News

Our small business news section covers the latest reports, research, stories and updates on regulations that affect the UK’s small and medium enterprises.

74% of Small Businesses Don’t Believe New Late Payment Legislation Has Worked

74% of Small Businesses Don’t Believe New Late Payment Legislation Has Worked

74% of small businesses don’t believe that late payment legislation introduced earlier this year has had any effect whatsoever– according to a report by Crossflow Payments. The survey of 1,031 senior decision makers has revealed that the vast majority of UK small businesses believe the new guidelines, which force larger businesses to detail how they pay smaller suppliers, will continue to make no difference to their business. It’s suggested that the new rules could actually have an opposite affect and worsen the “late payment crisis” – as larger corporates can now expand payment terms, giving the illusion they are paying on time. It’s estimated that £266bn is currently inaccessible to small firms – with one in ten admitting payment terms have worsened since the Brexit vote. Worryingly, 78%... »

A Brexit Bank Holiday Could Earn Small Businesses An Extra £3bn

A Brexit Bank Holiday Could Earn Small Businesses An Extra £3bn

UK small businesses could earn an extra £3bn this bank holiday weekend, as UK shoppers choose to holiday at home. According to a report by Worldpay, the previous May bank holiday saw in-store card transactions rise 7% – compared to the same time last year. Particularly benefiting the services industry, pub spend was up 25% over a regular weekend, while restaurants (21%), tourist attractions (35%) and hotels (17%) also experienced increased footfall. Not surprisingly, the areas benefiting most from the long weekend are more traditional tourist spots such as Cornwall, Brighton and Edinburgh – where in 2016 spending increased by 11%, 6% and 5% respectively. It’s suggested that in a post-Brexit Britain, a higher cost of foreign travel will cause UK shoppers to holiday domestically.... »

Lax Recruitment Process Leaving Businesses At Risk

Lax Recruitment Process Leaving Businesses At Risk

UK small businesses are leaving themselves at risk to stunted growth and potential legal action, due to a lax recruitment process – according to a report by Xref. The Xref Referencing and Recruitment Risk Index,which surveyed 1,000 UK employees and job-seekers, has revealed that 23.5% were not asked for either a character or employment reference when they most recently applied for a job – with 23% admitting their referee was never actually contacted. Worryingly, 45% of respondents even confessed they have lied to a potential employer, with the most common embellishments concerning their work experience (36%) and qualifications (28%). An important consideration for businesses, 48% of those surveyed admit they deliberately exploited careless recruitment practices – with 32%... »

Three Weeks Before The General Election, Just 19% of Small Business Owners Support A Hard Brexit

Three Weeks Before The General Election, Just 19% of Small Business Owners Support A Hard Brexit

Less than three weeks before the general election, just 19% of small business owners support a ‘hard Brexit’ – according to a report by Chartered Management Institute (CMI). The survey of over 800 managers has revealed that 43% believe access to the single market and free movement of people across the EU should remain once the UK officially leaves – something the current government has ruled out should they be re-elected. When asked for their top business wishes for the next government, securing trade deals with non-EU countries is a priority for 66% of enterprise owners as businesses begin to ‘think global’. Guaranteeing the rights of existing EU residents (58%), investing in capital infrastructure (53%), maintaining investment in the Apprenticeship Levy (30%) and promoting UK... »

35% of Businesses Owners Spend Most Of Their Day Doing Admin – Though Just 4% Believe It’s a Priority

35% of Businesses Owners Spend Most Of Their Day Doing Admin – Though Just 4% Believe It’s a Priority

35% of UK business owners spend the majority of their day doing admin – though just 4% believe this is a priority task, according to a report by Immervox. Their Management Pressures and Productivity report, which surveyed 144 businesses, has revealed that UK firms are struggling to achieve increased profit because they have to concentrate their efforts on more menial tasks – such as filling in spreadsheets. While small firm owners believe that innovating, planning, and customer service are the three most crucial areas of their business – few can devote any time to them Other barriers to growth include disorganisation (25%), followed poor internal communication (15%), slow internet (12.99%) and more ad hoc tasks (12.99%). For larger enterprises, antiquated IT systems was signalled by over h... »

UK Employers In The Dark About What Their Employees Really Worry About

UK Employers In The Dark About What Their Employees Really Worry About

29% of UK workers are unhappy in their job, but their employers don’t know why – according to a survey by Neyber. Their 2017 DNA of Financial Wellbeing, which surveyed over 10,000 employees and 500 employers, has revealed a disconnect between what UK workers worry about, and what their bosses believe are their main concerns. Of the respondents, 33% of workers said that money problems are their greatest concern, followed by their health (29%) and achieving a good work / life balance (28%). How To Spot The Signs Of Poor Employee Mental Health At Work In stark contest, when bosses were quizzed on what they feel matters to their subordinates 43% believed it was work life balance, 40% believed it was workload, 38% said career development – while just 33% pointed out financial security. Small bu... »

FSB Say Businesses Must Invest In Cyber Security

FSB Say Businesses Must Invest In Cyber Security

UK small businesses have been strongly urged to invest in cyber security, as many of their larger counterparts are still suffering in the wake of last week’s global ransomware attack. The Federation of Small Businesses (fsb), which was briefed by the National Cyber Security Centre on specific small firm concerns, has said businesses should also take out necessary insurance and avail of its expert cyber advice line for more information. Seven million cyber crimes are committed against UK small firms every year, with victims paying an average of £3,000 and 2.2 working days to repair the damage. With these stats equating to 19,000 attacks everyday, the threat is a very real one. Top 10 Essential IT Security Questions You Need To Ask Yourself Dave Stallon, commercial director at fsb, commented... »

64% Of Businesses Didn’t Make A Foreign Currency Transaction In Q1 2017

64% Of Businesses Didn’t Make A Foreign Currency Transaction In Q1 2017

64% of UK small businesses failed to make a single foreign currency transaction in Q1 2017, as international trading begins to slow down -according to a report by World’s First. The Global Trade Barometer has revealed that UK businesses transferred 17% less on average per currency transaction in Q1 2017 compared to Q4 2016 – a fall from £48,000 to just £39,000. % of small businesses not making a foreign currency transfer Q1 2016 27% Q2 2016 31% Q3 2016 33% Q4 2016 28% Q1 2017 64%     Current political and economic uncertainty appears to be compounding matters, with 30% of respondents saying they’ve felt the negative impact of exchange rate movements in the last quarter. Moreover, 22% admit their worried about rises in inflation negatively impacting their business, with the same p... »

Calls To “Radically Reform” Support For Businesses Following Brexit

Calls To “Radically Reform” Support For Businesses Following Brexit

Calls have been made to “radically reform” the small business support network in the UK, as firms begin to get ready for life outside the European Union. The Reformed Business Funding: What small firms want from Brexit, from the Federation of Small Businesses, claims that when the UK formally leaves the EU, a dedicated £3.6bn fund to develop the competitiveness of UK small businesses will be lost. Expected to end in 2021, there is currently no regional or national equivalent to take its place, nor any discussions of a replacement in the pipeline. 78% of small enterprises have sought business support services over the last 12 months, with those in Yorkshire (25%), the North East (22%) and North West (18%) the most likely to submit applications for EU-funded schemes. As a result of its findi... »

UK Business Output Falls To Four-Year Low, Despite Optimism Surrounding A Post-Brexit Global Britain

UK Business Output Falls To Four-Year Low, Despite Optimism Surrounding A Post-Brexit Global Britain

UK business output has fallen to a four-year low, despite optimism surrounding a post-Brexit Britain – according to a report by BDO LLP. Their Output Index, which indicates how firms expect their orders and sales to develop over the next three months, has revealed that growth expectations have fallen from 95.9 in March, to just 95.6 in April. This figure is now significantly below the long-term growth trend of 100, and just fractionally above the point of contraction – which stands at 95.0. It’s suggested that the slowing services sector, traditionally one of the strongest industries in the UK, is primarily responsible – with growth expectations falling from 95.7 in March to 95.3 last month. This is in stark contrast to the 100.4 reported in April 2016. Despite the negative figures, ... »

Page 2 of 3041234»