The Close Brothers Business Barometer today revealed that two in five (41 percent) of SMEs do not provide management training for their employees, despite an overwhelming majority (83 percent) or 4.47m businesses*, believing that having strong leadership capabilities contribute to success.
The Close Brothers Business Barometer, a quarterly survey of UK SME owners and senior management from a range of sectors, also revealed that three quarters (75 percent) of firms situated across the UK believe that SMEs need to have leaders throughout the company, regardless of level. Only one in ten (12 percent) of SMEs believe that leadership is a quality that only senior people should have. Commenting on the figures, Mike Randall, CEO of Close Brothers Asset Finance said: “It comes as a surprise that a significant amount of businesses do not offer management training, despite a firm belief that leadership is linked strongly with success. Leadership is a quality that helps direct, motivate and inspire others and it must be taught across all sectors of business.
The results also revealed that only two fifths (42 percent) of SME owners across the UK received appropriate levels of either on the job or formal leadership training in their career. This is compared to under two in five (39 percent) who say they did not receive the appropriate leadership training but still became business owners. Mr Randall added: “An effective leadership training programme will most certainly help in creating a winning atmosphere within any business. Those who have responsibilities for managing others need to be properly trained in order for their business to run smoothly and increase the chances of success. “We urge all business owners and managers to understand the importance of leadership and realise it is vital in business. Despite smaller companies having shorter chains of command, the ability to successfully manage and inspire other members of staff is equally as important.”