Red tape is continuing to restrict small-business prospects and owners are increasingly worried about the weight of future red tape encumbering growth, according to research from Barclays Bank. But the majority of owners haven’t sought advice on how to manage the impact of new legislation on their operations. The research reveals that the top three areas of red tape burdens come from legislation relating to health and safety, employment, and environmental concerns – and the older the business, the greater the concern. According to David Lavarack, director of small-business services at Barclays, businesses which “identify legislation that is relevant to their future business plans will be better placed to retain their competitive edge”. Companies should use all sources of advice, including the Department of Trade and Industry and local business support organisations, says Lavarack.
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