formal Sources of External Business Support

The focus of the research is on the barriers to using formal sources of external business support, the reasons for these barriers, and the extent to which there is latent demand for such services. The research differentiates between non-users of extra assistance; users of the private sector additional assistance that is accountants, solicitors, consultants, and trade associations; and users of public sector business assistance which mainly focuses on Business Link, UKTI, and local authorities. Where aid has been used or might be required, the research also differentiates between transactional assistance that is where support is typically provided at arm’s length via a particular piece of information to assist with standard, day-to-day business operations, and transformational support where more in-depth, diagnostic, often face-to-face, assistance is required to facilitate a stepped change relating to business growth and productivity.

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The research also differentiates between transactional assistance; where support is typically provided at arm’s length via a particular piece of information to assist with standard, day to day business operations and transformational support more in-depth, diagnostic, often face-to-face, support is required to facilitate stepped change relating to business growth and productivity.

The report describes the characteristics of the sample of 1202 SME employers, including their business objectives and growth performance as well as identifying the main challenges that the businesses faced over the last three years. It will also present an overview of the extent to which SME employers used external assistance during the previous three years, distinguishing between information to support the day to day operation of the business and strategic advice to help introduce a stepped change in the performance of the business. Those businesses using support from private or public sources compared with those not using support on several business and management characteristics.

Analyze the use of business support information and business support advice respectively over the last three years, focussing on the reasons for obtaining information, the different kinds of provider, the format in which information was provided, the extent to which it addressed the needs of businesses, and the impact the report had on business performance. Analyzed those businesses that did not use formal assistance over the last three years, focussing on their reasons for not using support, whether or not they considered seeking help, and whether from hindsight they think they could have benefited from external assistance. It will draw together the evidence from the survey of SME employers which demonstrates the scale of latent demand for additional support during the past three years and then assesses the types of market failures that have taken place which explain why this demand considered.