small firms

Small Firms Missing out on £175bn Due to Insufficient Business Tools

Small Firms Missing out on £175bn Due to Insufficient Business Tools

45% of small and medium-sized business owners feel they do not have the right technology in place to run their business, and small enterprises could be losing an estimated £175bn in revenue as a result, according to research by Xero. The report found that on average small businesses were losing £35,000 each due to financial inefficiencies – often due to a lack of the right technology. Furthermore, the study found that 95% of business owners believe technological tools are important in creating a positive business culture and 37% of respondents said that they wished their technology was more efficient. The research, which surveyed over 1,000 entrepreneurs, was commissioned as part of Xero’s Business of Happiness initiative and in association with investor, entrepreneur and former Dragons’ D... »

Small Firms Cant Afford a  Period of political horse-trading

Small Firms Cant Afford a Period of political horse-trading

Business groups have warned that the uncertainty of a hung parliament will jeopardise the ability of small firms to plan ahead, and stressed that they can’t afford a period of political horse-trading. With the election result remaining uncertain and no party winning enough seats to form an overall majority, the British Chambers of Commerce’s (BBC) director of policy, Dr Adam Marshall, said businesses are concerned how a hung parliament could affect the business environment. “The business community expects the parties to put political horse-trading to one side and put the UK economy at the heart of their thinking,” he said. “Strong leadership and consensus are required to deal with the serious threats still facing the economy.” Commenting on the Greek eco... »

We are Not Important to  Climate Change, say Small Firms

We are Not Important to Climate Change, say Small Firms

Small businesses do not believe they have as significant a role to play in reducing carbon emissions as households, big business and the public sector, research from energy supplier npower has found. The annual Business Energy Index survey asked 200 small firms how they rated their influence in cutting carbon emissions. On average they ranked their importance at 5.1 out of a maximum score of 10. They rated households’ importance at 6.8, large businesses’ at 7.7 and the public sector’s at 8.1. The research also highlighted that 97% of small firms said reducing costs was more of a priority than reducing emissions. In addition, 52 per cent said the economic climate was reducing their ability to reduce their carbon footprint — up from 47 per cent a year ago. “As w... »

Two-Thirds of Olympic Contracts Won by Small Firms

Two-Thirds of Olympic Contracts Won by Small Firms

Small firms have won 68 per cent of the contracts advertised so far by the Olympic Delivery Authority (ODA) for London 2012, new figures have revealed. ODA records show that 1,036 suppliers have won contracts worth a total of £5 billion since January 2008. Suppliers are spread across the UK, with 46% based outside of London. “Businesses of all sizes and from every sector are working together to deliver the largest project this country has seen for generations and are reaping the benefits of millions of pounds worth of work,” said ODA chairman, John Armitt. “A Scottish company has won a contract to build the basketball structure and a Northern Irish company is constructing the main pedestrian bridge within the Olympic Park. “There are still golden opportunities... »

Small Businesses Plan to Expand This Year

Small Businesses Plan to Expand This Year

Almost half of small firms are planning to capitalise on the economic recovery and expand in the next 12 months, according to research from Barclays. The survey of 3,675 small firms found that 49 per cent are planning to expand over the next year, while 34 per cent plan to consolidate their position. “A large number of small businesses are poised to expand when the time is right, perhaps taking advantage of any upturn in the economy,” said Barclays Local Business managing director, Steve Cooper. “While firms should be cautious about expansion in the current economic climate, the recession could present opportunities as other businesses downsize or disappear. “Any decisions to expand should be carefully considered, but there are good reasons to expand at the right ti... »

Small firms without a website are missing out on up to £52,000 of revenue per year

Offline Small Firms missing out on £52k a year

Small firms without a website are missing out on up to £52,000 of revenue per year, according to new research. The survey of 400 small firms, carried out by web developer Mr Site, found that more than half of UK businesses do not have a website. The research revealed that 56% of small firms with a website had seen their overall turnover increase with the launch of their site – with the average turnover rising by 37%. The poll also found that small firms without a website are missing out on potential revenue of £52,000 a year – equivalent to £235 billion in lost revenue across the UK. “It’s incredible to think there are still so many small businesses in the UK without a website,” said co-founder of Mr Site, Beatrice Hatherley. “Our resea... »

A quarter of small firms predict sales to rise

A quarter of small firms predict sales to rise

Small Business News – 4th March 2009 More than a quarter of small firms expect their sales to have increased in the last quarter of 2008, according to the Open University Business School. The University’s quarterly survey found that while 39% of small firms believed their sales would have dropped in the last three months of 2008, 26% believed their sales would have risen. The majority of firms that predicted their sales would rise were from the manufacturing and business-to-business service sectors. Commenting on the state of the business-to-business service sector, the Association of Certified Chartered Accountants’ (ACCA) SME policy adviser, Manos Schizas, said the results were broadly encouraging, but warned they might hide the real picture. “There’s no dou... »

Small Firms Worst Hit by Snowy Conditions

Small Firms Worst Hit by Snowy Conditions

Small firms were hardest hit by the recent heavy snowfall, losing vital productivity at a time when they are already struggling to survive, according to the Federation of Small Businesses (FSB). The FSB calculated that 20 per cent of the UK workforce took the day off last Monday (2nd February) due to the snow, costing UK businesses a whopping £1.2 billion in lost productivity. "The mass staff absences hit small firms hardest," said FSB head of parliamentary affairs, Stephen Alambritis. "While a larger company can divert their resources to branches where there are no adverse weather conditions, for a small business if you have six staff and three can’t make it in, that’s 50 per cent of the workforce gone. "At these firms, cheques aren’t being bank... »

Contract

SMEs struggle to access Public Sector Contracts

Small firms are struggling to access public sector contracts, with nearly three–quarters admitting they never or rarely bid for government work, according to the Federation of Small Businesses (FSB). A joint survey of more than 500 SMEs by the FSB, the Confederation of British Industry (CBI), and the British Private Equity and Venture Capital Association (BVCA), found that small firms still face considerable barriers when it comes to winning public sector contracts. The research found that more than three–quarters of SMEs still find it difficult to find out about government opportunities, while more than half feel that the tendering process and timescales require too many resources to respond effectively. The findings come despite Chancellor Alistair Darling’s pledge in t... »

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