We all need a little help occasionally, especially entrepreneurs and small businesses who are facing a tough economic climate in addition to all the usual hurdles.
Small, new and growing companies can get ahead of the game by seeking out a mentor to offer them advice, guidance and all-important industry insights.
Accessing finance has long been one of the biggest challenges facing small businesses, with many finding their growth and development stifled as they are rejected for loans by traditional lenders.
Over half of small business owners get rejected for finance the first time they apply and figures suggest many of them do not bother to try again.
The European Commission yesterday unveiled a series of reforms which will see banks and investors encouraged to lend to small businesses.
The new directive from Brussels will create fund products which will make the purchase of a diversified portfolio of SME equity or debt products easier for investors. The commission is also considering the reductions of investor costs on securitised loans which are products that enable banks to offload small business loans, thereby rapidly raising capital to then support further small businesses.
Workers are the lifeblood of small businesses, so it will have come as worrying news to many business owners that a growing number of employees are disengaged.
A recent survey by market research company ORC International highlighted that employee engagement in the UK has sharply declined in recent months, which could seriously hamper the nation’s ongoing efforts to grow the economy.
Red tape has long been one of small businesses’ biggest enemies; stifling growth and innovation as owners are subject to the same rules and regulations as much larger companies with bigger budgets and HR departments.
The issue is something which small business organisations have been calling on the Government to tackle for a number of years, and Whitehall responded by promising a ‘bonfire of regulations’ over a three year period from 2011.
On Wednesday March 19 George Osborne will deliver the 2014 Budget, with thousands of businesses up and down the country tuning in to see how the latest economic measures will impact them.
Last year’s Budget was widely considered a positive one for entrepreneurs and small businesses, with measures announced including a cut to employers’ national insurance bills, an increase to the employer loan limit and tax relief measures aimed at business owners looking to sell their companies.
The economy is back on the up – there’s no disputing it. This has perhaps been best highlighted recently by figures released by Companies House, showing a record number of new businesses were registered last year.
In 2014, StartUp Britain’s tracker of newly-created firms already stands at around the 50,000 mark, showing this trend is set to continue for the foreseeable future.
As we move from a dark and dreary winter to a warmer spring, a number of seasonal businesses will be kicking into action, while others will be preparing for their quieter period after a busy few months.
The changing of the season will affect a surprising number of businesses, with event planners, landscape gardeners and snow clearance companies all having very distinct periods when they make most of their cash for the year.
Employees in the UK spent a record amount of time doing unpaid hours to complete their workloads last year, according to new research.
The TUC has revealed over 5.4 million personnel put in the equivalent of approximately £640 million of extra time to their jobs every week in 2013.