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SMEs are not confident that the Chancellor’s Spring Budget will deliver the support they need

Ahead of the Spring Budget, new data from SME funder Bibby Financial Services (BFS) reveals that small to medium-sized businesses (SMEs) have lost confidence in the Government’s commitment to support them.

In a survey of 500 SMEs from across the UK, four in five (80%) of respondents said they don’t think the government is providing enough support for SMEs.

Meanwhile, two-thirds (67%) are not confident that the Chancellor’s Spring Budget will deliver the support their business needs. This figure shows a decline in businesses’ confidence in the Government since Autumn 2022, when 62% of small to medium sized businesses reported that they were not confident that the Autumn Budget would deliver the support they needed.

Notably female business leaders feel less supported by the government than their male counterparts. 85% of female respondents don’t think the government is providing enough support for SMEs, compared to 77% male respondents, whilst 72% of female respondents are not confident that the Chancellor’s Spring Budget will deliver the support their business needs, compared to 62% of male respondents.

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Jonathan Andrew (pictured), CEO of Bibby Financial Services commented: “The UK’s small to medium-sized businesses have demonstrated incredible resilience over the past few months and years. Hit with crisis after crisis, SMEs have tenaciously adapted and evolved in any way they can to survive. But the difficult economic conditions have played havoc with their ability and desire to invest in innovation and growth.

“SMEs feel underrated, undervalued, under-supported. So, in this budget, we want to see better support and policy that matches SME’s resilience and ambition.

“First, education is key. Government should help to guide businesses to existing resources and initiatives that are currently underutilised, such as the Bank Referral Scheme. Second, the Government could take more effective steps to alleviate the burden for hardworking small businesses by pulling the levers of central and local taxation, such as business rates, and by extending the pay-back period on covid loans.”

“As the Government ‘goes for growth’, those SMEs that are sufficiently equipped to build resilience and invest in their futures will play a vital role in driving the UK’s economic recovery.”

By Lisa Laverick

Source: Asset Finance International

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Study Shows 630,000 Small Businesses At Risk Of Going Bust

630,000 small and microbusinesses could go under this year*, as the cost-of-living crisis puts unprecedented pressure on entrepreneurs trying to stay afloat.

Data analysis of 2.3 million British microbusinesses has revealed that more than one in nine (12%) fear closure before the end of 2023, which could wipe £12 billion off the UK economy**. The annual study – titled Venture Forward – is produced by website builder GoDaddy, which enables small and microbusinesses to sell online.

With the Spring Budget just 10 days away, Venture Forward shows that fewer than one in five (19%) entrepreneurs believe that Rishi Sunak is acting in the best interests of small and microbusinesses.

GoDaddy’s [Venture Forward] data showing that the microbusiness community – businesses with 10 employees or fewer – contributes £98 billion* to the national economy annually. The sector also supports more than six million jobs**, with 17% of the UK’s 5.2 million microbusinesses employing at least one other person.

Entrepreneurs call for help with soaring costs

More than three quarters (77%) of entrepreneurs say that the cost-of-living crisis is the greatest challenge they’ve faced. Rising costs are the biggest issue of concern with energy bills (80%) as the most prominent, followed by transport costs (44%) and the cost of raw materials (43%).

When asked how MPs can help microbusinesses, the most common response was to offer tax incentives (42%), followed by technical assistance for business development and help with digital strategy (both 36%). More than a third (35%) surveyed said access to capital, while three in 10 (30%) asked for subsidised/affordable rent.

Greater concern amongst Black and Asian entrepreneurs

The data also shows that the cost-of-living crisis is having a disproportionate impact on microbusinesses owned by underrepresented entrepreneurs. 85% of Black entrepreneurs say it’s the worst time they can remember, and 84% of Asian entrepreneurs: compared with 75% of white entrepreneurs, shared similar concerns.

Meanwhile, 75% of white microbusiness owners are confident they will survive until the end of 2023. This figure falls to 69% and 68% for black and Asian entrepreneurs respectively.

However, there is cause for some optimism when comparing against last year’s Venture Forward Data. Black founders accounted for 5.4% of pre-pandemic businesses, which rose to 6.6% among those started in 2021. This figure has risen to 7.3% for microbusinesses started in 2022, showing a clear upward trend for black entrepreneurs

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Chris and Sarah Fryer, from Newcastle, set up vegan pie business Magpye in 2019 :“The business has grown consistently since we started, but the past 6-12 months have been very challenging. As a bakery we use a lot of energy, so the rising cost of gas and electricity has dramatically increased our overheads. We are concerned about the energy relief scheme coming to an end in April, and would like to see the Government launch targeted help for energy-intensive businesses like ours.”

“For the majority of microbusinesses, us included, the profits are also the owners’ wages. We are facing a reality of rising costs at home while dealing with falling profits in the business, yet there seems to be little or no support for businesses like ours”

Andrew Gradon, Head of GoDaddy UK & Ireland, said: “Venture Forward demonstrates the enormous contributions made by Britain’s microbusinesses. They have the power to add billions to the economy, while providing jobs and opportunity in their local communities. When they thrive, we all do.”

“But the research also reveals the potentially disastrous consequences that the cost-of-living crisis could have on them. With more than 600,000 microbusinesses saying that they feel at risk of going under this year, it is crucial that they are given adequate support to help negate the rising cost of doing business.”

“We have very few studies that focus specifically on companies with under 10 employees. They are under-researched, misunderstood and often under-served. GoDaddy aims to change that, and we are determined to support and empower the everyday entrepreneurs that are the engine of the British economy.”

By CHARLOTTE WELTON

Source: Columnist24

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Why SMEs won’t ditch Green intentions despite ongoing financial uncertainty

SMEs’ face an unclear future. Hit with high interest rates, supply chain issues, increases in wages and a worsening cost-of-living crisis while at the same time demand for working capital has reached unprecedented levels.

Kai Hunter, Executive Director at Conister Finance & Leasing explains that research her company undertook recently revealed that over a fifth of UK SMEs that required external finance over the last two years, were unable to access it. What’s more, over a quarter have had to stop or pause an area of their business because of a lack of finance.

You might assume therefore, that SMEs would ditch their Green intentions – assumed to be too expensive and a ‘nice to have’. Indeed, a third of businesses surveyed in a recent study by Barclays cited financial constraints as the reason behind their failure to go Green.

16% were concerned around the return on investment with Green technologies and 19% of businesses said they only invested in greener processes because of regulatory demands. Seemingly at this time SMEs would move into survival mode and source the already depleted levels of capital from wherever they could get it, regardless of ESG or Green criteria?

In fact, no, SMEs remain more committed than ever. SMEs are driving forward Net Zero targets, with two thirds saying they have a plan in place to reach Net Zero by 2050, according to Lloyds Bank’s Net Zero Monitor.

Moreover, 7% of SMEs have already reached Net Zero emissions. Consumers have followed suit – Deloitte’s 2021 sustainability and consumer report found that 32% of consumers were highly engaged with adopting a more sustainable lifestyle last year and want brands to lead the charge. 64% of consumers want brands to reduce packaging,

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50% want more information on how to recycle and 46% said they desire clarity on sourcing of products. Barclays’ research also revealed 75% of businesses situated across all sectors, have seen vast commercial benefits following the adoption and inclusion of Green technologies in their operations.

So, what is driving this determination for SMEs to be Green? One reason is cost. It’s not because SMEs have to be Green but if they don’t, they’ll be paying much higher rates on financing.

Lenders, both mainstream and alternative across the board, have adapted their models to offer the best rates for those firms that are ESG compliant and Green. It’s a necessity not a requirement. For example, Conister’s current rates for financing are around 50bps less for SMEs that adopt a Green approach.

The opportunity to be Greener as an SME is great. In the UK, SMEs already represent more than 90% of clean tech enterprises and is therefore a significant driver of Green growth. SMEs in the UK have already seen a drop in their running costs as a result of making more environmentally-focused investments.

This is becoming an increasingly attainable option as Green technologies such as solar PV systems are becoming more accessible, with initial implementation costs being offset in the long term.

SMEs are however continuing to struggle with accessing finance and, worryingly, this lack of availability is costing them and the UK economy in terms of growth at a time when it is needed the most.

Yet apart from demonstrating a necessary commercial responsibility towards the environment, adopting more conscientious Green measures make it more attractive to consumers and potentially help grow the business and provide a strong foundation for the future.

Gone are the days where being Green came at a price, SMEs are realising that to generate the necessary capital to grow and agree the best rates with lenders in an uncertain economic environment, it pays to be Green.

Source: Business Matters Magazine

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1 in 2 SMEs Experienced Surge in Cyber-Attacks

Over half of UK SMEs (54%) have experienced some form of cyber-attack in the last year a new report by Vodafone Business has found.

The research, which is published today in a new report from Vodafone ‘The Business of Cybersecurity’, polled over 500 small and medium business owners across the UK and found that more than half (54%) had experienced some form of cyber-attack in the previous 12 months. This is an increase of 15% when compared to similar research conducted by Vodafone two years earlier which found 39% of SMEs had experienced some form of cyber-attack.

The findings point to a rising risk for SMEs to stay safe online, especially with more people working remotely and many businesses reliant on digital technology.

Vodafone’s study also found that one third (33%) of SMEs had seen the number of attempted cyber-attacks against their business increase, whilst just 18% had seen the number go down. About one in five (19%) SMEs said that an average cyber-attack could cost their business up to £4,200, a loss they would be unlikely to bounce back from in the current cost-of-living crisis.

The rise in online attacks comes as ONS (Office for National Statistics) data indicates that more than a third of businesses in the UK now use a hybrid working model. The National Cyber Strategy 2022 has also stated that a growing dependence on digital technologies for remote working and online transactions has “increased exposure to risks”.

Since Vodafone last examined the cybersecurity risks facing SMEs in 2020, the invasion of Ukraine and continuing geopolitical tensions have had an adverse effect on the cybersecurity landscape, prompting the National Cyber Security Centre (NCSC) to warn that: “now is not the time for complacency.”

Despite this, 18% of SMEs polled by Vodafone said their business was not protected with cybersecurity software whilst 5% did not know if they had protection and only 28% were aware of the Government’s Cyber Essentials scheme. The findings echo previous findings Vodafone, such as in last year’s SMEs Like Me report which revealed only 8% of SME business leaders saw cybersecurity as a priority.

To ensure that more SMEs are protected from online attacks, Vodafone is calling on the Government to do more to raise awareness of current initiatives to support the delivery of local cyber security skills. This should include providing the required funding to run a targeted ‘Cyber Safe’ awareness campaign for SMEs.

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Andrew Stevens, Vodafone UK Head of Small and Medium Business said: “Last year we outlined the significant and detrimental impact of a cyber-attack on a small business, to the tune of up to £3,230 per attack. This figure has now subsequently risen to £4,200, which is a consequence from which most SMEs would not recover.

“These findings reflect a lack of adequate skills and information to equip small business owners with sufficient protections and whilst we welcome the progress that has been made by Government with the establishment of nine regional Cyber Resilience Centres across England and Wales, it’s clear that more needs to be done to support SMEs with their cybersecurity and help them protect their business online, especially during a cost-of-living crisis where they are most vulnerable.

Tina McKenzie, Policy Chair of the Federation of Small Businesses (FSB) said: “The digital economy presents a huge opportunity for small firms to reach new markets and customers, but these benefits come with challenges. This report sheds light on how vulnerable small firms become targets of criminals in the cyber space, when they’re often less able to absorb the cost of crime.

“We’re pleased to see a recommendation to raise awareness on cyber resilience among the small business community through relevant Government campaigns included as part of this research.

“We encourage internet service providers to take on more responsibility for cybersecurity, along with software vendors, hardware developers, the banks and other financial intermediaries – they’re the best placed and have the resources to implement the most effective measures.”

By Eva Dixon

Source: Verge

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15 Bright Ideas For Starting A Small Business

More people are deciding to work for themselves – throwing their energy into their own small business in a bid for greater flexibility and control over allocation of their time.

There are more than four million self-employed workers in the UK – a number that has grown steadily over the past two decades.

But if you’re thinking of going it alone, what are the best small business ideas that require minimal set-up costs and professional training? We’ve compiled 15 of the most popular:

1. Tutoring
If you’re an expert in a particular field – whether it’s maths, languages or playing the violin – you could make money teaching.

You don’t need any formal qualifications to be a tutor but some students (or their parents) may expect you to have a degree. Some previous experience of teaching is probably also useful.

Tutoring is now more accessible than ever with remote lessons via Zoom or the like widely accepted. You can also opt to go solo or join a tutoring platform. While you’ll probably have to pay to list online, taking this approach is likely to widen your client base.

2. Pet care
Animal lovers could consider setting up a pet-sitting business – whereby you spend time with clients’ pets while they’re at work or on holiday. This could be at their home or yours.

If you have the space at home for the right equipment you could invest in a grooming business – or, if not, the mobile equivalent. Dog walkers are also in high demand and, other than trust and reliability, don’t require any special credentials.

3. Home cleaning and gardening
Cleaning and gardening is flexible when it comes to earning extra cash. You might want to take your own cleaning supplies (which can be factored into the price) but equally, it’s acceptable to ask the client to provide them.

You can think about adding laundry or ironing services if it might boost your earnings. For gardening, diversification could mean design, landscaping or garden clearance.

4. Cake making
Talented at baking and decorating cakes? Or perhaps artisan sourdough is more up your street? It’s possible to turn skills like this into a successful business.

However, if you’re preparing food in your home to sell to the public you will need a food hygiene certificate and you’ll need to register with the environmental health department at your local council. Think about the best ways to market your new business through local press, for example, and on social media.

5. Personal training
Personal trainers are part workout and part motivational experts. It’s their job to develop workout plans to help clients either lose weight or meet other fitness goals.

Training and qualifications are necessary if you want to work in a gym or as a freelance PT – which will take time and money. But it could pay off, with trainers earning anything from £40 to £50 an hour or more depending on your location and target market. As well as 1-2-1 sessions, you could take group classes and bootcamps, too.

6. Personal assistant services
Workers who thrive on organisation and an Excel spreadsheet could flourish offering services to individuals or businesses and company execs.

Tasks might involve organising a diary or calendar, booking travel and other tickets and appointments, as well as other personal admin tasks which save the client precious time.

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7. Sewing and alterations

If you’re talented with a needle and thread, you could set up a business sewing and making alterations for the many who don’t have the skills.

While alterations alone could keep you busy, you might specialise in a particular area, such as handmade wedding and bridesmaid dresses or dance costumes.

You will need to invest in a high quality sewing machine and some basic materials and supplies. You could look to partner up with a local dry cleaner or laundry business as a way of broadening your client base.

8. Copywriter or editor

Most businesses have an online presence – but many won’t be au fait with blog writing, customer emails or website content. It will need to be written and edited by a professional.

If you have experience in writing, all you’ll need is a laptop and a good internet connection. Many writers and editors market their services on LinkedIn or other business social media groups. You could also directly contact businesses to offer your services.

9. Photographer or videographer

This is a great business for creatives with an eye for composition. You can be a generalist or choose to specialise – such as creating training videos for corporate clients, for example.

You’ll need to invest in some high-quality camera equipment and lighting accessories – or for a videography business, a good digital video camera, lights, microphones and bounce boards to achieve the best quality footage.

10. Bookkeeper

Those who are great with numbers could consider freelance bookkeeping. Bookkeepers sell their services to small businesses that need help managing their accounts, preparing payroll and gathering data for tax purposes.

You’ll need to be well-organised and fully understand the liabilities that can come with handling someone’s finances.

11. Blogger

If you can create a successful blog and build up your subscriber numbers it is possible to monetise it. The most successful bloggers can make an annual salary out of it.

There are different ways to make money from a blog, such as through advertising, affiliate links or subscriptions. Research options and successful blogs and bloggers to find the best route.

12. Removals

If you’re fit, strong and patient, all you’ll need to set up a removals business is a van. However, this line of work is very physically demanding. You’ll also have to be comfortable driving long distances and with busy city driving – as well as parking.

You’ll need liability and van insurance to cover yourself for all eventualities.

13. Market stall

Market stalls can make serious money – if you’re in the right environment with the right products. Whether that’s a food or farmers’ market, antiques or craft fair, you’ll need to book and pay for your pitch, as well as make or source your stock.

14. Setting up a virtual shop

Buying and selling online is probably one of the easiest businesses to start. And finding a market niche should help your business succeed.

If you make your own items to sell you could use Etsy, which is an online marketplace for unique and individual, often handmade goods. Setting up an Etsy shop is straightforward although you’ll need to factor in the transaction fees with each sale.

15. Car cleaning and valeting

This type of business can be set up with very low overheads. You’ll need vehicle cleaning equipment – and your own transportation if you are going to offer a mobile service – but there won’t be many other costs.

Liability and legal expenses insurance are important in case of disputes over accidental damage to customers’ vehicles.

By Jo Thornhill

Source: Forbes

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Budget 2023 what small business can expect

An extension to the ‘super-deduction’ tax break for business investment and tax breaks for companies that help long-term sick and disabled get back into work are being mooted.

This spring’s Budget will focus primarily on halving inflation, the first and most important of Prime Minister Rishi Sunak’s five pledges. But what can small business expect from Budget 2023?

What is the date for the Budget 2023?

Jeremy Hunt is due to make his Budget 2023 statement on Wednesday, March 15. It will be followed by a forecast on the economy and public finances from the Office for Budget Responsibility.

Revamping ‘super-deduction’ tax break

Chancellor Jeremy Hunt and his Treasury team are understood to be looking at a successor to former Chancellor Rishi Sunak’s “super-deduction” tax incentive, a £25 billion tax incentive which encouraged business investment by providing 25p off company tax bills for every pound of qualifying spend on plant and machinery.

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Subsidies for mental health and wellbeing

Work and pensions secretary Mel Stride is reviewing the state of the British workforce ahead of the Budget 2023. One idea is to provide tax breaks to small business owners to help them support the long-term sick and disabled get back into work. There are 2.2 million long-term sick and disabled in the UK. These subsidies would cover physiotherapy, nursing and mental health support.

Digital skills and IT training

Another idea is to offer Government-funded job placements for disability and sickness claimants. The focus is expected to be on digital and IT skills for jobs that can be done remotely – helpful for those who are housebound but want to get back into work

What will not be in Budget 2023 for small business

“Computer says no is just the standard response you get most of the time from the Treasury, but it’s even worse this time round,” one business leader told The Sunday Times. “He mentioned pre-profit taxes, but every time we raise business rates, NICs and duties, the answer is no, it’s not the right time.”

By Tim Adler

Source: Small Business

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Significant Rise in UK SMEs Borrowing Money Expected in 2023

The majority of UK SMEs (88%) plan to lean on business finance and credit this year according to new research carried out by solution-led fintech provider Nucleus Commercial Finance (NCF).

As the economic situation continues to challenge the outlook and stability of UK SMEs, it is revealed that only 12% of SMEs say they have no plans to borrow any money over the next 12 months – this rises to 29% when including sole traders and micro businesses. With interest rates still at record high levels, this is going to place a real financial burden on UK businesses.

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The expected borrowing is not, however, solely to patch holes. The reason most commonly cited by small and medium sized businesses is to enable them to seize growth opportunities (38%). More than a third stated that they plan to borrow in order to help employees with the rising cost of living (34%). A similar number said that borrowing would be driven by a determination to use it to make the business more environmentally sustainable.

Rising costs and financial stress are still having an impact, however. A third (33%) of small and medium sized businesses expect to use business finance to cover unavoidable rising overheads, while one in five (20%) are likely to do so in order to pay off existing debt.

Source: Fintech Finance News

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Small businesses need new model for growth in recession

Four fifths (81 per cent) of business owners are worried about recession, with small business confidence taking a hit as the nation’s 5.5 million small firms face an array of challenges heading into 2023. A new report from Small Business Britain and TSB Bank has found that concerns about the economy is deterring small businesses from investing in growth, innovation and hiring new talent. However, the report also points to many sources of business opportunity and a determined fight back from the nation’s small business community, with over half of small businesses (52%) signalling that they are experiencing challenges, but pressing on anyway.

The report, which looks at how small businesses can return to growth, underlines the grit and resilience that now characterises Britain’s small business community, as they deal with perpetual change following the pandemic and cost of living crisis.

Over a fifth of small businesses (22%) say Brexit has impacted their business negatively, and 29% of firms have reduced operational spend to respond to difficult conditions. However half have continued to adapt by adding on new revenue streams.

“Small businesses continue to face hugely turbulent times, and many are exhausted from dealing with constant challenges,” said Michelle Ovens CBE, founder of Small Business Britain. “While the prospect of recession is causing much anxiety, there is still a lot of opportunity for small businesses in the UK to drive economic recovery and we need to help them grow in confidence and optimism with tools to help them focus on growth and success.

“Waiting for the ideal market conditions is broadly futile in a world that keeps changing as we have seen over the last three years. Businesses need a model for operating that can survive and thrive during turbulent times.”

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Small Business Britain has launched a guide to help businesses grow during a recession, with identifying new routes to market and focusing on export opportunities identified as key tactics for small businesses to cope with a flat UK market.

“Growing a niche food product during an economic downturn is challenging, as consumers can be cautious with their spending and less likely to try new or specialty items,” said Delight Mapasure, founder of K’s Wors, a South African speciality sausage producer. “This has led us to focus on exploring new opportunities via export markets and we have entered the Middle East and have talks at an advanced stage with India. Being able to reach new customers is vital for us, and other small businesses, to develop, reduce risk and have greater resilience.”

Focusing on digital skills is also highlighted as a priority for growth. The report found that 52 per cent of small businesses have not sharpened technology skills in the last year, and 64 per cent have not been investing in technology tools.

Adeel Hyder, Business Banking Director at TSB Bank said: “There’s no getting away from the fact that the last few years have been tough for many small businesses. The next twelve months will bring further challenges as costs continue to make an impact, and a potential economic downturn is forecast. Despite this, I believe there are many reasons to face the future with optimism.

“It is very often small businesses that lead the way out of a recession, and there are good reasons for that. Small businesses tend to have closer relationships with their customers and partly because of that, they are often better placed to anticipate and adapt to changing needs in the economy. It is clear from the experience of the last few years, that challenges can very often be accompanied by fresh opportunities”.

Source: SME WEB

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5 Tips To Make Your Business Stand Out In A Crowd Of Competitors

Separating your business from the pack is key to success in any industry. How do you make sure your business stands out from the rest? Superb service and product quality are critical, but how your business is marketed and perceived will also decide your success and growth. With that in mind, let’s look at our five tips for helping your business stand out in a crowd of competitors.

Tip 1: Establish Your Selling Point
What actually makes your business special? Why should a consumer choose you over a competitor?

Having an answer to these questions will determine your business’ selling point and is the steppingstone towards proving your ‘why’ to consumers. Establishing this early on is paramount or your confidence as a business owner will be lacklustre.

After your selling point is cemented the next challenge smaller businesses often face is gathering the team to support these operations. This can be mitigated through virtual office providers such as Servcorp which offer businesses a fully trained support team. As a small business, having your own receptionist, secretarial assistance and I.T support without needing to undergo the hiring and training process is a large cost plus time saver – after all, your time is money.

Businesses also receive this staff support at the fraction of the cost they would otherwise be paying.

Tip 2: Present a professional working environment

Many businesses find it challenging to create a professional working environment to impress their clients, especially for newer companies competing in major global markets on a limited budget. Traditional office spaces require long and costly leases, with break-out clauses only every few years, if at all.

A more convenient and cost-effective solution is a serviced office. These can be rented at a far less cost than a traditional office, whilst still being located in major business hubs like London and New York. Moreover, customers will enter an unbranded reception area allowing businesses to imply that they control the entire floor.

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Tip 3: It’s all about Marketing
Your product may be superior to competitors, but it will all be meaningless without adroit messaging and unique marketing. Your business is likely to have thousands of competitors, which is why the first step is to complete a competition analysis.

Comprehensively understanding what your competitors do well, recognising trends and identifying where others are failing will provide your business the strategic insight needed. From this your business will have a decisive direction on its marketing goals, however finding new methods to secure a commercial advantage will accelerate your point of difference.

For example, using a virtual office can provide an established look for smaller businesses based in the UK. With a virtual office your company can legally register its business address as the virtual office’s address.

Tip 4: Always provide excellent customer service
Customers expect and deserve excellent service when dealing with you. Make sure you have processes to deliver the highest quality customer service and ensure that all your staff are trained to meet these expectations.

Whether it’s the front desk staff, your Customer Service team, or a manager calling back, providing the best care for your client will help retain them over the long term. Even an unhappy customer can be won back if the service they receive after a problem is effective and genuine.

Tip 5: Network!
Get discovered by networking. There are many ways to find networking opportunities. Meetup groups, seminars, conferences, and industry events are great ways to meet like-minded people. This an opportunity to make business partners and scope out your competition at the same time.

And don’t forget the power of social media – there’s an app for almost anything these days!

By creating meaningful relationships in your industry, you can leverage audiences and gain exposure for your business. It’s also worth noting that all Servcorp’s serviced and virtual office customers gain access to Servcorp’s online networking community of 50,000+ global businesses and networking events, providing them with a significant additional value from their small investment.

Source: Real Business

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SMEs to contribute £160bn in turnover by 2025 to boost UK economy, says Sage

The “SMBs Driving Economic Recovery” report from Sage today reveals that, despite ongoing economic turbulence, growth in turnover for UK SMEs is expected to outperform the growth rate for all businesses from 2023-2025.

SMEs are expected to make up 51.9 per cent of total business turnover in the UK economy by 2025. The report, which assesses data in the period from 2005 to 2021, including the impacts of the Global Financial Crisis, then forecasts growth trends over the next three years.

Analysis predicts that the number of UK SMEs is expected to rise by 342,000 from 2022 to 2025, while emphasising the importance of SMEs across all regions in the UK. In 2022, London generated £662bn worth of SME turnover, while in the North East, SMEs employed 67 per cent of all business employees in the region.

Historical market analysis by Cebr also underlines the vital role of SMEs in the recovery from the 2007 to 2009 Global Financial Crisis and projects a similar pattern when we emerge from current economic challenges. In the UK, the number of SMEs grew by 12 per cent between 2013 and 2015, well exceeding pre-crisis levels.

The data also found that 13 per cent and 10 per cent of all new businesses were born during 2008 and 2009, respectively, showing that entrepreneurs were not fazed by the downturn.

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Derk Bleeker, president EMEA at Sage, commented: “SMBs shouldn’t be underestimated in helping to recover and drive the economy as we head into the next few years. They make up 99.9 per cent of all businesses and generated more than half (51.1 per cent) of UK business turnover in 2022.

“So, while business owners are facing real challenges, they are clearly in a better position to adapt to changing economic landscapes and have the resilience to ride the storm.

“Our ask of the government is simple; make it as easy as possible for SMBs to do business digitally and adopt technology that will unlock productivity and give them the insights to adapt and grow quicker.

“With the right support, policies and incentives in place, SMBs will unleash their full potential and play a vital role in economic recovery and sustained long term growth.”

By Matthew Neville

Source: Bdaily News