The report, entitled Stimulating Small Business Growth, produced by Saïd Business School, Aston Business School, Leeds University Business School, Manchester Metropolitan University Business School and the University of Central Lancashire, examines the rise of the first 250 high growth small businesses to have completed an intensive four-month programme.
The initiative is designed for leaders of established small businesses who want to grow quickly and the report looks at how it is helping them grow jobs and turnover.
Results show that 77 per cent of the businesses surveyed reported that they were employing more people than in the previous year, while 66 per cent had increased their turnover and over half had increased profitability.
In addition, 92 per cent said that since participating in the programme, they were more confident in their ability to grow their business, which the programme originators claim is illustrative of what can be done against a background of sluggish economic growth.
Meanwhile, a separate survey of SMEs shows that almost 80 per cent believe that technology is vital in their plans for growth, which despite the economic climate, are ambitious.
Almost two-thirds of those surveyed expect their businesses to grow this year, with one in 10 firms setting growth as their number one goal.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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( 3 / 561 )According to a recent survey on global cyber crime threats, small businesses are becoming increasingly targeted by cyber criminals because of their inadequate security defences.
The study revealed that 31 per cent of all targeted attacks in 2012 were directed at small businesses with fewer than 250 employees, which is a threefold increase since 2011.
According to the report, this could be because cyber criminals are enticed by a small firm’s bank account information, customer data and intellectual property and the situation is made worse by that fact that small companies often believe they are immune to attacks targeted at them.
The European Union is set to bring in a directive to help tackle cyber crime, which will force companies to tell regulators every time they suffer a data breach.
The Government is concerned at the £27bn cost to the economy of cyber crime and is supportive of the directive, although it is concerned that there is an absence of coverage for micro businesses in it.
It is also concerned at the cost of complying with the directive for smaller companies, so the Department for Business, Innovation and Skills (BIS) is inviting SMEs to bid for allocations of up to £5,000 to help pay for security consultants who would tighten up their security.
Since the cost of reporting a breach could be around £85 a time, which includes restoring any information lost, any extra cash offered to help with data protection would be welcome.
The BIS is also going to be providing guidance to small firms about giving cyber crime a higher priority, particularly as one of the most worrying aspects of the survey is that in 57 per cent of the cyber attacks small firms suffered, it was staff who were the perpetrators of the raids.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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( 3 / 504 )The Chancellor, George Osborne, is set to announce in the weeks to come that the Government will extend the Funding for Lending Scheme (FLS) beyond its current end date.
It is thought that the announcement comes after pressure on Mr Osborne from various sources to reconsider the severity of his austerity programme, one of which was from the International Monetary Fund (IMF), which arrives in the UK next month for its annual consultation with the Government.
Launched in August 2012, the FLS was brought in to boost lending to small businesses and individuals and offers cheaper cash to lenders, as long as they pass the savings on to borrowers.
However, while the scheme has been credited with lowering the cost of mortgages, it has been less successful in helping small businesses. In fact, recent Bank of England figures suggest that participating banks were actually lending less to small firms in the second half of last year than they did before the scheme was launched.
Mr Osborne had first suggested extending the FLS during the Budget in March, and the Bank’s Monetary Policy Committee (MPC) discussed the extension at their meeting earlier this month, saying that there may be “merit” in doing so.
The Chancellor is hoping that an extension to the scheme will help to boost the economy, which is expected to show very sluggish growth of as little as 0.1 per cent during the first quarter of this year when official figures are released later this week.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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( 3 / 475 )Echoing a report by the British Retail Consortium (BRC) published earlier this week, the Office for National Statistics (ONS) has confirmed that severe weather in March caused substantial damage to retail sales.
Sales in March, which experienced the coldest weather for the month for 50 years, were 0.7 per cent lower than they had been in February and 0.5 per cent lower than in March 2012, although in value terms, they were actually 0.1 per cent higher.
Sales of non-food items fell by 4 per cent in March, which was the largest monthly fall in more than three years, but shoppers stocked up on food and drink, perhaps in a bid to keep out the cold.
The quantity of foodstuffs bought increased by 0.1 per cent over the same period even though the prices of goods sold within this sector increased by 3.0 per cent. During the month, average weekly sales in the food sector were £2.bn, which was more than any other sector.
Since much of the country’s GDP is generated from computer spending, the data might be worrying, but analysts had been expecting the fall and most are still confident that the economy will narrowly avoid entering its third recession since the financial crisis began when the figures are released next week.
However, business groups are concerned that not enough is being done for the retail sector, particularly the High Street. The CBI has said that the weak economic climate means that the outlook for retailers is likely “to remain challenging” for some time and is urging the Government to do what it can to help the sector.
Meanwhile, the BRC is forecasting that April could be a mixed bag, as Easter has already been and gone, so some categories may struggle. However, the late arrival of more Spring-like weather may make shopping trips and seasonal ranges more appealing to shoppers.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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( 3 / 487 )Unemployment in the UK rose to 2.56 million between December 2012 and February 2013, with the addition of a further 70,000 people, 20,000 of them being under-25s.
According to the Office for National Statistics (ONS), the rate of unemployment has now risen from 7.8 to 7.9 per cent, bringing the total to just under 30 million, the first time the figure has dipped since late 2011.
The period also showed the lowest growth in pay rises since records began in 2001, with the average pay rise slipping to 1 per cent, well short of the 2.8 per cent inflation rate.
However, the number of people claiming Jobseekers’ Allowance fell last month (March), down to 1.53 million. The fall was seen in every region of England, Wales and Scotland and the level of new claims was at its lowest level for more than four years.
That said, the data revealed that there has been an increase in the number of people out of work for more than a year, with the total standing 900,000; whilst the number of people aged between 16 and 24 who are unemployed rose to 979,000.
However, the overall total of unemployed people is reported to be lower than this time last year.
The data has led to calls for the Chancellor, George Osborne, to adopt a more aggressive growth strategy, particularly after the International Monetary Fund this week recommended that the Chancellor should ease his austerity plans.
Labour politicians added their voices to the calls and have urged Mr Osborne to change course and adopt a fresh approach.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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