Posted On: 17th October 2012
The government has introduced legislation for companies to have a compulsory contributory pension scheme, which could cost companies 8% off the bottom line.
Starting from October 2012, employers will enrol workers into a workplace pension, if they meet set criteria. When employees will be enrolled depends on the size of the organisation they work for. Very large employers are doing it first.
“On one hand if you have the minimum pension scheme contribution you will be deemed as an employer who doesn’t care about it’s staff.” Said Dave Symondson. “Yet if you pay a more generous amount and you’re struggling through these tough trading times it could be the final nail in the coffin.”
Dave Symondson has 25 years business experience and has built two multi million pound businesses from scratch and sold them successfully. Dave believes that as more pressure gets poured onto SMEs the more difficult it becomes to steer their way out of mediocrity and into good growth.
“If SMEs are not on the growth path then it becomes very difficult to get momentum. In order to take the next level you need to change, if what you have been doing is not working then a magic wand is not going to appear out of nowhere.” He said.
Adding: “There has been enough warning but SMEs will be focusing on what they consider to be more important things e.g. survival!”
According to Dave a solution to these problems is always available, he believes that most owners think of the short-term cash flows issues and therefore dismiss the idea of outside help rather than investing in their own prosperity.
“You have to be brave and make the decision to call in outside help that has the experience to take you to the next level”.
Dave now has several business products, which are all geared towards helping the business owner to be more successful. He is soon to launch his own business channel, which is there to help business owners tap into his years of experience and guide them onto a successful path of sustained growth.
“It comes down to two different courses of action, stay put and hope you ride it out but with only 3 out 10 businesses surviving in the first 5 years the odds are not good, or invest in the necessary experienced help to take you to the next level of growth and beyond”.