Government Backed Business Tour to Encourage Growth Amongst Start-Ups

UK parliament

Small businesses and start ups across the UK will be receiving support and encouragement to assist their growth thanks to a government backed road show that will take place over the course of this year. The Get Growing! The Great British Business Roadshow will be heading out to close to a dozen cities over the course of this year in a bid to try and both encourage and help smaller businesses to grow.

The initiative has been backed by the Department for Business, Innovation, and Skills, and is being headed up by FreeAgent, which is a leading cloud accounting company that provides services for small businesses and sole traders in the UK. A range of other big name companies are also involved in the road show, which includes Elance and Paypal.

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BBA Claims Banks Willing to Lend to Small Businesses

BBA logo

Over recent years, lending levels amongst banks to small businesses has waned resulting in businesses losing confidence when it comes to getting finance.

The issue has led the government to come up with schemes such as the Funding for Lending Scheme in a bid to get banks lending to small businesses again to help boost the economy.

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Older Entrepreneurs Continue to Set Up Small Businesses

Older entrepreneur

Over the past few years, more and more people have decided to set up their own businesses in the UK for a variety of reasons.

For some it is the lack of job security that has driven them to set up their own business while for others it is situations such as redundancy.

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Banks will need to share data on small business lending

Bank money in case

Over recent years, the supply of funding from banks to small businesses has suffered as a result of the global financial crisis.

The government has taken various steps to try and improve this situation and while there have been some improvements of late thanks to schemes such as the Funding for Lending Scheme, lending levels to small businesses are still being described as subdued.

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FSB Reports Increase in Confidence Amongst Smaller Businesses

FSB logo

Over recent years, confidence levels amongst both consumers and small businesses have taken a knock, driven largely by the difficult financial and economic climate.

However, according to a recent report from the Federation of Small Businesses, there has been a notable increase in optimism and confidence amongst small businesses across the nation.

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Small Businesses in the UK Suffer Consequences of Late Payments

Money trap

Over recent years, many people across the UK have decided to start their own businesses.

This has resulted in a new wave of small businesses that could potentially have a huge positive impact on the country’s economy.

However, for any small business that is still in the throes of growth cash flow can be a big problem and this is an issue that is being made worse by late payments.

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Problems with Suppliers Costing UK Businesses Billions

Suppliers Costing Businesses Billions

For most business these days, particularly smaller businesses, being able to cut back on unnecessary costs has become vital due to the tough financial and economic climate.

However, according to a recent report many firms are losing huge amounts of money as a result of problems with suppliers. In fact, it is claimed that resolving problems with suppliers is costing companies in the UK in excess of £10 billion every year – money that businesses, especially small ones, cannot afford to lose.

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Small Businesses Steer Clear of Bank Borrowing

Money in £20 notes

In years gone by, one of the main forms of funding for small businesses was bank credit.

This was not only to help small businesses get off the ground as start ups but also to help them to grow and flourish through increased financial investment.

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Small Businesses Crucial in Bid to Increase Foreign Trade

Foreign trade decrease

The government has been quite vocal about the fact that, as part of its drive to improve the British economy, it plans to focus on increasing UK exports over the coming years.

In fact, ministers have said that by 2020 they hope to have doubled UK exports by securing higher levels of foreign trade.

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Small Business Saturday to be Launched in December

Small Business Saturday logo

Over recent years, it has become increasingly important for small businesses across the UK to try and generate more trade.

With the record numbers of new small businesses being created, this has become more and more vital but with tough competition from the bigger players many small businesses struggle to raise awareness and boost business.

A new scheme that is set to be launched in December of this year could help to change all of this.

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