July 29, 2011
Filed under: Small Business News — Alan @ 4:09 am
All new small and medium sized enterprises (SME’s) should set themselves up in London, according to Officebroker.com. The City of London is a major business and financial centre and is considered by many as a city of excellence in the sectors of medicine and technology.
There are numerous International firms and companies with offices in London, according to Simon Jones, Research and Project Manager of Officebroker.com and Heathrow and Gatwick airports allow London to be easily reached by overseas customers and clients.
Due to the stature of London, rental costs are comparatively high. Mr. Jones added research has shown that the average cost per workstation in central London is approximately £580, far higher than the national average of £229.
SME’s should ensure their IT infrastructure is sound and efficient to help in reducing overall costs. A recent GE Capital SME Capex Barometer has shown firms and businesses who have not upgraded computer equipment have lost in excess of £8000 in revenue. It is prudent, therefore, to upgrade and have all IT equipment as current and sustainable as possible.
July 28, 2011
Filed under: Small Business News — Alan @ 7:04 am
Newly formed small and medium sized businesses will be given the chance to tap into the City’s £13billion fortune as part of an ongoing new campaign which takes off over the next three weeks.
The City of London Corporation have come up with the idea of putting owners of small and medium sized business enterprises (SME) together with the bosses of top City firms. The hope is that SME’s will be able to overcome the problems they have had with their City rivals.
The City of London Corporation have spent four years coming up with solutions to help integrate London’s small business with the City giants. And the result is the £300,000 Ready to Supply campaign.
They found in the past there has been lack of understanding of complex process issues, and the failure for local businesses to access the City’s supply chain.. So it’s hoped the two way interaction will bring opposing sides together like never before.
The chairman of Policy and Resources for the City of London corporation Stuart Fraser, Chairman of Policy and Resources at the City of London Corporation said: “The next three weeks should provide SMEs and City firms alike insight into how to work together to form commercially rewarding relationships.”
July 27, 2011
Filed under: Small Business News — Alan @ 7:01 am
The European Union and US authorities held a conference in June-2011 to discuss improvements in SME practises. The main issues raised were reduction to SME trading barriers, minimising administrative duties and improving regulation of services.
The conference hosted in Brussels brought officials and executives of the EU and USA that govern SME matters and also included large SME businesses. During the conference topics concerning SMEs were discussed in length particularly the barriers imposed on trading, reducing admin work, the use of green technology, access to the third world markets and governing intellectual-property (IP) via an online portal.
Authorities concluded in a collaborative report that the problems discussed at the conference will be followed up in a seminar at Washington in autumn-2011. Also further topics regarding SMEs that require attention were highlighted, this including the availability of finance, multiple entrepreneurship opportunities, export market access and cooperation between regulators and SMEs.
Filed under: Business Finance — Alan @ 6:58 am
Newly formed small and medium sized businesses will be given the chance to tap into the City’s £13billion fortune as part of an ongoing, new campaign which takes off over the next three weeks.
Bosses who run the London Corporation have come up with the idea of putting owners of small and medium sized business enterprises (SME) together with the top men in City firms. The hope is that SME’s will be able to overcome the problems they have had with their City rivals.
Bigwigs who run Corporation of London have spent four years coming up with solutions to help integrate London’s small business with the City giants. They have been concerned at the way SME’s and City businesses have failed to work hand in hand for the mutual benefit of business. The solution, they hope, will be found in the new campaign called Ready to Supply at a cost of £300,000.
They found in the past there has been lack of understanding of complex process issues, and the failure for local businesses to access the City’s supply chain. So it’s hoped bringing the two sides together will help them work as a team like never before.
Stuart Fraser is the man who has been overseeing the project and he hopes the next three weeks will give both small businesses and their City rivals the opportunity to work together for the benefit of not just themselves but also for the local community.
July 26, 2011
Filed under: Small Business News — Alan @ 6:57 am
Britain’s small business are spending more money and time on red tape than they did two years ago, according to research revealed on Tuesday.
Although that is only a one per cent increase from 2009, Jane Bennett, head of campaigns at Knutsford, a forum of Private Businesses, said the increase is greater in real terms because of reduced economic activity. The total costs of £16.8million works out that every firm spends £14,200 a year just on red tape alone.
A poll by the Forum also found that 67 per cent of businesses had to bring in external consultants to deal with all the regulations.
Administering tax has become the top factor for red tape, costing £5.1billion a year. That shows a remarkable increase in administrative tax as back in 2009 it was employment law which cost the most in red tape followed by health and safety.
With one in five businesses saying they are performing poorer, 18 per cent admitting lack of motivation alongside health problem, the finding are a real kick in the teeth for the governments claims that things are improving slowly.
July 25, 2011
Filed under: Business Tools — Alan @ 6:55 am
To ensure smooth running and successful venture of local businesses a fast and reliable broadband connection is essential. Mr Hunt a secretary of the Welsh government stated that the government proposes to finance in the region of £60 million in a bid to make high speed internet connections available for over 85 per cent of Wales.
Many rural areas and inaccessible parts of Wales have not been able to benefit from the advancements of available technology and Mr Hunt stated ‘‘those suffering from time consuming internet should campaign to the Assembly Members to introduce broadband connections’’.
Internet speeds of above 24 megabytes per second are defined as superfast. The private sector is predicted to provide around 70 per cent of the superfast internet to small businesses and households.
July 23, 2011
Filed under: Business Finance,General — admin @ 10:30 pm
Self-Investment Pension Plans, or SIPPs, are the latest buzz product in the world of pensions. Although they aren’t a new product per say, the recent and sudden rise in their popularity has got everyone talking about them. In laymen’s terms, saving for when you retire using a SIPPs plan gives you a much greater flexibility and control over your savings and investments.
As opposed to a normal pension plan which holds your money in a set plan or equity and relies mainly on interest to boost the fund, you get to choose exactly where you want to invest your money. This also ensures that your investments are tailored to your needs instead of your money being placed in markets and equities selected by others.
Anyone who is over the age of 18 and has been a UK resident for at least 5 years is eligible for a SIPP. The flexibility appeals to those who are comfortable about making their own investments, and taking control of their destiny so to speak. It is for this reason that SIPPS had previously been so popular in the trade, with the likes of pension personnel, investment bankers and the like choosing this method of saving for their retirement.
If you reasonably savvy when it comes to investments and are looking to build up your pension fund using a flexible and tax efficient method, a SIPP could be a perfect choice. As long as you accept that projected growth isn’t guaranteed and you are prepared to tie up your money until you are at least 55, as well as bearing in mind that tax treatments many also change over time.
The flexibility is the big selling point of SIPPs, and many enjoy the fact that are given the opportunity to explore a wider range of investment opportunities, and also those who have been in business much prefer to have sole control over their investments rather than leaving them to somebody else to sort out on their behalf.
Now as great as they seem, like every product in this market, a SIPPs plan won’t suit everybody. Those who want unrestricted access to their money need to look elsewhere, as do those who want to invest directly in such equities that aren’t currently covered by SIPPs, such as commercial properties. Take time to weigh up the pros and cons before opting for a SIPPs plan, and make the correct and informed choices regarding your pension.
July 21, 2011
Filed under: Business Books — Alan @ 8:27 pm
Economists around the globe agree that the economies in the west hit hardest by the recession that included most of Europe and the US are not likely to see any significant improvement to their economies for over the next three years.
One barrier to the recover is the ability to borrow and that was always the way western economies were able to recover on a more rapid basis so therefore the recovery will be based on the ingenuity and entrepreneurship of business leaders and some creative and strategic management.
The new book series by itself will not be the only answer to economic problems but The Business Leader Book Club series has garnered a great deal of attention from the business community. There are personal and unique generations of business leaders with proven concepts that work.
The book was brought to us by Mark Stephens a business owner form UK’s F10 group who was attempting to find new and creative ways to attract people to their social website Ask The Experts. Subsequently that was what led to the development of a platform for ecommerce where hundreds of practical lifestyle and business type books can be downloaded by members free and the series’ first book Lessons Learned from the Recession is now available for download in the ebook Library.
The powerful book and its uniqueness provides personal insights from 60 business leaders and the key decisions they had to make when facing the recession. Upon reflection they believe these particular decisions were the most effective and critical actions that allowed their business to get through the recession and thrive while the world was still amidst its worst global economic downturn in memory.
He went on to say that “although this was supposed to have been a marketing exercise for the Social Multimedia site, there has been so much interest in developing a series of books that we have formed a small team to work specifically on this project. I have to say that, although this was a massive learning exercise, I have been inspired and energized by the group of people who have contributed and I am sure that will be the reaction of most people who read the book.
There are 60 unique chapters in this book that will provide you with an abundance of practical ideas that will help your business grow and succeed.”
Having spoken with a number of the contributors in the book, it is evident that there was a common feeling amongst them that they felt good about being able to share what had worked for them alongside others in a free book and in some way “give something back”. There was also general feeling amongst them that getting this book together was a great achievement in itself, as they were all such busy people and hard to pin down, but felt that the outcome was very pleasing to see.
Mark Stephens summed up his thoughts, “ I usually find my inspiration from others actions, so I did this for myself as much as anything, I just wish that I could have read it 4 years ago”!
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July 20, 2011
Filed under: Small Business News — Alan @ 11:41 pm
The Treasury and the Federation of Small Businesses (FSB) in the U.K. are at odds over which is the best way to approach the current economic situation. Following its recent survey of confidence in various business sectors, FSB has urged that VAT rates should be cut for the construction and tourism industries, to promote the growth of small businesses and encourage spending in areas such as hotels, restaurants and catering.
According to the FSB survey, business owners have lost confidence since the first quarter of this year.
The biggest drop in this respect was in the motor vehicle industry, both sales and repair; from +20 in the first quarter of 2011 to -45 at the end of June. Overall, the level of confidence has fallen in 13 of the 18 business sectors monitored, with the northeast regions of England showing the greatest drop.
The think tank Ernst & Young ITEM Club also reported it had changed its growth forecast downward, for this year and for 2012. The Club’s chief economic adviser, Peter Spencer, told media reporters that the reduced forecast resulted mostly from the crunch on household spending. He said prices are going up but wages are not, so there is less money available to create a demand for services. He added that problems in the Eurozone, specifically Greece, could escalate to other countries including Ireland.
Chairman of FSB John Walker said that a reduction in VAT would help encourage small businesses to grow and hire new personnel, which would be a key factor in putting the economy back on track. FSB maintains that earnings from that sector would offset the decrease in revenue from VAT, but the Treasury says such a move would not be feasible. They say that FSB’s claim requires much careful thought, and so far there has been no indication that the government is re-thinking its strategy.
July 19, 2011
Filed under: Small Business News — Alan @ 6:33 pm
There are often times when SMEs will ask if the correct market to channel is the public sector. The first obstacle for SMEs to bid for contracts in the public sector is the 10% rule, which often times the pubic sector uses to exclude, at the Pre-Qualification Questionnaire (PQQ) stage, SMEs.
Rarely is the rule addressed in tender documentation and because of that a good number of SMEs spend time and money bidding for a contract they are never going to win because of a financial check – the bid price reflects more than ten percent of their entire turnover from the previous year.
The UK business community per BIS numbers consists of almost 5 million businesses of which there are only about 418,000 that could hope to compete for £100,000 tenders or more because of the 10% rule.
That number is realistically reduced even further by the number businesses big enough to invest in PQQ requirements that are commonly demanded. There are 81,000 businesses that have staff of between 20 and 50 these are medium size not small.
Additional barriers that help to exclude many SMEs from bids for the public sector are based in the following; environment of the ISO14401 standard, quality of the ISO9000 standard, policy on Equal Opportunities, sufficient insurance, policy on Health and Safety and third party references.
Over and above these barriers than SMEs face there are the hard costs that are incurred selling to this sector. The typical tender process in the public sector takes a much more significant time period than a private sector equivalent process as well as being very much costlier. Win ratios tend to be very poor for SMEs and the ROI or return on investment for the SME is at times very low.
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All new small and medium sized enterprises (SME’s) should set themselves up in London, according to Officebroker.com. The City of London is a major business and financial centre and is considered by many as a city of excellence in the sectors of medicine and technology.