Finance for Small and Medium-Sized Enterprises - DTI Home Page

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Finance for Small and Medium-Sized Enterprises: A Report on the 2004 UK Survey of SME Finances Table 2.1.1: Comparisons of Business and Owner Characteristics in the UK and US US SSBF UK SMEF UK SBS (1998) (2004) (2003) Number of Employees 0 22% 61% 69% 1-9 62% 32% 25% 10-49 14% 6% 5% 50-249 2% (50-499) 1% 1% Legal Status (Excluding businesses with no employees) Sole Trader 49% 66% 21% Partnership 7% 10% 20% Company 44% 24% 59% Industry Agriculture - 4% 3% Manufacturing 8% 5% 15% Construction 12% 21% 10% Wholesale/Retail 26% 16% - Service Sectors 54% 54% 72% Age of business Less than 4 years 22% 16% 15% 4-10 years 23% 17% 25% More than 10 years 55% 67% 60% Majority Ownership (Majority Management) Male 72% 75% 62% Female 24% 25% 38% Majo rity Ownership (Majority Management) White 90% 93% 91% Ethnic Minority 10% 7% 9% Majority Ownership Family 85% 77% - Not Family 14% 23% - Owner’s Age Under 21 years 0% 0% - 21-39 years 17% 14% 40 years or over 83% 86% 41
Finance for Small and Medium-Sized Enterprises: A Report on the 2004 UK Survey of SME Finances US SSBF (1998) UK SMEF (2004) Owner’s Experience Under a year 0% 0% - 1-9 years 21% 17% 10 years or more 79% 83% Education Trade/vocational qualification 4% 2% - Secondary school level qualification 18% 23% Undergraduate degree 33% 13% Postgraduate degree 19% 10% UK SBS (2003) The comparisons in this table suggest that: • US businesses tend to be larger, on average, than UK businesses. • US businesses tend to be younger, on average, than UK businesses. • The proportions of female and ethnic minority businesses, in their respective populations, are similar between the UK and US. • Owner managers in the US are more likely to have a university degree than their UK counterparts. 2. 3 External financial advice, managerial talents and business problems The contextual analysis is continued by looking at sources of financial advice, management skills and the problems faced by the business. External financial advice The following table presents evidence on the main source of support or advice used in financial decision making. 42
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