small business owners

Small Businesses Rely on Old Data and ‘Mental Maths’ to Make Financial Decisions

Small Businesses Rely on Old Data and ‘Mental Maths’ to Make Financial Decisions

Small businesses are putting themselves at risk with almost half (44%) having based investment decisions on quick, mental mathematics (31%) or gut instinct (13%), a new report from KPMG Small Business Accounting has warned. 25% of small firms were also found to have relied upon four month-old data to make important financial decisions, while an additional 25% admitted to not knowing how much they could safely afford to invest in their business. Some of the decisions being made by firms without proper financial analysis included investment in new staff, equipment and marketing campaigns. The research, which featured 1,000 small business owners, also revealed that only a third of companies forecast income. All of the respondents admitted that they did not use a professional financial adviser... »

86% of Small Business Owners Say “Future Growth Relies on Millennials”

86% of Small Business Owners Say “Future Growth Relies on Millennials”

UK small and medium enterprises are reliant on millennials-those born between 1980 and 2000-to ensure the future success of their business, according to new research by Lloyds Bank. The survey, which questioned 400 small firms with turnover of between £1m and £25m, found that 86% of business owners were dependent on recruiting millennial talent and the research indicated that small businesses are, on average, spending 15% of their annual revenue to recruit millennials. More than three quarters of the business owners surveyed said they feel under pressure to sell themselves to millennials and a third admitted that they have worried a young candidate has turned down a job offer because they didn’t like their business culture. 25% of business owners even said that they wanted a millenni... »

What Rights do Employers Have During Notice Periods?

What Rights do Employers Have During Notice Periods?

What are employers’ rights during notice periods? It can be a difficult question for smaller employers, with notice periods often feeling like employment ‘limbo’ for employers and employees alike. Here we identify some of the key rights you are entitled to as the employer once a notice period has been issued, either by you or the member of staff… When giving notice of dismissal or redundancy to staff First off, can an employer fire someone when they’ve already given notice? Or if the employer has already served them notice? It’s a question that many small business owners ask, as they are without the flexibility to manage or afford long notice periods. For example, if an employee has worked for five years they are entitled to statutory notice of five week... »

Most Small Business Owners Rely on Gut Instinct

56% of small business owners would use gut instinct to make a business decision 36% initiate change more in their business life than in their personal life 81% of small business owners describe themselves as naturally optimistic 56% state that nothing stops them from making changes in their business Research from T-Mobile shows that 56% of the UK’s small business owners would rely on gut instinct to make decisions about the future of their business. The survey of 2,019 small business owners examines the factors affecting the decision making process, looking at the attitudes and personal feelings of small business owners towards change. The results found that more than half (56%) of small business owners believe that nothing stops them from making change in their business and 36% initiate c... »

Small Business Owners: What to expect from 2011

James Wilson, Marketing Director at XLN Telecom, looks ahead to the pitfalls and opportunities of the new year. A new year looms ahead and quite naturally every business owner begins to wonder what lies in store for them over the next 12 months. Of course, short of a working crystal ball with a de-misting feature such predictions are tricky. Nevertheless, certain changes to the economy are likely to affect pretty much every business owner in the coming year: Squeezed by your suppliers RPI price inflation is at 4.7% which means your suppliers are likely to want to increase their prices to protect their margins. In certain sectors such as food or transport, price increases may be even higher. You need to start factoring in these increases as soon as possible and make difficult decisions abou... »

Business Owners Taking Less Time off this Year

Almost a third of small business owners are taking less holiday this year than in previous years, according to new research from business price comparison service Make It Cheaper. The poll of 1,000 businesses found that 29% had cut down on their holiday time in 2010, with many citing financial worries and staffing problems. More than a third (35%) admitted they were anxious about finding reliable staff to cover for them, while one in five said that even when on holiday they were unable to switch off. Many small business owners appeared to recognise the health risks of not taking time off work – nearly two-thirds (59%) said they feared exhaustion and burn out from the long hours they spent running their business. Tatiana Quadrello, senior researcher at the Work Foundation, said there ... »

One in Five Small Business Owners Previously Fired

Findings from accounting software firm Kashflow sheds light on a fact that connects 20% of the country’s entrepreneurs… Research has revealed that as many as one in five small business owners had been fired from previous jobs before starting up their own business. The research, commissioned by small business accounting software firm, Kashflow, was compiled from the feedback of 1146 businesses across the UK in order to better gauge user needs. The SME survey also found that 44.2% of business owners started up on their own because they were “sick of their jobs and could do better themselves” 37% had recognised a niche idea or found a gap in existing markets 7.6% started their own small business because of redundancy and 5.4% revealed there was no alternative as they c... »