Effective support to businesses

The Government would save several £millions if the DED business support strategy changed to the provision of non-financial business support instead of handing out taxpayers money. The vast majority of businesses are self-taught - without the necessary business knowledge and skills, they are vulnerable to fire-fighting avoidable problems and increased risk of business failure.

The IOM Government has a well-established vocational training strategy. It is an exemplar model that many other Goverments would do well to emulate. Offering an equivalent training programme of business knowledge and skills would make a huge difference to survival and growth rates. IOM businesses would greatly benefit from non-financial business suppport. 

Develop the programme of support to businesses provided by DED to include non-financial support and develop entrepreneurial thinking, commercial awareness, business and financial acumen. This would support businesses during the difficult conditions created by regeneration schemes, and make them more globally competitive.

"Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime"



Why the contribution is important

Making this change would also increase income through additional tax/ NI receipts and achieve economic stability/ growth. 

Smaller businesses are the lifeblood of the economy and the greatest innovators (see German model). 

Idea uploaded by moderator, edited from the original to shorten it. 

by KatieIOMGov on May 04, 2017 at 03:24PM

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