Despite the fact that the alternative finance market is tailored largely towards the needs of SMEs, there’s no reason why the concept shouldn’t be embraced by larger enterprises.
Forget the “Winter is Coming” motto made famous by House of Stark. When it comes to seasonal small businesses, Christmas is the real threat. Sure, December does go hand in hand with seriously jolly sales spikes for seasonal SMEs. But as far as cash flows are concerned, the outlook isn’t always as merry.
The UK may be home to a flourishing small business scene, but in the wake of Brexit, David Cameron’s ‘Broken Britain’ is set to struggle. The pound’s dropped to record lows, which means times could soon get tough for SMEs.
Mid 2016 saw some drastic changes for the UK’s political landscape, with June’s Brexit vote unquestionably stealing the spotlight. While the decision drew fierce criticism from 47.5% of ‘remain’ voters as well as international economists, silver linings are now starting to shine through.
Brexit may have taken its toll on the British pound, but when it comes to the nation’s small business scene, the outlook is still resplendent. In 2015, the Department for Business Innovation & Skills revealed that at the start of the year there were a record 5.4 million private sector businesses operating in the UK. This represents a rise of 146,000 since 2014, and 1.9 million since 2000. Overall, these SMEs employ a total of 15.6 million Brits, which represents 60% of all private sector employment in the UK. Economists can throw around ‘pound vs US dollar’ statistics all they like, but there’s no denying that EU or not, Britain’s entrepreneurial spirit is more defiant than ever.
While long payment blues were once a burden that SMEs simply had to suck up, the past few years have seen the big, bad ‘blue chips’ thrown into the spotlight for their anti-entrepreneurial behaviour. In a bid to force the likes of Tesco to play fair, there’s been a popularised movement to publicly ‘name and shame’ suppliers that insist on excessively long payment terms.
As we creep towards 2020, there’s no denying that technology is continuing to infiltrate every aspect of our lives. From Apple and Airbnb to Netflix and Uber, digitalisation has revolutionised the way the world works. Customer expectations have soared, and the ripple effect is being felt across all industries. Unsurprisingly, banks are no exception. Online banking and contactless payments are now commonplace, and have made way for new innovations…
No doubt about it, Batman is definitely one of the most decorated superheroes out there. Unlike his superhuman counterparts, Bruce Wayne uses street smarts, innovation and a whole lot of cash to transform himself into Gotham’s Dark Knight. We’re talking the Batmobile, Batpod, memory cloth cape, grappling gun and our personal favourite the batarang, a lethal portmanteau of a metal bat silhouette come boomerang.