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... »

Lord Young Declares ‘Golden Age’ for Small Businesses

The prime minister’s enterprise advisor analyses the changing face of UK enterprise in new report Lord Young is optimistic about the future for small businesses, announcing they are entering a ‘golden age’ in a new report published yesterday. The Report on Small Firms 2010-2015 was compiled to analyse the UK business landscape and highlights business growth, the factors that impact small firms, and the government’s future support plans. Young, who acts as David Cameron’s advisor, revealed the huge increase in the number of small businesses, up by 760,000 and now equalling around five million in total. The report also underlined a record number of people in work (30.8 million) and a rise in firms with a social ethos – with social businesses presently accounting for 6% of UK enterprises. In ... »

Flexible Working Provides “Competitive Edge” for Growing Businesses

40% of businesses have entire teams that work full- or part-time remotely New research has revealed that 67% of the UK’s fastest growing businesses state that having flexible working gives their business a competitive edge – helping to reduce costs and secure the best talent. The report, released by management platform 4th Office in conjunction with creative agency Rooster Punk, found that 40% of businesses have entire teams that work full- or part-time remotely. 87% of the business leaders surveyed felt that teams no longer have to be in the same place as new technology enables communication regardless of location. Though email still remains the main mode of communication with firms – with 97% stating that it’s the most used tool – the report demonstrated a rise in other digital communica... »

Two Thirds of Small Businesses Predict Growth

42% of small firms worry they lack technology, space and talent to meet customer demand Confidence among small businesses continues to grow, with 69% of companies predicting growth of approximately 26% in 2015; however 42% are concerned about their ability to manage their progression. This followed the release of data from the Office for National Statistics (ONS), which showed Britain’s economy is 2.7% above the pre-crisis peak at the end of the second quarter of this year. However, the confidence survey, which was conducted by digital communications company EE and featured 1,000 business owners, found that many are concerned over their inability to meet demand. In particular, companies were worried about access to office space and technology as well as a lack of employees with the right s... »

Small Businesses Struggling to Invest in IT and Technology

Widespread budget cuts and concerns over cash flow are leaving small businesses struggling to invest in new technology and IT equipment, according to the results of a study released today. Budget cuts and cash flow concerns RentSmart questioned over 3,000 small businesses across the UK to evaluate post recessionary expenditure in business technologies. Despite the majority (73%) of respondents recognising the benefits of new technologies, over half (57%) revealed they have 50% less to invest in IT equipment for the office this year. 16% are facing a budget of three quarters the pre-recessionary level with the majority planning to spend only in the event of equipment failure rather than upgrade existing office technologies. The study reveals that cash flow concerns are behind the cuts. Over... »

Cleantech, Technology & Media – Highest Growth Sectors

Cleantech and renewables are expected to become two of the most important sectors of the economy according to a survey of UK business leaders, commissioned by the department for Business Innovation and Skills (BIS). The new survey questioned business leaders from across eight sectors and found that nearly half (43%) of those questioned believe that cleantech will grow at the fastest pace by 2020, followed by science and technology (20%) and media and entertainment (15%). The survey highlights how the current economic climate presents new opportunities for new areas of the economy to thrive. Combined with a growing awareness to find solutions for some of society’s greatest challenges – from tackling climate change to supporting an ageing population – investing now in innov... »

Technology Failure Tops Small Business Concerns

Anxiety about computer breakdown is more likely to keep small business owners awake at night than heavy workloads and long hours, research by YouGov and Internet security firm Trend Micro has found. Some 42 per cent of small firms surveyed admitted that technology breakdown is their greatest cause of operational concern. The same number cited difficult clients and suppliers as their number one cause of anxiety. But fewer than one in three businesses regarded heavy workloads as their biggest worry, and just one in five were most concerned about long hours. Surprisingly, fewer businesses expressed concern about specific issues relating to technology breakdown â?? loss of critical data and falling victim to cyber crime. This is despite the fact that electronic crime against businesses is on t... »

Better Business with the Right Technology

Small Business Week 2007 There’s been a lot of news recently on the use of technology to empower small business, especially in the field of remote worker & mobile communications. And seeing as it’s Small Business Week this week, today kicks off with the first of the Better Business Web seminars, "Better Business… with the right technology, first time round" This web seminar looks at the importance of technology and finance when first starting a business and the discussion involves Bill Murphy, manager director of BT Business, Matthew Smith, director for business development at the Royal Bank of Scotland and Dr. Mah Hussain-Gambles, owner and founder of Saaf Skin Care. The webinar will look at the challenges that small businesses face and how they can compete... »

Making Technology Work

A user friendly introduction to how information and communication technology can make you more commercial, save you time, increase productivity and ultimately improve your businesses bottom line. »