James Caan urges regulation reform LONDON 11th April 2012 Government must stop piling unnecessary and often silly rules and regulations on top of small businesses if the economy is to grow, said noted businessman and entrepreneur James Caan.
Its not the governments role to create jobs, thats the role of small business and entrepreneurs. Government needs to get out of the way and let us do what we do best, Caan said. Caan supports the Federation of Small Businesses and the European Small Business Alliances recently tabled declaration in the European Parliament urging a halt to excessive rules and regulations affecting small firms.
Chancellor Osborne has declared that red tape reform has saved businesses £3.3 billion but think about that.
That means those rules and regulations, prior to their repeal, were costing businesses £3.3 billion. I could put a lot of people to work with £3.3 billion, said Caan, CEO of the venture capital and investment firm Hamilton Bradshaw.
Caan also noted a British Chambers of Commerce survey where 1,200 small and medium-sized businesses said they felt choked by government regulations. He said the BCC has estimated allowing employees to request flexible working hours will cost businesses £4.8 million a year.
The working time directive, which gives employees extra time off if they become ill on holiday, could cost small businesses an estimated £102.9 million a year, Caan added. Caan said experts have estimated EU regulations alone have drained £124 billion from the UK economy since 1998. Caans latest book, Start Your Business In 7 Days (www.penguin.co.uk/nf/Book/BookDisplay/0,,9780670920648.html) literally is flying off the shelves of UK bookstores following its March 1 release. [photo chron.com]
Caan said he took the time to write a book that takes people through the entrepreneurs journey and helps them understand the difference between a hobby, a lifestyle and a real business. Reviewer John Vincent, co-founder of Leon Management Today, said of the book, Caan shows a real desire to help the reader.
His insights have substance. I like the balance between theory, deep practicality and psychology.