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NatWest has recently issued an important warning to its customers, highlighting what it views as the "biggest threat" to startup success in the UK. According to a new report, the primary barrier holding back many aspiring entrepreneurs is a lack of sales and marketing skills. This deficiency is seen as a major hurdle that prevents many from turning their business ideas into reality.
The Start Gap Report, which surveyed 1,000 potential business owners across the UK, revealed that aside from sales and marketing, other crucial skills were also missing. These include the ability to create a detailed business plan, take calculated risks, and maintain motivation—each cited by around 11% of respondents. This paints a broader picture of the challenges faced by new entrepreneurs, suggesting that gaps in confidence and practical skills are widespread.
Cath Broadhead, co-founder of The Promise Co. farm, shared her perspective on addressing these challenges. She stressed the value of a practical approach to sales and marketing, mentioning how she took advantage of free courses and networking opportunities early on. Cath noted that although sales and marketing might sound complicated or corporate, it’s really about everyday interactions since everyone gets marketed to in some form regularly.
Michelle Prance, CEO of Mettle by NatWest, also commented on the findings, emphasizing the clear need for accessible training and resources focused on sales and marketing for new business owners. She pointed out that NatWest has supported more startups than any other bank in Great Britain, giving them a deep understanding of the struggles faced by entrepreneurs. To help tackle these issues, NatWest offers its Accelerator community, designed to provide business owners with the skills, confidence, and networks necessary to thrive.
NatWest encourages aspiring entrepreneurs to utilize tools like their Accelerator app, which is tailored to help build those essential sales and marketing skills. Beyond this, the bank offers straightforward banking solutions that simplify the process of launching and running a business. These services include easy account setup, cost-effective banking options, and expert guidance, all aimed at empowering entrepreneurs to take confident steps forward.
The competitive landscape includes other major players such as Santander, HSBC UK, Nationwide, and Lloyds Banking Group, all vying to offer support to startups. However, NatWest’s focus on targeted support and accessible training makes it a noteworthy resource for those just starting out. The overarching message is clear: while the lack of sales and marketing expertise presents a significant obstacle, with the right support and resources, new entrepreneurs can overcome these challenges and succeed.
