Small business is flourishing in the UK, with the latest government statistics revealing that this year the nation was home to 5.4 million SMEs, which account for 99% of all business. But for once, it’s not banks that are powering the economic revival. In search of alternatives that champion flexibility and transparency, alternative finance has emerged as an exciting new way for British SMEs to get off the ground, and into the top 10%.
Start-ups are the backbone of the British economy, with the latest figures from government-backed national enterprise campaign StartUp Britain revealing that already, 2016 has seen more than 335,000 new SMEs throw open their doors for business. Tech City UK CEO Gerard Grech has hailed the nation as a “breeding ground” for pioneering tech start-ups, asserting that its fertile tech eco-system is a melting pot of opportunity.
Like anything in life, it’s all too easy to fall into a routine. Though it’s important to understand that some routines are good, and some aren’t quite as beneficial. For example, sleeping in on a Sunday, as opposed to getting up and going to that gym class you’ve been promising yourself you’d attend all week. It’s easy to hit snooze, but in the long run you’re short-changing yourself in the form of a good workout, and a whole lot of endorphins.
As a rule of thumb, it’s generally assumed that positive cash flow is a critical characteristic of successful small businesses. Theoretically, this is true. But as a team of self-confessed cashflow radicals, we’re all about the bigger picture. This means that as far as we’re concerned, cash flow issues can sometimes be sign of a successful SME. Yep, we’re going there.
Small businesses are the backbone of the British economy, yet despite their fiscal importance they’re forced to endure crippling payment terms that can leave cash flows reeling. While the situation has improved slightly following a wave of negative media coverage, the issue is by no means resolved. Some big businesses claim that SMEs are now crying over spilt milk. But the reality is that until 30-day payment terms are considered the norm, the milk is definitely worth crying over.
Like any venture, there’s a right way and a wrong way to finance a small business. Given the fact that 8 out of 10 SMEs fail, you definitely want to be in the ‘right way’ category. Lucky for you, it’s not as hard as it sounds. With the right tactics, you can set your small business up for long-term success.
For decades, the business funding market has been surrounded by negativity. For the most part, this is fuelled by the inflexible terms, ludicrously high interest rates and bias motives of traditional lenders like banks.
Britain’s small business scene is thriving, with the latest statistics from the House of Commons revealing that in 2015, the UK was home to 5.4 million SMEs. This accounts for a huge 99% of all businesses trading in the UK. Kudos to all you entrepreneurs out there!
From trendy cafes to family friendly pizza restaurants, the gluten free revolution has captured the hearts, and ‘wellness’ radars of Brits across the country. There’s a dash of controversy surrounding the concept of gluten free food, but for the most part it’s considered a healthier option. Even those who aren’t gluten intolerant often choose to avoid the mixture of proteins found in wheat and its related grains.
In 2015, the National Federation of Self Employed & Small Businesses estimated that the UK was home to a record 5.4 million private sector SMEs. Despite the challenges of Brexit, 2016 is set to be even sweeter for entrepreneurs.