A survey of companies and their chartered accountant advisers revealed high quality training in business and financial techniques is an urgent priority among small and medium-sized firms.
Forty percent of firms surveyed admitted weaknesses in areas crucial to their survival and growth, while successful owner managers used networking to gain knowledge and improve their skills.A quarter of chartered accountancy firms working with small and medium-sized companies failed to offer relevant support and advice necessary to promote growth and development.
The survey, by the Manchester Metropolitan University's Business Performance Centre, involved forty companies in the Trafford Park area, and nearly sixty firms of chartered accountants specialising in promoting business enterprise.
Professor Bob Sweeting, Head of Accounting and Finance at the MMU, said owner-managers needed much more help to carry out effective strategic planning for their businesses.'Their greatest need is for better understanding of the financial mechanics of their businesses so they can plan properly,' he said. 'Without it, they're taking serious risks in key areas like new products, capital investment and deal making.'
Following the survey, a new financial management network, serving up to 1,400 firms, has been created by the Trafford Park Business Forum. Chief Executive Dr. Alan Gerrard said the network would involve as many of the area's 1,400 companies as possible. 'Firms will not change just by ramming stuff down their throats. They like to learn from one another because it works,' he said.Professor Sweeting, past President of the Manchester Society of Chartered Accountants, said it was surprising that while ninety per cent of the accountants said clients would benefit from business and financial training, only seventy-five per actually recommended it.
He added: 'This has been seen by some as a chartered accountant bashing exercise, but it's not like that at all. It just means that some need to wake up to the fact that there are other service providers out there, and that income from statutory work could collapse when the audit exemption limit is raised.'To support greater networking, an inter-active website is being developed for Trafford Park, funded by the North West Development Association.
12 of the 32 stars observed feature rings and gaps that are usually carved by planets in the process of formation
Overhaul to parachuting system and the ability to export clips from replays also coming to PUBG
The experiment is currently underway at South Korea's Yangyang Underground Laboratory
Exoplanet HAT-P-11b is located about 124 light years from Earth