Nearly half of London's business owners put skills at the top of their wish list according to the findings of a new survey of over 900 small and medium sized businesses in the capital.
Undertaken by Business Link for London, the small business advice and support service for the capital, the survey revealed that 43% of business owners believed that addressing the shortage of skilled workers is still needed in order to make London the best place for businesses and entrepreneurs to excel.
Part of the solution is through increasing the leadership and management skills of senior strategic decision makers. The poll showed that 38% of business owners said that personal mentoring schemes would be their top training choice to help their company's performance with 42% saying that one-to-one coaching would be beneficial.
Judith Rutherford, Chief Executive of Business Link for London, said: "Senior managers in small and medium sized businesses recognise the value of training for themselves, but because they are so busy they find it difficult to fit it in and are sometimes put off by the cost. The challenge for business leaders is to recognise that their own leadership skills are crucial to the success and growth of their business.
"Effective leadership skills help increase productivity levels and stimulate growth. What we are trying to do is make it easier for managers to develop these skills through practical help, support and funding."
SMEs in London can get up to £1,000 to eligible businesses for leadership and management training of their managing director or a key strategic decision maker.
The subsidy is available through AddMore, funded by the London Learning and Skills Councils and provided by Business Link for London and Reed in Partnership.