enterprise nation

UK Small Business Owners Waste 10% of Their Day Chasing Payments

UK Small Business Owners Waste 10% of Their Day Chasing Payments

UK small business owners typically waste 10% of their working day chasing late payments and overdue invoices, according to new research by Xero. The survey of 1,003 small enterprises and sole traders revealed that 52% of business owners worry about unpaid invoices with London (14%), Wales (12%) and Scotland (11.5%) the regions where firms suffer the most. London-based businesses can spend up to 1.5 days chasing payments while Welsh firms spend 1.3 days on average. When divided by industry, businesses in the HR sector (3 days) are most affected by late payments followed by IT and telecoms (1.8 days), and manufacturing and utilities (1.7 days). When asked what was the main reason for waiting on invoices, business owners cited customers waiting for payments themselves (32%) as the top factor,... »

SMEs Lose Out in Queens Speech

Recession leads to launch of 300,000 Home-based Businesses

Almost a third of a million people have started home-based businesses in the last 12 months, mainly due to redundancy or job insecurity, a new report from Enterprise Nation has revealed. The 2009 Home Business Report found that 300,000 home-based businesses have been created in the last year, taking the total number to 2.8 million. The survey also found that 49% of home-business owners said that the freedom to make their own decisions was the most enjoyable part of self-employment. The research also revealed that 89% expect their turnover to increase during the next 12 months. Enterprise Nation founder, Emma Jones, said that the recession has caused many people to set up in business: “Some people have been made redundant and decided to use the opportunity to do their own thing. Other... »

Face-To-Face Networking Essential for Small Firms

Face-To-Face Networking Essential for Small Firms

More than a third of small firms believe that networking face to face is still crucial to the success of their business, despite the massive increase of online networking, research by events organiser Business Scene has found. The survey of 500 small businesses also revealed that 66 per cent attend networking events at least once a week. Of those that network face to face, 44 per cent have made more than £1,000 from it in the last year and 20 per cent have made more than £10,000. “Online networking is good for making initial contact, but it’s no replacement for face-to-face networking when it comes to winning new business,” said Business Scene founder, Warren Cass. “People are starting to think about where their next deal is coming from, and they realise... »

Invisible Business: the characteristics of home businesses

Home Businesses overlooked by Support Agencies

Home–based businesses are often “invisible” to regulators and support agencies despite accounting for a third of small firms, a study published by the University of Strathclyde Business School has revealed. The report, Invisible Business: the characteristics of home–based businesses in the UK (672k PDF), claims that their low profile results in home–business owners not being informed of how enterprise policies, business regulations and tax laws will affect them. The report argues that businesses run from home are considered economically insignificant, even though the sector is expanding and home businesses are growing in scale. The research found that the majority employ staff and generate more than £50,000 per year. One in ten employs at least ten peopl... »

Prize Package up for Grabs in Home Business Awards

Entrepreneurs who work from home can compete to win a prize package worth thousands of pounds, following the launch of networking website Enterprise Nation’s Home Business Awards. The competition is free to enter and open to home–based businesses that have been operating for more than six months. Entrants must demonstrate progress in three areas: business, work–life balance and use of technology. The winner of the Home Business of the Year award will win free use of a virtual assistant reception service from Moneypenny UK for 12 months, along with a printer worth more than £1,000 and accounting software worth £300. Entrepreneurs can also apply to enter three other award categories, including: home business couple of the year, home office of the year and young ... »