Without question, SMEs remain vital to the UK economy, representing 99 per cent of UK businesses and employing most of the private sector workforce. With a combined turnover of £1.6 trillion (according to the ONS 2014 report), SMEs contribute substantially to the country’s overall Gross Domestic Product (GDP). Therefore it is important that under the new government, SMEs are supported and get the tools they need to deliver sustained growth and success.
Do you have a thriving small business? Could now be the right time for you to scale-up? You know your audience better than anybody else, so it would be presumptuous to tell you what you could do to make your services a more attractive proposition to a mass market or how to grow your share of voice. However to make sure that the technology underpinning your company will continue to support you regardless of how much your business grows or how demanding your business becomes.
Every startup has huge aspirations, which will often involve growing the business. But how do you know when it’s the right time to scale? What do you need to do to ensure your growth strategy is a success?
A whole host of challenges face businesses operating abroad, not least of all VAT standardisation. Differing VAT rules, changing deadlines and potential language barriers make this a complicated area to navigate.
Companies tend to keep themselves on a fairly tight leash during times of economic uncertainty, and I don’t blame them – it’s a natural response. A recession is typically associated with a reduction in business investment and a general slowdown in industry growth and innovation.
Research and commentators tell us that the UK is the home of the high-growth business. In November 2014, Sherry Coutu’s ‘Scale Up Report’ marked a turning point in discussions, moving us away from ‘start-ups’ and towards ‘scale ups’ – asking what can policy-makers and heads of business do to best support British scale-ups.
A growing business needs to think about its management and governance structure and whether it suits the particular stage of its development. In the early days, the ‘board’ will often consist of the founders, with no formal meetings and no real agenda.
Posted on 22nd May 2015 in Business Growth.
In today’s fast-paced business world, driving efficiency is often at the heart of growth plans. When thoroughly planned, outsourcing plays a vital role in ensuring productivity is high; enabling managers to focus on business development and disruptive innovation.
As the Conservatives prepare for another five years in power, David Cameron has spent the week announcing his cabinet reshuffle. Perhaps the most important announcements where SMEs are concerned is the replacement of Vince Cable by Sajid Javid as the new business secretary and the appointment of Anna Soubry as the new minister of state for small businesses. To ensure Britain’s SMEs continue to grow, I will take a look at a number of recommendations that Sajid Javid could consider.
Posted on 15th May 2015 in Business Growth.
One of the best things about the online selling community is that it is made up of people who have a genuine drive and passion for what they do. Fashion addicts, motorheads, consumer technology geeks, DIY gurus and more all share a deep love for what they do online.
Research shows that data-driven businesses are often much more successful – yet small businesses rarely harness the data they have. This is partly due to the common misconception that you have to be a big business to use ‘big data.’