March 12th, 2010
Four decades on from when women were urged to ‘burn their bras’, it seems that regardless of the various feminist campaigns devised to address gender inequality in the workplace, it still very much existing in the contemporary working environment.
A report, conducted by the FDA, has found that over 30% of all female entrepreneurs think that they are not receiving enough finance to start their business and they think that fell it is harder for a female entrepreneur than a male entrepreneur to gain access to funding.
The findings of the report revealed that just over forty per cent of women postpone starting their own company due to a lack of available funding and those women over forty are more likely to start their own business than women aged between twenty to thirty.
Hannah Evans, operations manager of Women in Business, commented: “While we have obviously come along way in terms of addressing gender inequality in the workplace, as the findings of this survey confirm, it still very much exists.”
“Female employees are still getting paid, on average, 20% less than their male counterparts while the number of women in top managerial positions in business in dramatically low. It is the responsibility of both the government and financial service provider, to ensure women are made aware of the wide range of financial and educational support available to female entrepreneurs.”
Posted in Uncategorized | No Comments »
March 11th, 2010
According to a recent report, conducted by business insurance consultants ‘Your Business’, one of the biggest challenges the small businesses have faced during the recession, is late payment and bad debt.
The survey found that throughout the last two years almost fifty per cent of the SME sector have incurred some element of bad debt. While over forty per cent say that they are owed over eight thousand pounds or more as a consequence of business insolvencies.
Matthew Packham, managing director of ‘Your Business’ comments; “The findings of this repot, while concerning, are not surprising. Throughout the recession, bad debt and late payment have been a reality for most companies and, in some cases, have resulted in the demise of businesses.”
“It is vital that small businesses protect themselves from bad debt and develop a strategy of what to do if bad debt occurs.”
The report found that companies in the south of England were worst effected by late payment and bad debt.
Posted in Recession | No Comments »
March 10th, 2010
There is no doubt that the UK’s economy has benefited from the government’s announcement that the recession is over; recent reports have found that consumer confidence has gone up and so has retail revenue. However, according to a report conducted by the Federation of Small Businesses, our economic recovery may be short lived.
Our recovery has always be somewhat anemic – especially when compared to other countries such as America – however, economists are predicting that the UK GDP growth will be just 2 % each year for the next five years. Subsequently, a ‘double-dip’ recession is now though to be possible.
David Lowery, economic advisor to the FSB, comments; “The UK’s economic future remains unstable and the threat of a double-dip recession is very real. In this context it is vital that the government facilitates business growth. Next months budget should be used as a tool to encourage an enterprise-led recovery. Small businesses must be given priority and planned tax and National Insurance increases, should be suspended, until the economy’s recovery is more stable.”
The fundamental objective of this budget is to direct public money into making sure businesses can drive economic growth.
Posted in Company Finance | No Comments »
March 9th, 2010
In a context which is characterized by the MP’s expenses scandal and personality politics, the above statement will come as little surprise to many. However, a recent report conducted by management consultancy firm KMG, has found that small business owners have less faith now in politicians, than ever before.
According to the report, which surveyed over three hundred small business owners around the country, over seventy per cent feel let down by the current administration. While over eighty per cent feel that neither party has done anything to practically help them during the economic downturn.
Alexander Watson, managing partner at KMG, comments; “Of all the areas of enterprise that have been badly effected by the recession, the company formation and small business sectors are among those who have suffered the worse. Not only have they had to deal with unstable market conditions, they have had no access to finance.”
“If politicians are to regain their trust, they need to show how they plan to help enterprise in the UK, practically. This countries voting public have had enough of shallow promises and ineffective policy.”
Posted in Company Formation News | No Comments »
March 8th, 2010
While the retail sector is currently experiencing a period of regeneration, according to a recent report, conducted by the Federation of Small Businesses, the business to business and business service sector have seen a sharp decline in profit, during the first quarter of 2010.
According to the survey, management consultancy firms and business analysts are among the worse affected. However, profits across the entire sector have fallen by almost fifty five per cent, during the last quarter.
Yet, on a more positive note, of all the five hundred small business owners asked, over fifty per cent said they felt 2010 will be a more profitable year than 2009.
Chris Hatterly, advisor to the FSB comments; “While profits have fallen, the business service sector is confident that things will improve. As the country’s economy continues to improve enterprise will begin to grow again and that can only be positive for all concerned.”
Posted in Recession | No Comments »
March 7th, 2010
On a number of occasions on this blog, we have noted the importance of having an online presence for your company and as the government announces the launch of the Getting British Business Online initiative, it seems we are not alone.
Responding to changes in consumer behaviour is one of the most important aspects of running a successful business and as the online retail sector has grown exponentially over the last five years, online is no longer a sector small business can afford to ignore.
The GBBO campaign allows businesses to create a basic ‘DIY’ website for their company for free. While it has been criticised by some divisions of the web design sector, the feedback from most web businesses has been positive.
Richard Monks, founder and CEO of online marketing company ‘Think Talk Media’ comments:” From our perspective any initiative – government or otherwise – which encourages business to realise the potential of the web, is great. While there are some people within the industry that feel the scheme threatens their business, most business owners understand that there has always been free web platforms available and web design companies have continued to grow.”
Monks added “The GBBO scheme only opens the door for small business into the world of online. Once they have experienced first hand the massive benefits having a website has, they will be ready to venture further and that is when they will need the support of a professional online marketing agency.”
Posted in Marketing | No Comments »
March 6th, 2010
Once the recession hit, a number of key manufacturing industries began to suffer, namely the car industry. Demand dwindled and the media was saturated with stories of closing factories and job losses. However, according to a new report conducted by Forum of Enterprise and Retail, sales are up by almost thirty per cent and 2011 is looking much more positive for the UK car industry,
To an extent, this increase in sales can be attributed to the Government’s Cash for Scrap Scheme. According to many leading industry experts this scheme has saved many small businesses in the short-term and secured their survival as the UK’s economy continues to recover.
Car dealership owner Nathan Vaughn, comments: “The cash for scrap campaign absolutely helped my business. Prior to its implementation, business was dwindling in way we had never before seen and at certain points closure looked imminent, However, this scheme allowed us to reach a different consumer and while the scheme does close soon, business looks like it is on the up.”
According to government figures the cash for scrap scheme accounted for almost a fifth of all car sales in 2009.
Posted in Uncategorized | No Comments »
March 5th, 2010
One of the major casualties of the recession was consumer confidence. Consumers no longer wanted to spend money on non-essential goods or high commitment purchases such as furniture, and the retail sector suffered massively as a result. However, according to a recent report from the British Chambers of Commerce, consumer confidence has increased massively in the first quarter of 2010.
According to the report this is the direct result of the government’s announcement that the recession is over.
Economist Matthew Davidson comments; “While consumer confidence continued to fall during the last quarter of 2009 and as a result, many retailers experienced disappointing Christmas sales. These figures do indicate that consumer confidence it up and people are starting to buy again.”
“ While I absolutely agree with the contention that consumer confidence has increased as a result of the recession being over, I also think that many retailer have been forced to look and change the way in which they do business and that subsequently this has also had a positive impact on their sales. “
Of the 2, 000 small businesses questioned over 65% said that they have experienced an increase in sales revenue over the first quarter of 2010.
Posted in Recession | No Comments »
March 4th, 2010
As the company formation and SME sector wait with baited breath for the Chancellor’s expected budget, retailers across the UK have come together to urge the government to retract planned tax increases and reduce public spending instead.
After last year’s budget, which saw the government announce plans to raise VAT and increase National Insurance, a large proportion of the SME sector felt their needs were being ignored and their voice inadequately represented within the government.
Subsequently, this year the SME sector – seeking better representation – have looked to the British Retail Consortium for support.
The BRC has devised a list defining all the ways in which the Budget can help support the SME sector through economic difficulty. At the top of the list, was making it easier for small businesses to employ more staff by retracting the planned rise in national insurance, not increasing minimum wage to much this year and keeping any planned increases in business rates to a minimum.
Robert Marsden, a small business owner and contributor to the BRC list comments; “The SME sector accepts that an element of tax increase is inevitable in next month’s budget. It is vital that the government understands that, as the UK’s largest employer, the SME sector needs to be support during this time of delicate economic recovery.”
Posted in Company Finance | No Comments »
March 3rd, 2010
According to a recent report conducted by the Forum of Small Businesses, the recovery of enterprise in the UK is being held back by an overly bureaucratic and complex tax system.
The report, which involved over three thousand small business owners, found that over 45% felt that the tax system was one of the main challenges of running a small business in contemporary Britain, while over 60% felt that if the tax system wasn’t so complex they would be able to hire more staff and in turn expand their companies.
Economist Jeffery Fleiss, comments; “While the government plan to use the SME sector to increase tax revenue, they should actually be looking at ways to establish consistent and consolidated growth with the SME sector. Making the tax system easier to understand and less of a burden would empower small business owners and allow them to help reduce unemployment figures by hiring new staff within their organization.”
Posted in Company Finance | No Comments »
