By David Walker
There are an estimated 5 million small businesses here in the UK, and they are fast becoming the driving force in growing our current economy. So it’s no surprise that in a bid to continue boosting business the Small Business Enterprise and Employment Act has officially become Law.
But amongst the usual jargon that HMRC is rolling out, there are some serious benefits for businesses to understand in order from them to grow and create more jobs.
We’d all like the UK to become an international hub for business, but it’s not until we embrace the changes that we can truly see the benefits.
It may seem like one small step in a much longer journey, but creating a level playing field for all businesses can be a way forward in ensuring that it’s not just the big businesses reaping all the profits.
As discussed in this article, businesses can now start to begin acting like the big companies they want to be, and adapt their behaviour to initiate growth.
Improve Access to Finance
Finding investment for a small business has often felt like an uphill struggle, but with the new additions to the law, sources of investment and increased availability to funds is one that is going to see more small businesses start here in the UK.
Not only is this going to help encourage more business, but it will enable current businesses to find the funding they need to grow.
From making it easier to seek out loans, investors, and authorising banks to make payments clearer, it is curving the way for more financial transparency.
So if you’re looking to boost your business or even start up, there really is now better time like the present.
We all know that when you treat your staff well it will increase business productivity, and that’s exactly the mind set of that has been used with the small changes in the law around employment of staff.
Deterring employers from breaking any employment laws, and strengthening the rules around director disqualifications, there’s simply no hiding from bad employment ethics.
Employers paying below the minimum wage no longer have a leg to stand on, and if you’re confused about the rights your employees have, it would be wise to consult with a lawyer as the rules are getting tighter. Understanding even the basic rules of employment such as flexible working, can ensure that you’re not going to be hit with high fines or prosecution.
Enhancing the UK Business Culture
Combining a better working environment and making more finance options available, this law is going to work hand-in-hand at creating the UK as a business hub for anyone looking to invest.
Companies that don’t play by the rules cannot last long, as this law is going to out those who’ve tried to hide their misdoings.
Creating a fairer business culture is the only way that business can continue if the UK is to become an attractive location for more start up and investors.