A quarter (28%) of small businesses in the UK are now generating more sales from social media than from any other channel, including e-commerce and bricks-and-mortar stores, according to research from BT*. Yet, despite the widespread uptake of social media as a sales tool, one in five (21%) entrepreneurs are concerned that they lack the digital skills to help them get the best results for their business out of social platforms. In a bid to help the UK’s smallest enterprises better leverage the business benefits of social media, BT has teamed up with business influencer and YouTube star, Patricia Bright,…
Author: sme-admin
Low financial literacy could be costing the average household in the UK around £2,850 every year according to a new study by Allianz. Over a 10 year period, this could amount to £40,647 compared to households led by people who really understand financial basics. The study surveyed more than 1,000 people in the UK alongside six other countries, asking them a series of questions designed to test their understanding of financial basics, such as interest rates, inflation, and investment risks and returns. Worryingly, the results reveal that more than a quarter or 26% of Brits lack the knowledge and skills…
By Stacey Moser, Chief Commercial Officer at Universal Robots In automating factory functions, larger companies have typically turned to expensive, complex industrial robots and expert in-house engineers. So, what’s the appeal of smaller collaborative robots (cobots) and why are an increasing number of larger businesses looking to this technology to complement their existing production set-up and accelerate their factory automation? Universal Robots’ Chief Commercial Officer, Stacey Moser, identifies five reasons larger companies are turning to cobot technology. 1. Cobots are being used to complement traditional industrial robots It’s not a question of either/or for large companies. Traditional industrial robots…
Author: Gilbert Verdian, Founder and CEO of Quant Blockchain technology has long been lauded for its promise of decentralisation, security, and scalability. But despite these lofty ideals, adoption has been slow. The complexity involved in implementing blockchain solutions has proven to be a significant obstacle, particularly for small and medium-sized firms (SMEs). There are currently hundreds of blockchains in existence: some public, some private, each with their own programming language, intricacies, strengths, and weaknesses. Assets or smart contracts created on one chain are ‘native’ to it and (until recently) could not easily be moved to another. Each blockchain also demands…
If you’re considering loaning money to an individual or a business for any purpose, it’s wise to pause and consider what documentation should be in place to protect you. Even if you know the people involved on a personal or close business level, it’s never a good idea to loan money on the strength of their word only. It’s far better to have a legally binding contract for repayment; this is where Loan Agreements come into play. In this article, we’ll discuss the fundamental aspects of a Loan Agreement: its purpose, benefits and essential components. You’ll thoroughly understand why Loan…
Fraud is affecting businesses all over the country, and it is proving more important than ever to be proactive when it comes to protecting the security of your business. With this in mind, Utility Bidder has shared expert advice and 5 tips on how you can help protect your business from fraud. 5 ways you can protect your business from fraud 1 – Conduct background checks on potential new suppliers Suppliers are a crucial aspect of most businesses as they are responsible for the sourcing of company products and this plays an important role in the success of any business. By conducting background…
Researchers from Leeds University Business School have developed a toolkit that promises to radically simplify decision-making around digital technology adoption. Industrial digital technologies (IDTs) are transforming the manufacturing landscape. The integration of IDTs into manufacturing promises to yield a production ecosystem that is drastically more flexible, efficient, and responsive. The adoption of IDTs has already had a big impact on UK manufacturers and will impact the global economy as a whole, offering promising opportunities to improve the position of UK manufacturers within global value chains. But with these opportunities come potential challenges, and therefore it is essential to find out…
By Ant Parsons, OxLEP Business Start-ups, and small to medium sized organisations are fundamental to the business landscape, in fact, recent figures from FSB show that SMEs accounted for 99.9% of the total business population, three-fifths of employment and around half of the turnover in the UK private sector in 2022. So, supporting their growth is key to building a healthy economy, providing employment opportunities and driving growth. Oxfordshire is home to around 679,000 people, over 43,000 registered companies, at least 40,000 self-employed people and has one of the strongest economies in the UK. In fact, PwC’s 2021 Good Growth…
Global survey results from IE University, #WorkAnywhere and Remote have revealed office workers are experiencing the highest levels of burnout and lowest levels of happiness and job satisfaction. This is when compared to remote and hybrid workers – indicating that the office environment isn’t the effective separator between life and work that many believe it to be. Some business leaders have justified return-to-office mandates by claiming that the office helps to establish clear boundaries between work and life, thereby boosting work-life balance and reducing stress. However, according to findings from The Global Life-Work Survey, in the past month alone, 41% of full-time office workers experienced…
By feature writer Fiona Scott Mike Randall doesn’t look disruptive. So many business owners call themselves ‘disruptive’ when they are not – they are not creating a deep and lasting change to a sector or industry. They simply like the word and ‘hope’ it applies to them! This 50-something businessman, who lives in London, might come across in the first few seconds of meeting him as a bit of a ‘banker’ yet that glint in his eye, that passionate tone and the vehemence with which he supports the SME sector, stand him apart. This is a man who wants to change…