Midlands

Midlands Entrepreneurs Report

Welcome to Insider's Midlands Entrepreneurs Report 2011. This report examines some of the biggest issues facing business owners, informed by Deloitte's survey Entrepreneurship UK: 2011/2012.

As UK's economic growth remains sluggish, with fears persisting of a second recession, while European markets strain under the weight of sovereign debt, hopes are pinned on the private sector to generate wealth, growth, and fill the tax coffers.

In order to generate this growth, the majority of businesses need access to finance. But banks have tightened their belts over recent years, while the jury is still out on Project Merlin, the government's plan to stimulate lending. Along with the abolition of the RDAs, this raises fears over funding streams for business leaders. But Mark Doleman, head of entrepreneurial business and senior partner at Deloitte, says: "As a group, entrepreneurs feel better served by banks than in the last few years, though frustrations remain."

When the coalition government took power, its tacit acceptance that austerity measures and public sector cuts would make finance and profit margins harder to reach was offset by promises of red tape cuts making Britain a better place to do business. Ashley Hollinshead, tax partner at Deloitte, says: "The majority of entrepreneurs believe the current regulatory framework is supportive of business. However there is a significant lack of awareness about government-led resources – 30 per cent of entrepreneurs were unaware of the StartUp Britain campaign for instance."

Along with a focus on red-tape reduction, the coalition spoke extensively of Britain's export-led recovery. However, as the Eurozone and US economies continue to struggle, UK business owners must choose between traditional, but flatter markets, and the newly-wealthy BRIC and Far East economies, which have greater barriers to entry and cultural differences, and are perceived by some as potentially riskier.

Mark Doleman believes more companies are looking to take advantage of these emerging opportunities: "Asia, including China and India, is stirring the imagination of business owners with 13 per cent of entrepreneurs looking to grow their business in the region, up from just 7 per cent in 2010."

View the results of Deloitte's leading national survey of the attitudes and performance of entrepreneurs and their businesses at www.entrepreneurshipUK.com

Ask the Experts

Ask the Expert: Tax and entrepreneurs
Ashley Hollinshead, partner at Deloitte in the Midlands, discusses how the UK tax framework affects...

Insider Blogs

Business Matters: Entrepreneurship UK 2011
Mark Doleman, head of Entrepreneurial Business and senior partner at Deloitte in Nottingham, analys...

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Insider Midlands Manufacturing Breakfast 2012
Date: Fri 23rd March, 2012
Location: Manufacturing Technology Centre, Ansty Park, Coventry, CV7 9JU

Insider East Midlands Dealmakers Dinner 2012
Date: Thu 10th May, 2012
Location: East Midlands Conference Centre, Nottingham

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