Research carried out by accountancy firm Moore Stephens has found that half of owner-managed businesses in the Channel Islands consider a shortage of skilled staff as a key concern, compared with 41 per cent of businesses in the United Kingdom.
Moore Stephens’ 2018 Owner Managed Business Review, published this month, found that similar concerns were voiced by businesses in the Channel Islands and the UK, but to a different degree.
In the UK, the main worry for owner-managed businesses was Brexit, but in the Channel Islands the availability of skilled workers was the key concern.
Phillip Callow (pictured), Managing Director at Moore Stephens Audit & Assurance, said: “The focus of CI businesses on skills could be down to it being more challenging for the Channel Islands to bring skilled professionals to the islands or to train our own. This situation could become even more difficult post-Brexit.”
Despite 60 per cent of UK and Channel Island owner-managed businesses being confident in the general outlook for 2018, a high number (78 per cent in UK and 75 per cent in Channel Islands) were concerned about the strength of the UK economy in 2018.
“Our report shows confidence is lacking around the stability of the UK economy, which in itself brings uncertainty,” said Callow. “Owner-managed businesses need certainty to be able to develop their business and will be hit harder if the economy suffers once the UK leaves the European Union.
“This uncertainty could be the reason why only 20 per cent of Channel Island owner-managed businesses are planning to invest in new technology or IT systems.”
• To view the full report click here