Yesterday, the Government’s 100% business rate relief reduced to 66%, yet new polling indicates that almost half (46%) of UK small business owners say they can’t afford to contribute anything towards business rates after this period. Just 4 in 10 (39%) SMEs have experienced any increase in their revenues since the easing of some lockdown restrictions in mid-May. In fact, nearly one in five (18%) SMEs have actually seen a drop in their revenues since that time according to the research, which was commissioned by Metro Bank and conducted by Research Without Barriers. Nearly a third of SMEs (32%) in…
Author: sme-admin
New research has uncovered a significant gap in understanding and awareness of modern slavery among the UK’s SMEs. Over half are not covered by the Modern Slavery Act 2015, falling under the reporting threshold, and therefore threatening large enterprises through their supply chain and leaving SMEs exposed to the risk of having Modern Slavery in their business. One in five (20%) of UK SMEs are unaware of the Modern Slavery Act 2015 according to insight from Alcumus, the UK’s market-leading business for providing technology-led risk management solutions for small and large businesses world-wide. Large enterprises appear to be actively engaging…
Food entrepreneur Luke Craven launched his first Cajun cricket spice under his new brand Bijimini earlier this week, a nutritious and eco-friendly spice blend that promises to enrich the taste of food while helping to sustain the planet. Made from a blend of Cajun spices and a powder made from crickets, the product is the first offering from BiJimini Spices, a company Luke founded in January 2021 as he began the process of marketing testing. The first product went on sale this week. The versatile spice can be added when cooking a favourite meal, baking a pie, creating a stir…
Nationwide insolvency practitioner SFP has successfully completed the sale of West-Sussex-based high precision machining, fabrication, welding, and engineering services business BH Precision Limited, after the company was placed into administration. All 14 employees’ positions will be safeguarded as a result. BH Precision was incorporated in July 2016 after the acquisition of plant and machinery, stock and client contracts from a predecessor. Its Burgess Hill premises houses production facilities and office space to enable the manufacture and delivery of high-quality components and CNC Milling to the oil and gas, drilling, sub-aqua telecommunications, automotive, construction and audio industries. Its extensive experience covers…
Data from online jobs board Zoek has shown that the world of work is changing post-pandemic, and it’s the hospitality sector which is suffering the most and the tech sector the least. One of the industries hit the hardest by COVID19 and the government-enforced restrictions is hospitality and catering. Hotels, restaurants, pubs and cafes were all forced to close for the majority of the last fifteen months. A report by consultants CGA and AlixPartners recently said there have been almost 6,000 permanent site closures in 2020 in the sector, a 175% increase since 2019. Approximately 600,000 jobs have been lost in that…
The upcoming switch off of the Public Switched Telephone Network (PSTN), paired with the daunting degree of disruption spurred on by the pandemic, is forcing businesses to consider what the future of their communication system will look like. Why should businesses consider a Voice over Internet Protocol (VoIP) solution, and what benefits can this system bring? Here, Kristian Torode, Director and Co-Founder of business communications services provider Crystaline, explores the reasons why VoIP is the best choice for businesses looking to future proof. There’s four years until previous voice communication options become obsolescent. The PSTN has formed a large part…
Small business sales suggest a gradual return to pre-COVID sales rates, the Small Business Index from Xero, reveals. The Index was unchanged at 86 points in May, reflecting that overall conditions in small businesses were steady despite the winding back of some business trading restrictions. The sub-metrics of the Index showed that while sales have increased year-on-year (y/y) since March, they grew by just 2.5% y/y in May, compared to 4.5% y/y in April (Note: these growth figures are adjusted using annualised two-year growth to account for the low results in May 2020). This is in spite of indoor hospitality…
Global health service company Cigna Europe reaffirms its commitment to supporting SMEs as it launches 40 surefire steps to boost employee Whole Health. ‘The road to a healthy SME: a practical guide to achieving better results through employee Whole Health’, provides innovative, cost-effective ideas to help small and medium-sized businesses (SMEs) support their employees’ health and well-being, during COVID-19 and beyond. With two thirds (60%) of SMEs admitting that offering health and well-being benefits to staff boosts productivity and almost a quarter (22%) rating health and well-being benefits as being critical for ensuring high productivity, ‘The road to a healthy…
Restructuring and insolvency trade body R3 has launched a free guide for company directors that explains how to spot signs of financial distress, the options open to them for resolving it, and where to find sources of regulated advice. The document, Get Back to Business: A guide to dealing with corporate financial distress, is available to download from www.backtobusinessuk.com. The guide: provides a one-stop guide to the main options that are available to resolve corporate financial distress explains how the insolvency and restructuring framework and profession can help to rescue viable businesses, save jobs, and repay creditors helps to point directors to qualified…
The challenges faced by small businesses over the past year have had a profound impact on global economies. This is unsurprising given that they account for more than two-thirds of global employment and contribute up to half of national global GDP. They have been forced to adapt and innovate using technology in order to survive. And as restrictions ease, big opportunities are opening up to small firms to make the most of society’s flight back into sociability. Fortunately for small businesses, public goodwill and loyalty towards them has grown. According to Xero’s Future of Small Business report, more than half…