On a scale of 1-10 (with 10 being most likely) only 2% of respondents to the Smith & Williamson Enterprise Index were pessimistic when asked about their expectations for the economy over the next 12 months. 91% of respondents expressed an expectation that the economy would improve and 7% were unsure.
The Royal Bank of Scotland (RBS) has recently launched an independent review of its lending to small businesses. The bank has hired former Bank of England Deputy Governor Sir Andrew Large and Management Consultancy Oliver Wyman to examine its lending practices.
When asked whether current government policy is supportive of private enterprise, the majority of the survey’s respondents were positive, with less than 30% of participants giving a negative response.
Despite the fact that most respondents’ appetite for borrowing hasn’t altered since the results recorded in early summer, 31% of respondents indicated that they believe that access to funding is improving.
Not all fledgling business owners or entrepreneurs dream of being the next Mark Zuckerberg, Anita Roddick, Sir Alan Sugar or Jerry Baldwin. With one in four people wanting to start their own business*, the majority do so to be self-sufficient and don’t harbour big dreams at the beginning. Whether they’re setting up a coffee shop, or a florist with tycoon ambitions, having a good finance team is often not at front of mind for entrepreneurs when they start out.
“How do you do it?” we keep being asked.
With a history of over a thousand happy and profitable clients, sound bites have developed into what can only be called a manifesto: an outline of how sustainable profitability can be created in businesses like yours.
There comes a point in every entrepreneur’s journey when it is critical to get the right team in place, doing the right things. And it’s easier said than done. From learning to relinquish control, to tempting proven superstars to take a risk and buy into the dream, finding and securing the right talent to help boost your growth is a delicate but critical job.
Following the official announcement of the shortlisted businesses for the Great British Entrepreneur Awards, Fresh Business Thinking caught up with David Emm, Senior Security Researcher at Kaspersky Lab.
Entrepreneurs are the lifeblood of the economy. It was therefor no surprise that David Cameron said ‘there’s only one strategy for growth we can have now, and that is rolling up our sleeves and doing everything possible to make it easier for businesses to grow, to invest, to take people on’.
Posted on 18th October 2013 in Great British Entrepreneur Awards.
Last year’s estimates from the Department for Business and Innovation revealed that there are over 3.5m British companies with only one employee, equating to 75% of the entire number of businesses in the UK. Micro-businesses are the backbone of our economy yet they continue to receive minimal support from banks or the government. It is not an exaggeration to claim that crowdfunding is now one of the only viable options for the continued success of micro-businesses in this country.
The pressures on small businesses during and since the recession have been well documented. As banks have become increasingly reluctant to lend to businesses in need of funds, SME cash flow has suffered and the economy as a whole has stalled. In response to the funding challenges facing small businesses, the Government has launched several initiatives to try and counter these issues and encourage money to flow more easily between banks and SMEs.