The Digital Britain Final Report is one of the central policy commitments in the Government’s Building Britain’s Future plan and draft legislative programme.
* Digital Economy central to industrial strength and competitiveness
* Communications Infrastructure critical for future economic growth
Read more: http://pressitt.com/smnr/building-britains-digital-future-government-unveils-action-plan-for-the-digital-economy/124/
www.ukba.co.uk
Tuesday, 30 June 2009
Monday, 29 June 2009
60% of businesses in the UK plan to freeze pay or negotiate pay cuts with staff
......according to a new employment survey by the Confederation of British Industry (CBI) and recruitment group Harvey Nash.
The survey of more than 700 companies also revealed that more than half the businesses surveyed expect recruitment levels to take more than a year to return to 2007 levels and 40% revealed they have put a freeze on graduate recruitment.
However, the survey also showed that many job losses had been avoided by staff working with their employees over reduced rates of pay and patterns of work.
"This has been a particularly bruising recession, but one of its most positive and striking aspects has been the commitment of many businesses and their staff to work together to try to trim costs and save jobs," said John Cridland, CBI Deputy Director-General.
www.ukba.co.uk
The survey of more than 700 companies also revealed that more than half the businesses surveyed expect recruitment levels to take more than a year to return to 2007 levels and 40% revealed they have put a freeze on graduate recruitment.
However, the survey also showed that many job losses had been avoided by staff working with their employees over reduced rates of pay and patterns of work.
"This has been a particularly bruising recession, but one of its most positive and striking aspects has been the commitment of many businesses and their staff to work together to try to trim costs and save jobs," said John Cridland, CBI Deputy Director-General.
www.ukba.co.uk
AWM Close Proof of Concept Fund
We have just been speaking to The University of Wolverhampton who administer the Black Country node for the AWM Proof of Concept Grant Fund. They tell me that all projects under the fund must be completed by March 2010 and therefore the fund is closing for new applications very shortly.
So if you run an SME in The West Midlands and yo9u have a great and innovative business product idea now is the time to email us for more information. The scheme offers a 75% grant with a maximum value of £30,000 so it is worth applying for. It's certainly worth the email.You can find details of our grant application service on our website. So drop us an email. This is the last opportunity. Don't waste it!
http://www.ukba.co.uk/; http://www.mgba.co.uk/
So if you run an SME in The West Midlands and yo9u have a great and innovative business product idea now is the time to email us for more information. The scheme offers a 75% grant with a maximum value of £30,000 so it is worth applying for. It's certainly worth the email.You can find details of our grant application service on our website. So drop us an email. This is the last opportunity. Don't waste it!
http://www.ukba.co.uk/; http://www.mgba.co.uk/
Sunday, 28 June 2009
Stress among UK workers is costing Britain's economy more than the strikes of the 1970s did, according to research conducted by Warwick University
The rising level of employee stress is leading to 13.5m working days being taken off a year, severely damaging the economy through absenteeism and lack of productivity.
"Four in ten people on invalidity benefit are off work because of mental illness - twice as many as twenty years ago," said Dr Casey of Warwick University.
www.ukba.co.uk
"Four in ten people on invalidity benefit are off work because of mental illness - twice as many as twenty years ago," said Dr Casey of Warwick University.
www.ukba.co.uk
Saturday, 27 June 2009
Businesses are changing how they organise their workforce due to the recession, according to new data released by the CBI
The CBI study reveals that 45% of employers have increased flexible working among staff, 43% have cut the amount of paid overtime that is available and a third are using less agency staff.
"The UK's flexible labour market has proved a huge asset during these testing times, and flexible working changes have enabled employers and staff to create leeway on working hours," said John Cridland, CBI Deputy Director-General.
www.ukba.co.uk
"The UK's flexible labour market has proved a huge asset during these testing times, and flexible working changes have enabled employers and staff to create leeway on working hours," said John Cridland, CBI Deputy Director-General.
www.ukba.co.uk
Friday, 26 June 2009
The number of new foreign investments in British companies increased by 11% last year, despite the onset of the global economic downturn
Businesses from 53 different countries - the largest variety ever in a single year - invested in UK firms in 2008, maintaining the UK's position as Europe's number one investment destination.
With office rates decreasing, the pound falling against the dollar and a wider talent pool than ever before immediately available due to job losses, foreign companies have seen the recession as a great time to invest in the UK.
"At a time when companies across the world are tightening their belts and focusing their investment in the sectors and countries where it will bring the most benefit, these results are testament to the fundamental strengths of the UK’s economy,” said Business Secretary Lord Mandelson.
Source: UKTI
www.ukba.co.uk
With office rates decreasing, the pound falling against the dollar and a wider talent pool than ever before immediately available due to job losses, foreign companies have seen the recession as a great time to invest in the UK.
"At a time when companies across the world are tightening their belts and focusing their investment in the sectors and countries where it will bring the most benefit, these results are testament to the fundamental strengths of the UK’s economy,” said Business Secretary Lord Mandelson.
Source: UKTI
www.ukba.co.uk
Thursday, 25 June 2009
The worst of the recession is behind us and the economy is now stabilising, the CBI has claimed.
However, the business group said the UK will not return to growth until the beginning of next year.
The prediction comes hot on the heels of last week’s claim by the National Institute of Economic and Social Research (NIESR) that the economy actually grew in April and May.
According to CBI predications, GDP will flatten out during the second half of this year, with figures of -0.1% and 0% in the third and fourth quarters of the year.
Richard Lambert, CBI director general said: “The world recession has deepened, so it is not surprising that the UK economy has continued to suffer. However, the harshest period of the recession looks to be behind us, the economy is stabilising and this should continue during the second half of this year.
“The return to growth is likely to be a slow and gradual one; difficult credit conditions are still affecting business behaviour. For positive growth to return, lenders need to feel more confident so that credit can start flowing again.”
Lambert warned against getting ‘carried away’ by indicators of recovery, insisting it would take some time before any green shoots had a real impact.
The group estimates that the UK economy will have shrunk by a total of 4.8% by the end of the recession.
Source: © Crimson Business Ltd. 2009
www.ukba.co.uk
The prediction comes hot on the heels of last week’s claim by the National Institute of Economic and Social Research (NIESR) that the economy actually grew in April and May.
According to CBI predications, GDP will flatten out during the second half of this year, with figures of -0.1% and 0% in the third and fourth quarters of the year.
Richard Lambert, CBI director general said: “The world recession has deepened, so it is not surprising that the UK economy has continued to suffer. However, the harshest period of the recession looks to be behind us, the economy is stabilising and this should continue during the second half of this year.
“The return to growth is likely to be a slow and gradual one; difficult credit conditions are still affecting business behaviour. For positive growth to return, lenders need to feel more confident so that credit can start flowing again.”
Lambert warned against getting ‘carried away’ by indicators of recovery, insisting it would take some time before any green shoots had a real impact.
The group estimates that the UK economy will have shrunk by a total of 4.8% by the end of the recession.
Source: © Crimson Business Ltd. 2009
www.ukba.co.uk
Wednesday, 24 June 2009
Small businesses running costs continue to fall
Small businesses across the UK are continuing to experience unprecedented levels of deflation resulting in rapidly declining operating costs. The cost of running a small business has fallen to -1.4 per cent deflation over Q1 2009, according to the latest Business Inflation Guide (BIG) from MORE TH>N BUSINESS.The sharp decline marks the second consecutive quarter of sustained deflation for the small business community. In Q4 2008 costs plunged to -2.9 per cent deflation. Declining labour, advertising, vehicle and raw material costs have all contributed to the continuing falls in Q1 2009, however MORE TH>N BUSINESS warns profit margins still remain under huge stress due to low demand for products and services.
Read more: http://newsroom.morethan.com/small-businesses-running-costs-continue-to-fall_649
Source: More Than
www.ukba.co.uk
Read more: http://newsroom.morethan.com/small-businesses-running-costs-continue-to-fall_649
Source: More Than
www.ukba.co.uk
Tuesday, 23 June 2009
BCC and UKTI chiefs in joint drive to get more British businesses exporting
Two of the UK’s foremost international trade advocates have joined forces to encourage more British businesses to rediscover their mercantile spirit during the recession.
David Frost, Director General of the British Chambers of Commerce (BCC) and Lord Davies, Minister for Trade and Investment, are urging companies - especially SMEs - to recognise the numerous trading opportunities in foreign markets and to start exporting.
The joint call comes at the beginning of World Trade Week UK and follows the publication of the BCC’s international trade survey, Exporting Britain.
The report reveals that most companies export because they have been approached by their customers (58%), or by an agent or distributor (19%). Half of the firms polled said they export to specific markets because they already had connections there.
The BCC argues that these figures suggest that many businesses are not as proactive as they could be when it comes to exporting.
Other key results from the survey include:
43% of firms said they do not export as it does not feature in their business plan.
Of the 87% of exporters trading in Europe a minority encountered non-tariff barriers.
Help finding clients would encourage 21% of non-exporting businesses to consider it, while 16% would be incentivised by a ‘one stop shop’ that provided market research, legal advice and fiscal support.
Read more: http://www.britishchambers.org.uk/zones/export/press-releases/bcc-and-ukti-chiefs-in-joint-drive-to-get-more-british-businesses-exporting.html
Source: British Chambers of Commerce
www.ukba.co.uk
David Frost, Director General of the British Chambers of Commerce (BCC) and Lord Davies, Minister for Trade and Investment, are urging companies - especially SMEs - to recognise the numerous trading opportunities in foreign markets and to start exporting.
The joint call comes at the beginning of World Trade Week UK and follows the publication of the BCC’s international trade survey, Exporting Britain.
The report reveals that most companies export because they have been approached by their customers (58%), or by an agent or distributor (19%). Half of the firms polled said they export to specific markets because they already had connections there.
The BCC argues that these figures suggest that many businesses are not as proactive as they could be when it comes to exporting.
Other key results from the survey include:
43% of firms said they do not export as it does not feature in their business plan.
Of the 87% of exporters trading in Europe a minority encountered non-tariff barriers.
Help finding clients would encourage 21% of non-exporting businesses to consider it, while 16% would be incentivised by a ‘one stop shop’ that provided market research, legal advice and fiscal support.
Read more: http://www.britishchambers.org.uk/zones/export/press-releases/bcc-and-ukti-chiefs-in-joint-drive-to-get-more-british-businesses-exporting.html
Source: British Chambers of Commerce
www.ukba.co.uk
Monday, 22 June 2009
Are The Green Shoots Sprouting?
According to Money Marketing magazine net retail sales of open-ended funds have had a strong showing in 2009 so far. This follows a trend of investors switching away from equities in light of the credit crunch, inflows into bond funds exceeded £1bn for the fifth consecutive month and April experienced the highest Isa sales in three years. Equity funds also saw modest retail inflows over the last two months.
The initial findings of an Investment Management Association poll of retail investors, conducted by YouGov in early May, show investor confidence has turned positive, with a 35-point swing.
The IMA GB investor confidence index reached 106 in May 2009 (on a scale of 0-200, 100 being neutral) whereas six months ago overall confidence was negative at 71. The IMA GB investor intentions index in May 2009 was 99 (on a scale of 0-200, 100 being neutral). This is up 10 points since November 2008 and shows investors on the whole are becoming less negative about putting money into new investments.
More than 50 per cent said they think now is a good time to put money into investment products, with equities being the most popular option. However, whether or not they will act on this remains to be seen. And investors are still cautious about the residential property market, with half thinking it will continue to fall for at least 12 months before showing signs of recovery.
In terms of economic recovery, 47 per cent thought the economic slowdown would last 12-24 months, compared with November when 58 per cent thought it would take 12-24 months to recover. On markets specifically, 53 per cent of investors think it will take more than two years for the FTSE 100 to return to 6,000.
Polls like this should always be viewed with caution as offering just a snapshot of investor views at one point in time. Taking a longer-term view, research published by IMA last month shows UK investors still give a strong weighting to equities over the long term, despite the trend towards increased diversification of holdings over the past few years. What is also telling is that UK investors have a resilient approach to equity funds. They largely held their nerve last year, making much smaller net withdrawals from equity funds compared with investors in other European countries.
Again, only time will tell what will happen but current investor attitudes, coupled with their long-term behaviour, suggests equity investing may pick up in the long-term.
www.mgba.co.uk, www.ukba.co.uk
The initial findings of an Investment Management Association poll of retail investors, conducted by YouGov in early May, show investor confidence has turned positive, with a 35-point swing.
The IMA GB investor confidence index reached 106 in May 2009 (on a scale of 0-200, 100 being neutral) whereas six months ago overall confidence was negative at 71. The IMA GB investor intentions index in May 2009 was 99 (on a scale of 0-200, 100 being neutral). This is up 10 points since November 2008 and shows investors on the whole are becoming less negative about putting money into new investments.
More than 50 per cent said they think now is a good time to put money into investment products, with equities being the most popular option. However, whether or not they will act on this remains to be seen. And investors are still cautious about the residential property market, with half thinking it will continue to fall for at least 12 months before showing signs of recovery.
In terms of economic recovery, 47 per cent thought the economic slowdown would last 12-24 months, compared with November when 58 per cent thought it would take 12-24 months to recover. On markets specifically, 53 per cent of investors think it will take more than two years for the FTSE 100 to return to 6,000.
Polls like this should always be viewed with caution as offering just a snapshot of investor views at one point in time. Taking a longer-term view, research published by IMA last month shows UK investors still give a strong weighting to equities over the long term, despite the trend towards increased diversification of holdings over the past few years. What is also telling is that UK investors have a resilient approach to equity funds. They largely held their nerve last year, making much smaller net withdrawals from equity funds compared with investors in other European countries.
Again, only time will tell what will happen but current investor attitudes, coupled with their long-term behaviour, suggests equity investing may pick up in the long-term.
www.mgba.co.uk, www.ukba.co.uk
Only half of employees think that their boss is a good leader
The survey also revealed that only 25% of staff think that their employer has adapted their leadership style to take account of the current economic climate.
When asked about what traits a good business leader should possess 62% of staff listed communication skills, 50% of respondents said the ability to motivate and 25% look for an ability to embrace change and innovation.
"It's clear that bosses and business leaders have a lot of work to do and need to raise their game during this testing economic crisis," said David Williams, CEO of Impact International.
Source: YouGov survey commissioned by Impact International.
www.ukba.co.uk
When asked about what traits a good business leader should possess 62% of staff listed communication skills, 50% of respondents said the ability to motivate and 25% look for an ability to embrace change and innovation.
"It's clear that bosses and business leaders have a lot of work to do and need to raise their game during this testing economic crisis," said David Williams, CEO of Impact International.
Source: YouGov survey commissioned by Impact International.
www.ukba.co.uk
governenmt Changes on Credit Guarantees
A major problem for small businesses during the recession has been the withdrawal of trade credit insurance, which protects companies against a buyer defaulting on payments for goods and services.
"The extension will give small and medium-sized businesses flexibility to respond to a reduction in their credit insurance cover," said business secretary Lord Mandelson.
The scheme will run until the end of the year and will allow businesses to buy government-backed insurance to either restore cover to its original level or double the value they can obtain from the private sector, up to the value of £1m. www.ukba.co.uk
www.ukba.co.uk
"The extension will give small and medium-sized businesses flexibility to respond to a reduction in their credit insurance cover," said business secretary Lord Mandelson.
The scheme will run until the end of the year and will allow businesses to buy government-backed insurance to either restore cover to its original level or double the value they can obtain from the private sector, up to the value of £1m. www.ukba.co.uk
www.ukba.co.uk
Sunday, 21 June 2009
The UK experienced its first growth in industrial output for more than a year in April
The economy grew by 0.1% in May and 0.2% in April after contracting 0.5% in March. The NIESR also reported that the output of the UK economy has fallen by 5% between the beginning of the recession in May 2008 and March this year.
Martin Weale, director of NIESR said that the recession had ended "as far as I can tell." He added, "There has been much less downward momentum than we expected."
Source: official figures released by the National Institute for Economic and Social Research (NIESR).
www.ukba.co.uk
Martin Weale, director of NIESR said that the recession had ended "as far as I can tell." He added, "There has been much less downward momentum than we expected."
Source: official figures released by the National Institute for Economic and Social Research (NIESR).
www.ukba.co.uk
Saturday, 20 June 2009
Employees on long-term sick leave will be entitled to take all holiday that they have accrued when they return to work
Small business owners have criticised the House of Lords ruling, which means that someone who had been on sick leave for two years would be entitled to around 40 days of paid holiday on their return.
"Allowing workers to accrue statutory paid holiday entitlement during sickness absence will have serious financial and practical ramifications for employers across the UK," said Tim Marshall, partner and UK head of employment at lawyers DLA Piper.
www.ukba.co.uk
"Allowing workers to accrue statutory paid holiday entitlement during sickness absence will have serious financial and practical ramifications for employers across the UK," said Tim Marshall, partner and UK head of employment at lawyers DLA Piper.
www.ukba.co.uk
Friday, 19 June 2009
The government has announced that it is backdating eligibility for its £5bn trade credit insurance scheme by six months
A major problem for small businesses during the recession has been the withdrawal of trade credit insurance, which protects companies against a buyer defaulting on payments for goods and services.
"The extension will give small and medium-sized businesses flexibility to respond to a reduction in their credit insurance cover," said business secretary Lord Mandelson.
The scheme will run until the end of the year and will allow businesses to buy government-backed insurance to either restore cover to its original level or double the value they can obtain from the private sector, up to the value of £1m.
www.ukba.co.uk
"The extension will give small and medium-sized businesses flexibility to respond to a reduction in their credit insurance cover," said business secretary Lord Mandelson.
The scheme will run until the end of the year and will allow businesses to buy government-backed insurance to either restore cover to its original level or double the value they can obtain from the private sector, up to the value of £1m.
www.ukba.co.uk
Thursday, 18 June 2009
Business confidence in the UK rose for a third consecutive month in May...
...to its highest level in nearly a year, according to the latest Lloyds TSB Business Barometer.
The survey of more than 200 firms found that 44% expect their business activity to increase during the next 12 months, compared with 35% who stated this in April. Only 16% of respondents expect business activity to decrease, down from 21% who thought this in the previous month.
"While it would be premature to talk of an end to the recession, we should be careful not to overlook the significance of the growing confidence we are witnessing amongst businesses," said Trevor Williams, chief economist at Lloyds TSB Corporate Markets.
www.ukba.co.uk
The survey of more than 200 firms found that 44% expect their business activity to increase during the next 12 months, compared with 35% who stated this in April. Only 16% of respondents expect business activity to decrease, down from 21% who thought this in the previous month.
"While it would be premature to talk of an end to the recession, we should be careful not to overlook the significance of the growing confidence we are witnessing amongst businesses," said Trevor Williams, chief economist at Lloyds TSB Corporate Markets.
www.ukba.co.uk
Wednesday, 17 June 2009
Business Networking moves up a gear
Online business networking looks set to move on to a new level with the launch of a unique site that is focused on helping small and medium sized companies succeed in tough times and through economic recovery.
The Business Network Online (BNO) - developed by the British Chambers of Commerce (BCC) and Accredited Chamber Network - goes well beyond the existing social networking and tendering sites by providing people with realistic opportunities to pitch for and win new contracts, covering both the private and public sectors.
Currently websites are inclined to offer either business networking or tendering, but the BNO is the first to do both, providing a safe platform for people to buy and sell their products and services from as well as develop and build new contacts.
John Dunsmure, Managing Director of the BCC, said: “All businesses are having to look for new ways to drive sales during these difficult economic times and we believe this tool will help in so many ways. Unlike some professional networking sites, the BNO isn’t about collecting ‘colleagues’ that have no relevance to your business. Here each contact you make has a realistic prospect of having a positive impact on your business.”
The BNO, which operates through the trusted Chamber community, provides people with a simple and effective way to meet new business partners and suppliers, reach new markets and customers, gain more competitive pricing and win new business through tender alerts.
The tender alert facility looks set to be a big pull, matching up business opportunities with companies registered on the database. As matches occur businesses will receive an email alert or SMS text. The fact that companies will have selected the business categories means that the alerts will be relevant and of genuine interest.
Initially the BNO will operate across the UK but plans are in place to extend the service internationally. For many UK businesses this will be particularly significant, as the weak pound has opened up export opportunity.
Signing up to the BNO is free to Accredited Chamber members, while non-members will be offered a three-month free trial.
John Dunsmure said: “One of the other benefits is that for those who are uncomfortable about attending organised networking events, the online option is a great alternative – and you don’t need to buy a business suit!
“There’s no doubt that business networking online is here to stay – those that embrace it fully will benefit in terms of building their company’s profile and driving sales. Ultimately it allows you to reach more people with less effort, to identify and connect with the right people more quickly and to reduce travel time and expense. “
Source: British Chamber of Commerce
www.ukba.co.uk
The Business Network Online (BNO) - developed by the British Chambers of Commerce (BCC) and Accredited Chamber Network - goes well beyond the existing social networking and tendering sites by providing people with realistic opportunities to pitch for and win new contracts, covering both the private and public sectors.
Currently websites are inclined to offer either business networking or tendering, but the BNO is the first to do both, providing a safe platform for people to buy and sell their products and services from as well as develop and build new contacts.
John Dunsmure, Managing Director of the BCC, said: “All businesses are having to look for new ways to drive sales during these difficult economic times and we believe this tool will help in so many ways. Unlike some professional networking sites, the BNO isn’t about collecting ‘colleagues’ that have no relevance to your business. Here each contact you make has a realistic prospect of having a positive impact on your business.”
The BNO, which operates through the trusted Chamber community, provides people with a simple and effective way to meet new business partners and suppliers, reach new markets and customers, gain more competitive pricing and win new business through tender alerts.
The tender alert facility looks set to be a big pull, matching up business opportunities with companies registered on the database. As matches occur businesses will receive an email alert or SMS text. The fact that companies will have selected the business categories means that the alerts will be relevant and of genuine interest.
Initially the BNO will operate across the UK but plans are in place to extend the service internationally. For many UK businesses this will be particularly significant, as the weak pound has opened up export opportunity.
Signing up to the BNO is free to Accredited Chamber members, while non-members will be offered a three-month free trial.
John Dunsmure said: “One of the other benefits is that for those who are uncomfortable about attending organised networking events, the online option is a great alternative – and you don’t need to buy a business suit!
“There’s no doubt that business networking online is here to stay – those that embrace it fully will benefit in terms of building their company’s profile and driving sales. Ultimately it allows you to reach more people with less effort, to identify and connect with the right people more quickly and to reduce travel time and expense. “
Source: British Chamber of Commerce
www.ukba.co.uk
Tuesday, 16 June 2009
Record low interest rates must stay
A third of entrepreneurs have seen a positive impact on their business from the Bank of England’s decision to keep interest levels low, according to research from Tenon, but any signs of recovery remain fragile.
Commenting on today’s MPC decision, Andy Raynor, chief executive of Tenon Group, said:
“Maintaining this low rate of interest is good news for entrepreneurs as a third have found the lowering of interest rates to be beneficial to their business. However, any expectations of recovery this year may require additional stimuli as many entrepreneurs are still struggling to get back on their feet.
“Low interest rates are highly beneficial for small businesses, but these levels must remain in place for a considerable period of time. It is too early to be certain of any economic recovery this year and a rise in interest rates would be disastrous for confidence in the foreseeable future.”
The Group, which offers specialist advice to entrepreneurs, also found that those in Scotland have seen the most benefit from the cuts - 43% have seen a positive impact on their firms.
Source: Tenon
www.ukba.co.uk
Commenting on today’s MPC decision, Andy Raynor, chief executive of Tenon Group, said:
“Maintaining this low rate of interest is good news for entrepreneurs as a third have found the lowering of interest rates to be beneficial to their business. However, any expectations of recovery this year may require additional stimuli as many entrepreneurs are still struggling to get back on their feet.
“Low interest rates are highly beneficial for small businesses, but these levels must remain in place for a considerable period of time. It is too early to be certain of any economic recovery this year and a rise in interest rates would be disastrous for confidence in the foreseeable future.”
The Group, which offers specialist advice to entrepreneurs, also found that those in Scotland have seen the most benefit from the cuts - 43% have seen a positive impact on their firms.
Source: Tenon
www.ukba.co.uk
Monday, 15 June 2009
EU unveils micro-credit plan for small businesses
The European Commission unveiled plans to free up 100 million euros (142 million dollars) from the EU budget to provide credit to people wanting to set up small businesses.
When supplemented by funds from international financial institutions like the European Investment Bank group, the Commission said, around 500 million euros would be available for micro-credits.
The plan could help people struggling to find money because they are too young, have been unemployed or due to the credit crunch sparked by the global financial and economic crisis.
"This new facility will extend the range of targeted financial support to new entrepreneurs and help them to overcome the squeeze on credit," Commission President Jose Manuel Barroso told reporters.
Read more: http://www.eubusiness.com/news-eu/1244044932.35
www.ukba.co.uk
When supplemented by funds from international financial institutions like the European Investment Bank group, the Commission said, around 500 million euros would be available for micro-credits.
The plan could help people struggling to find money because they are too young, have been unemployed or due to the credit crunch sparked by the global financial and economic crisis.
"This new facility will extend the range of targeted financial support to new entrepreneurs and help them to overcome the squeeze on credit," Commission President Jose Manuel Barroso told reporters.
Read more: http://www.eubusiness.com/news-eu/1244044932.35
www.ukba.co.uk
Sunday, 14 June 2009
Data Dilemma: One In Five Businesses Admit To Breaching The Data Protection Act Press Release
Almost one in five businesses has unwittingly breached the Data Protection Act (DPA) at least once according to a survey of over 500 small and medium businesses conducted by BSI*. Of these, nearly half said they had breached the Act on several occasions and an additional 18% said they were not sure whether they had or not. A ‘breach’ could refer to the illegal transfer of information to a third party, failure to hold information securely or neglect of other legal obligations.
Read more: http://www.bsigroup.com/en/About-BSI/News-Room/BSI-News-Content/Disciplines/Information-Management/BS-10012-publication/
www.ukba.co.uk
Read more: http://www.bsigroup.com/en/About-BSI/News-Room/BSI-News-Content/Disciplines/Information-Management/BS-10012-publication/
www.ukba.co.uk
Saturday, 13 June 2009
New review looks ahead to small business recovery
A review to examine if Government will need to intervene to help small and medium businesses access growth capital will be led by venture capital expert Christopher Rowlands.
The Growth Capital Review is one of the first measures to be taken forward from the Government's 'New Industry, New Jobs' strategic plan for Britain's recovery. The plan focuses on the resources our businesses need to prepare for the upturn and prioritises high growth firms being able to access the financing they need as opportunities emerge in a new, global economy.
The review will determine if any intervention, including a modern-day version of Industrial and Commercial Finance Corporation/3i, is required to ensure small and medium sized firms with good growth potential have access to the capital they need to take advantage of the upturn.
Business Secretary Lord Mandelson said:
"We have taken action to help businesses access short term finance to survive the global downturn, and to build our economic future.
"This review will identify if there is a role for Government in facilitating public and private investment to address gaps in the market.
"Our priority will be to ensure that high-growth businesses, which will be very important for the economy, are able to secure the capital they need."
The review will be supported by an advisory group which will seek views and input from a wide audience, including industry and government. It will report to Business Secretary ahead of the Pre-Budget Report.
Read more: http://nds.coi.gov.uk/Content/Detail.asp?ReleaseID=402586&NewsAreaID=2
www.ukba.co.uk
The Growth Capital Review is one of the first measures to be taken forward from the Government's 'New Industry, New Jobs' strategic plan for Britain's recovery. The plan focuses on the resources our businesses need to prepare for the upturn and prioritises high growth firms being able to access the financing they need as opportunities emerge in a new, global economy.
The review will determine if any intervention, including a modern-day version of Industrial and Commercial Finance Corporation/3i, is required to ensure small and medium sized firms with good growth potential have access to the capital they need to take advantage of the upturn.
Business Secretary Lord Mandelson said:
"We have taken action to help businesses access short term finance to survive the global downturn, and to build our economic future.
"This review will identify if there is a role for Government in facilitating public and private investment to address gaps in the market.
"Our priority will be to ensure that high-growth businesses, which will be very important for the economy, are able to secure the capital they need."
The review will be supported by an advisory group which will seek views and input from a wide audience, including industry and government. It will report to Business Secretary ahead of the Pre-Budget Report.
Read more: http://nds.coi.gov.uk/Content/Detail.asp?ReleaseID=402586&NewsAreaID=2
www.ukba.co.uk
Friday, 12 June 2009
Businesses across the country share £11 million to create nearly 3000 new places
More apprenticeships will be open to young people thanks to £11 million in Government funding as part of a new approach to help employers train the skilled workers of the future, Skills Secretary John Denham and Schools Secretary Ed Balls announced recently.
Businesses which already have a proven track record in offering high-quality apprenticeships will share the cash to train extra apprentices - over and above those they already employ. This will result in around 3,000 new apprentices being trained at 16 firms over the next two years and allow smaller firms to benefit from the expertise of businesses which have been training apprentices successfully for some time.
Nearly 60 per cent of the funding will be targeted towards 16 to 18-year-olds with the majority of the remaining support going to support 19 to 24-year-old apprenticeships.
The announcement delivers on a pledge by Ministers in last year’s Apprenticeship Review to explore financial incentives so larger firms could take on apprentices, benefiting smaller companies in their supply chains which could take them on at a later date. At the same time, the move supports more young people and helps build a more highly skilled workforce.
The firms which have so far reached agreement with the Government will offer a wide range of apprenticeship frameworks, including motoring and sport and leisure, reflecting the diversity of apprenticeships now available.
The move will help deliver on the Government’s recent commitment to fund an extra 35,000 places across the public and private sectors backed by an additional £140 million of funding.
www.ukba.co.uk
Businesses which already have a proven track record in offering high-quality apprenticeships will share the cash to train extra apprentices - over and above those they already employ. This will result in around 3,000 new apprentices being trained at 16 firms over the next two years and allow smaller firms to benefit from the expertise of businesses which have been training apprentices successfully for some time.
Nearly 60 per cent of the funding will be targeted towards 16 to 18-year-olds with the majority of the remaining support going to support 19 to 24-year-old apprenticeships.
The announcement delivers on a pledge by Ministers in last year’s Apprenticeship Review to explore financial incentives so larger firms could take on apprentices, benefiting smaller companies in their supply chains which could take them on at a later date. At the same time, the move supports more young people and helps build a more highly skilled workforce.
The firms which have so far reached agreement with the Government will offer a wide range of apprenticeship frameworks, including motoring and sport and leisure, reflecting the diversity of apprenticeships now available.
The move will help deliver on the Government’s recent commitment to fund an extra 35,000 places across the public and private sectors backed by an additional £140 million of funding.
www.ukba.co.uk
Thursday, 11 June 2009
Business Awards Prove Britain's Got Talent
The UK’s most inspiring companies are being urged to showcase their talent by entering a top national business award that could open doors – with the most accomplished UK firm winning a £50,000 cash boost.
The call comes from the British Chambers of Commerce as they launch their prestigious
Chamber Awards programme.
John Dunsmure, Managing Director of the British Chambers of Commerce said: “We all know how difficult it’s been out there for business recently. That makes it even more important for companies to make the most of every opportunity they can to demonstrate their strengths and skills.
“The chance to win a £50,000 cash injection is an attractive proposition for small self-starters right up to established multi-million pound global businesses.
“The Chamber Awards 2009 are free to enter for Chamber members and can help businesses develop a good reputation with the public and the business community as well as helping to increase their competitive advantage.
“Rewarding and encouraging talent is an important part of running a business – it boosts morale. These awards are not only a great way to honour the tireless work your company does every day – but also provides recognition and shows the rest of us what you’re capable of.
“What we’re looking for are inspirational, innovative businesses that use best practice to achieve great results.”
Read more: http://www.thamesvalleychamber.co.uk/bulletin/BCCAwards09.pdf
Source: British Chamber of Commerce
www.ukba.co.uk
The call comes from the British Chambers of Commerce as they launch their prestigious
Chamber Awards programme.
John Dunsmure, Managing Director of the British Chambers of Commerce said: “We all know how difficult it’s been out there for business recently. That makes it even more important for companies to make the most of every opportunity they can to demonstrate their strengths and skills.
“The chance to win a £50,000 cash injection is an attractive proposition for small self-starters right up to established multi-million pound global businesses.
“The Chamber Awards 2009 are free to enter for Chamber members and can help businesses develop a good reputation with the public and the business community as well as helping to increase their competitive advantage.
“Rewarding and encouraging talent is an important part of running a business – it boosts morale. These awards are not only a great way to honour the tireless work your company does every day – but also provides recognition and shows the rest of us what you’re capable of.
“What we’re looking for are inspirational, innovative businesses that use best practice to achieve great results.”
Read more: http://www.thamesvalleychamber.co.uk/bulletin/BCCAwards09.pdf
Source: British Chamber of Commerce
www.ukba.co.uk
Wednesday, 10 June 2009
More than 25% of business leaders are under pressure to cut spending on health and safety this year
The recession has led to pressure on firms of all sizes to cut expenditure, but the survey also revealed the importance of health and safety to businesses. Almost 90% of business leaders stated that people are their firm's most important asset and 65% of employees revealed that good health and safety practices make them feel valued.
"We are calling on employers and business owners to take the lead themselves in preventing the thousands of deaths every year which are caused by work - it is their moral and legal duty and it is good for the business," said Judith Hackitt, Chair of HSE.
Source: The Health and Safety Executive (HSE).
www.ukba.co.uk
"We are calling on employers and business owners to take the lead themselves in preventing the thousands of deaths every year which are caused by work - it is their moral and legal duty and it is good for the business," said Judith Hackitt, Chair of HSE.
Source: The Health and Safety Executive (HSE).
www.ukba.co.uk
Any business considering applying for a grant under Nottingham University’s Business Innovation Voucher fund should do so immediately. The fund closes on 30th June 2009.
Through the scheme, companies can cash in to the tune of £5,000 and “purchase” academic expertise from the University to help them work on innovative business development projects. Vouchers can cover up to 75% of the total cost of projects that aim to develop new products, processes or services – for example academic consultancy, technical services and small-scale research projects. In exceptional cases, companies may also be eligible for an additional £2,000 worth of support from the University’s Ingenuity initiative.
The scheme is open to applications from all UK-based SMEs, although priority will be given to firms from the East Midlands.
Vouchers will be allocated to companies that:
§ Can demonstrate evidence of real need to work with the University.
§ Are interested in developing products, processes or services that are aligned with the University's particular research interests.
For further information about the Business Innovation Voucher Scheme, contact martin.parry@mgba.co.uk, or visit the University of Nottingham website
Source http://www.j4b.co.uk http://www.mgba.co.uk
www.ukba.co.uk
Through the scheme, companies can cash in to the tune of £5,000 and “purchase” academic expertise from the University to help them work on innovative business development projects. Vouchers can cover up to 75% of the total cost of projects that aim to develop new products, processes or services – for example academic consultancy, technical services and small-scale research projects. In exceptional cases, companies may also be eligible for an additional £2,000 worth of support from the University’s Ingenuity initiative.
The scheme is open to applications from all UK-based SMEs, although priority will be given to firms from the East Midlands.
Vouchers will be allocated to companies that:
§ Can demonstrate evidence of real need to work with the University.
§ Are interested in developing products, processes or services that are aligned with the University's particular research interests.
For further information about the Business Innovation Voucher Scheme, contact martin.parry@mgba.co.uk, or visit the University of Nottingham website
Source http://www.j4b.co.uk http://www.mgba.co.uk
www.ukba.co.uk
Tuesday, 9 June 2009
Improvements and Changes to Major Grant Programmes
Proof of Market funding is now available.
Small scale projects lasting between 3 and 9 months
To carry out desk based research into the commercial potential of an idea, funding between £5,000 and £20,000 available
Provide support at 60% of eligible costs (maximum project cost £33,000)
For companies with less than 250 employees, a turnover of less than £34M or annual balance sheet total (total assets net of depreciation) of no more than £29M.
Development project grants:
Grants up to 35% of the R&D costs maximum grant £250,000, for companies with up to 250 employees and a turnover of less than £34M or an annual balance sheet total of £29M.
NEW ELEMENT - Grant up to 40% (maximum grant £250,000) for companies with less than 50 employee's and a turnover of less than £7.5M or an annual balance sheet total of £7.5M.
Exceptional project grants
Couple of changes here:
NEW ELEMENT - Exceptional Research Projects lasting between 6 and 36 months
For the development of a new technology that is strategically important to an industrial or technology sector, between £100,000 and £250,000
Provide support at 60% of eligible costs
For companies with less than 250 employees, a turnover of less than £34M or annual balance sheet total (total assets net of depreciation) of no more than £29M.
Capital Investment and Staff Cost Support.
Remember that there are significant Grant Support Programmes for SME companies that want or need support for capital investment (land, buildings, infrastructure and capital equipment) and also to increase and grow the number of staff employed.
www.ukba.co.uk
Small scale projects lasting between 3 and 9 months
To carry out desk based research into the commercial potential of an idea, funding between £5,000 and £20,000 available
Provide support at 60% of eligible costs (maximum project cost £33,000)
For companies with less than 250 employees, a turnover of less than £34M or annual balance sheet total (total assets net of depreciation) of no more than £29M.
Development project grants:
Grants up to 35% of the R&D costs maximum grant £250,000, for companies with up to 250 employees and a turnover of less than £34M or an annual balance sheet total of £29M.
NEW ELEMENT - Grant up to 40% (maximum grant £250,000) for companies with less than 50 employee's and a turnover of less than £7.5M or an annual balance sheet total of £7.5M.
Exceptional project grants
Couple of changes here:
NEW ELEMENT - Exceptional Research Projects lasting between 6 and 36 months
For the development of a new technology that is strategically important to an industrial or technology sector, between £100,000 and £250,000
Provide support at 60% of eligible costs
For companies with less than 250 employees, a turnover of less than £34M or annual balance sheet total (total assets net of depreciation) of no more than £29M.
Capital Investment and Staff Cost Support.
Remember that there are significant Grant Support Programmes for SME companies that want or need support for capital investment (land, buildings, infrastructure and capital equipment) and also to increase and grow the number of staff employed.
www.ukba.co.uk
Monday, 8 June 2009
UK manufacturing sector decline could be over by autumn, PMI shows
Manufacturing PMI rose to a 12-month high of 45.4 in May, up from 43.1 in April. It has been rising sharply since hitting a low of 35.1 in February, where anything below 50 marks a contraction in activity and anything above indicates a rise.
"UK manufacturing looks like it may be close to turning the corner as the May PMI posted its strongest reading in 12 months," said Roy Ayliffe, a director at the Chartered Institute of Purchasing & Supply which co-produces the survey.
"At this rate we would hit the no-change 50 PMI benchmark by Autumn – significantly earlier than economists initially predicted," he said.
Production and new orders fell at the slowest rates for 12 and 14 months respectively, with larger companies faring better than small and medium-sized businesses.
Particularly encouraging was the new orders balance, which rose to 48.9 from 46.1 in April.
"In our view, the PMI surveys have been some of the most reliable indicators of the cycle in the past two years, so this sharp rebound should not be discounted," said Credit Suisse analysts in a note.
"On their current trajectory the PMI should be consistent with rising manufacturing production in a matter of months. Moreover, the recovery these indicators are showing is remarkably 'V'-shaped."
However, new export orders fell at a faster pace in May, measuring 45.3 on the PMI compared with 49.5 in April. It is further evidence that a weaker pound has so far failed to boost exports significantly, as demand in Britain's key export markets remains subdued because of the global recession.
By Angela Monaghan
Source: http://www.telegraph.co.uk
www.ukba.co.uk
"UK manufacturing looks like it may be close to turning the corner as the May PMI posted its strongest reading in 12 months," said Roy Ayliffe, a director at the Chartered Institute of Purchasing & Supply which co-produces the survey.
"At this rate we would hit the no-change 50 PMI benchmark by Autumn – significantly earlier than economists initially predicted," he said.
Production and new orders fell at the slowest rates for 12 and 14 months respectively, with larger companies faring better than small and medium-sized businesses.
Particularly encouraging was the new orders balance, which rose to 48.9 from 46.1 in April.
"In our view, the PMI surveys have been some of the most reliable indicators of the cycle in the past two years, so this sharp rebound should not be discounted," said Credit Suisse analysts in a note.
"On their current trajectory the PMI should be consistent with rising manufacturing production in a matter of months. Moreover, the recovery these indicators are showing is remarkably 'V'-shaped."
However, new export orders fell at a faster pace in May, measuring 45.3 on the PMI compared with 49.5 in April. It is further evidence that a weaker pound has so far failed to boost exports significantly, as demand in Britain's key export markets remains subdued because of the global recession.
By Angela Monaghan
Source: http://www.telegraph.co.uk
www.ukba.co.uk
Sunday, 7 June 2009
The service sector is still in deep recession, but there are also some signs that sentiment is improving
The latest CBI Service Sector Survey also showed indications that the decline in business activity is starting to slow.
The quarterly research, conducted between 29 April and 13 May, covers 179 service-sector firms. They are divided into Business and Professional Services, such as accountancy, legal and marketing firms, and Consumer Services, including hotels, bars and restaurants, travel and leisure.
In Consumer Services, the volume of business fell over the past three months at the fastest rate since November 2001, but because prices rose, the fall in business values was less marked. In Business and Professional Services, values fell even faster than volumes due to record deflation in average selling prices.
However, in both sectors slower rates of decline in both values and volumes of business are expected in the next three months. If realised, the declines in activity would be the slowest since last summer.
Read more: click here
www.ukba.co.uk
The quarterly research, conducted between 29 April and 13 May, covers 179 service-sector firms. They are divided into Business and Professional Services, such as accountancy, legal and marketing firms, and Consumer Services, including hotels, bars and restaurants, travel and leisure.
In Consumer Services, the volume of business fell over the past three months at the fastest rate since November 2001, but because prices rose, the fall in business values was less marked. In Business and Professional Services, values fell even faster than volumes due to record deflation in average selling prices.
However, in both sectors slower rates of decline in both values and volumes of business are expected in the next three months. If realised, the declines in activity would be the slowest since last summer.
Read more: click here
www.ukba.co.uk
Saturday, 6 June 2009
Sub prime lender Cattles has said that their research shows that only 27 per cent of UK SMEs credit check new customers
Research by Cattles Invoice Finance says that this is a worrying figure and they believe those that do not check customer credit history are putting their businesses at unnecessary risk.
73 per cent of businesses questioned as part of CIF’s annual business survey admitted that credit checking was not standard procedure when taking on new customers.
Combined with pressures on cashflow and rising levels of business fraud, this poses a substantial and avoidable risk to SMEs at a time when one large fulfilled but unpaid invoice could result in collapse.
Doug Crawford, group managing director at CIF, said: “These figures are concerning. It is never a good idea to take chances with new customers, but it is more important than ever when times are hard to ensure that you are trading with legitimate businesses.
“SMEs should take every opportunity to minimise the risks they face in the current environment, including introducing a policy to credit check every new customer as standard. Legitimate, trustworthy clients will have no reason to question the procedure, and spotting potential problems before taking on new business could make the difference between survival and failure.”
Source: Cattles Invoice Finance
www.ukba.co.uk
73 per cent of businesses questioned as part of CIF’s annual business survey admitted that credit checking was not standard procedure when taking on new customers.
Combined with pressures on cashflow and rising levels of business fraud, this poses a substantial and avoidable risk to SMEs at a time when one large fulfilled but unpaid invoice could result in collapse.
Doug Crawford, group managing director at CIF, said: “These figures are concerning. It is never a good idea to take chances with new customers, but it is more important than ever when times are hard to ensure that you are trading with legitimate businesses.
“SMEs should take every opportunity to minimise the risks they face in the current environment, including introducing a policy to credit check every new customer as standard. Legitimate, trustworthy clients will have no reason to question the procedure, and spotting potential problems before taking on new business could make the difference between survival and failure.”
Source: Cattles Invoice Finance
www.ukba.co.uk
Friday, 5 June 2009
Employers could face additional costs if workplace adjustments are required to allow an early return to work under the new fit note scheme
The Reforming Medical Statement consultation opened by the Department of Work and Pensions yesterday, set out proposals to replace the 'sick note culture' and help more people stay in work rather than drift into long-term sickness - about 172m working days were lost in 2007 due to sickness absence.
Under the new system, expected to roll out across the UK next spring, GPs will replace the hand-written sick note with a computer-generated medical fit note explaining what work a patient is able to do.
However, the consultation points out that some workplace costs could be incurred when accommodating early returns to work. "There is some potential for additional costs if workplace adjustments are required to facilitate an early return, eg. specialist equipment or adjustments to working time agreements," it says.
But the consultation also points out that some adjustments - such as changes to work patterns - do not have costs attached and overall a "net benefit is expected for employers".
Meanwhile, recommendations include changing the medical statement to allow doctors to specify if they would need to see an individual again when their current statement expires.
This would help reduce uncertainty for employers about when an individual can be expected to return to work and also enable employees to make their own informed decisions about when to return to work and reduce unnecessary burdens on doctors, the consultation states.
The government is also considering whether to remove the option for doctors to issue a medical statement when an individual is fit for work. This would end the practice, which has no basis in law relating to medical statements, of employers seeking medical evidence of fitness for work before allowing an individual to return, it said.
EEF's chief medical officer, Sayeed Khan welcomed the proposals. He said: "A fit note recognises that for many conditions a phased return to work is beneficial to both the company and the worker. Recovery from some of the most common causes of long-term ill health, including back pain and minor mental health problems, can often be speeded up by appropriate activity. The fit note provides employers with the information to help an early, but appropriate return to work."
The 12-week consultation forms part of the government's response to Dame Carol Black's report into the health of Britain's working age population , which was published in March 2008.
Source: Personnel Today
www.ukba.co.uk
Under the new system, expected to roll out across the UK next spring, GPs will replace the hand-written sick note with a computer-generated medical fit note explaining what work a patient is able to do.
However, the consultation points out that some workplace costs could be incurred when accommodating early returns to work. "There is some potential for additional costs if workplace adjustments are required to facilitate an early return, eg. specialist equipment or adjustments to working time agreements," it says.
But the consultation also points out that some adjustments - such as changes to work patterns - do not have costs attached and overall a "net benefit is expected for employers".
Meanwhile, recommendations include changing the medical statement to allow doctors to specify if they would need to see an individual again when their current statement expires.
This would help reduce uncertainty for employers about when an individual can be expected to return to work and also enable employees to make their own informed decisions about when to return to work and reduce unnecessary burdens on doctors, the consultation states.
The government is also considering whether to remove the option for doctors to issue a medical statement when an individual is fit for work. This would end the practice, which has no basis in law relating to medical statements, of employers seeking medical evidence of fitness for work before allowing an individual to return, it said.
EEF's chief medical officer, Sayeed Khan welcomed the proposals. He said: "A fit note recognises that for many conditions a phased return to work is beneficial to both the company and the worker. Recovery from some of the most common causes of long-term ill health, including back pain and minor mental health problems, can often be speeded up by appropriate activity. The fit note provides employers with the information to help an early, but appropriate return to work."
The 12-week consultation forms part of the government's response to Dame Carol Black's report into the health of Britain's working age population , which was published in March 2008.
Source: Personnel Today
www.ukba.co.uk
Thursday, 4 June 2009
HSBC report predicts UK will become pioneer in knowledge industries
British industry is headed for the biggest shakeup since the Industrial Revolution, with the country set to be a pioneer in video games, superfoods and robotics, according to a new study.
With dark Satanic mills long gone, the HSBC Future of Business report predicts that five "supercities" – Brighton, Leeds, Liverpool, London and Newcastle – will emerge as knowledge industries gain traction instead of natural resource-based businesses.
The Britain mapped out by the researchers foresees factories, power stations and livestock supplanted by centres for gaming, windfarms and robotics as the economic landscape is redrawn around the "tropics of knowledge and next generation industries". The findings are based on interviews with 500 entrepreneurs and company directors.
"Our panel predicted the rise of supercities and regions over the next 20 years," said Martin Raymond from the Future Laboratory, one of the report's authors. "They promise to change the traditional national and regional power bases because of their proximity to the one thing that does not depend on natural resources: knowledge."
The authors say change is being accelerated by the recession. "Business used to be cyclical, rhythmic and geographically specific," said Raymond. "Now it is increasingly rootless, borderless and weightless. It is defined as much by our ability to see opportunity in ideas, knowledge and intellectual resources as it is to profit from trading in real products and tangible assets."
This is forcing businesses to adopt more flexible ways of working, says the report, while spurring on technological advances and global trade. Raymond says the supercities and regions will derive their status and income from new income streams such as biotechnology and stem cell research.
The research also predicts the north/south divide will shift as London's economic output wanes. The report says competition and high living costs in the south is encouraging entrepreneurs to move north. Job creation by self-employed people is also higher in the north, with northerners employing 3.5 million people on average, compared with 2.6 million in the south.
With its traditional "jute, jam and journalism" now faded, the report predicts that Dundee will emerge as a hub for biotech, video gaming and nutraceuticals (foods with health and beauty benefits). The nutraceuticals industry is already worth £50bn worldwide and is expected to grow with an ageing population and rising obesity levels. Scotland's digital media and creative industries are worth an estimated £5bn, with top-selling titles such as Grand Theft Auto developed there. The research also suggests there is life outside financial services for London, which is expected to win renown for work in nanotechnology, robotics and stem cells.
Source: The Guardian
www.ukba.co.uk
With dark Satanic mills long gone, the HSBC Future of Business report predicts that five "supercities" – Brighton, Leeds, Liverpool, London and Newcastle – will emerge as knowledge industries gain traction instead of natural resource-based businesses.
The Britain mapped out by the researchers foresees factories, power stations and livestock supplanted by centres for gaming, windfarms and robotics as the economic landscape is redrawn around the "tropics of knowledge and next generation industries". The findings are based on interviews with 500 entrepreneurs and company directors.
"Our panel predicted the rise of supercities and regions over the next 20 years," said Martin Raymond from the Future Laboratory, one of the report's authors. "They promise to change the traditional national and regional power bases because of their proximity to the one thing that does not depend on natural resources: knowledge."
The authors say change is being accelerated by the recession. "Business used to be cyclical, rhythmic and geographically specific," said Raymond. "Now it is increasingly rootless, borderless and weightless. It is defined as much by our ability to see opportunity in ideas, knowledge and intellectual resources as it is to profit from trading in real products and tangible assets."
This is forcing businesses to adopt more flexible ways of working, says the report, while spurring on technological advances and global trade. Raymond says the supercities and regions will derive their status and income from new income streams such as biotechnology and stem cell research.
The research also predicts the north/south divide will shift as London's economic output wanes. The report says competition and high living costs in the south is encouraging entrepreneurs to move north. Job creation by self-employed people is also higher in the north, with northerners employing 3.5 million people on average, compared with 2.6 million in the south.
With its traditional "jute, jam and journalism" now faded, the report predicts that Dundee will emerge as a hub for biotech, video gaming and nutraceuticals (foods with health and beauty benefits). The nutraceuticals industry is already worth £50bn worldwide and is expected to grow with an ageing population and rising obesity levels. Scotland's digital media and creative industries are worth an estimated £5bn, with top-selling titles such as Grand Theft Auto developed there. The research also suggests there is life outside financial services for London, which is expected to win renown for work in nanotechnology, robotics and stem cells.
Source: The Guardian
www.ukba.co.uk
Wednesday, 3 June 2009
Late payment remains the big problem but turnover expectations improve
The latest British Chambers of Commerce (BCC) Monthly Business Survey published today, reveals the extent of the problem businesses face with late payment and confirms their recruitment intentions over the summer months.
The results from 430 companies across the UK show that half of businesses (50.6%) feel payment times are taking longer, emphasising the continued pressure on cash flow. Worryingly for job seekers and new graduates, just 30 per cent of businesses are planning to recruit over the next 3 months.
Other key findings in the survey include:
:: A month on from the Chancellor’s Budget, respondents were asked to award the measures a mark out of 10. Over one-third of respondents awarded the lowest mark of 1, with the average score only slightly better at 2.6.
:: In a sign of increasing business confidence, company turnover expectations for the next 3 months have all improved. 30% of firms now expect turnover to improve by 0-25%, which is up from 22% in January’s monthly survey.
:: 30.9 per cent of firms will attempt to recruit in the next 3 months while 69.1 per cent will not.
:: One in ten businesses are spending over 20 hours every week complying with employment law.
Commenting, David Frost, Director General of the British Chambers of Commerce (BCC) said:
“These results show just how tough cash flow conditions are, with half of businesses hamstrung by increasingly late payments. The knock-on effect is that under a third of employers are planning to recruit over the next three months.
“More needs to be done to improve company cash flow and prevent the steady rise in unemployment. It is clear from this poll that the help on offer in the Budget fell short of many businesses’ expectations. Announcing a moratorium on new employment law and scrapping the planned rise in national insurance would certainly send a signal that the government is serious about supporting jobs.”
Source: British Chamber of Commerce
www.ukba.co.uk
The results from 430 companies across the UK show that half of businesses (50.6%) feel payment times are taking longer, emphasising the continued pressure on cash flow. Worryingly for job seekers and new graduates, just 30 per cent of businesses are planning to recruit over the next 3 months.
Other key findings in the survey include:
:: A month on from the Chancellor’s Budget, respondents were asked to award the measures a mark out of 10. Over one-third of respondents awarded the lowest mark of 1, with the average score only slightly better at 2.6.
:: In a sign of increasing business confidence, company turnover expectations for the next 3 months have all improved. 30% of firms now expect turnover to improve by 0-25%, which is up from 22% in January’s monthly survey.
:: 30.9 per cent of firms will attempt to recruit in the next 3 months while 69.1 per cent will not.
:: One in ten businesses are spending over 20 hours every week complying with employment law.
Commenting, David Frost, Director General of the British Chambers of Commerce (BCC) said:
“These results show just how tough cash flow conditions are, with half of businesses hamstrung by increasingly late payments. The knock-on effect is that under a third of employers are planning to recruit over the next three months.
“More needs to be done to improve company cash flow and prevent the steady rise in unemployment. It is clear from this poll that the help on offer in the Budget fell short of many businesses’ expectations. Announcing a moratorium on new employment law and scrapping the planned rise in national insurance would certainly send a signal that the government is serious about supporting jobs.”
Source: British Chamber of Commerce
www.ukba.co.uk
Tuesday, 2 June 2009
The simple Sales rules of Negotiation
How many Sales people really understand NEGOTIATION? Sadly too few.
Many enter the negotiation cycle without realising they are in a critical part of the Sales Process. Indeed negotiation is not always related to Sales situations. For example we have all had the discussions with our siblings along the line of: "Can you take me to the pictures tomorrow?", responding with: "Only if you tidy your bedroom". Indeed a primitive, but often effective negotiation, and indeed one (if carried out) can lead to a ‘win - win’ outcome!
It is vitally important to recognise when the sales process enters the ‘negotiation phase’. Failure to recognise this may be detrimental to your desired outcome, and do the salesman a disservice.
So, what is negotiation?
I have over the years heard many definitions, but the simple ones are always the best:
"The exchange of tradables to facilitate an agreement".
Simple!
And what are tradables? And more importantly, how many sales men can list them?
Tradables are the areas where a Salesman or a Buyer can ‘give a little’. The obvious one is price, or more accurately, cost of goods/service. But there are many others too. They can include aspects such as product/service specification, payment terms, delivery and quantity.
Let us look at some sales examples.
The buyer says "Yes, I like the look of your resistors, and if you can get the price down by 10% then we can do business."
The inexperienced salesman, who does not realise that the negotiation phase has just been entered is inclined to say "Yes" in great haste to close a deal. However, the more experienced salesman who has a clear understanding of his tradables may respond in one of the following ways:
"Of course, but I will need you to commit to a 12 month agreement for me to guarantee this price"
or
"We can meet this price, but we will have to provide the product without the wired connectors"
Another example would be:
Buyer - "If you can guarantee delivery by the end of the month then we can place an order now".
Again, the inexperienced may jump at the offer, but the more measured approach would be "Of course, but we will need to engage our team in overtime to meet the deadline, therefore it will attract a 10% price premium".
Salesmen naturally believe that the Buyer has a the upper hand, particularly as he may have a choice of suppliers. However, if you have reached the negotiation phase, it can be assumed you are winning the competitive battle. At this point the sales man should never underestimate the strength of his proposition.
It is not unknown for a negotiation to break down irretrievably, although with thorough preparation by both sides, this is an unlikely outcome.
The outcome of a negotiation and subsequent business deal fall into three categories. The first, a ‘win - win’ is the most desirable, both sides feel good about what has been achieved, and it is a great foundation for further business between the two parties.
A ‘win - lose’ is where one company is delighted with the deal, and the other is regretting the agreement, and feeling ‘stitched up’. Frequently the ‘delighted party’ is oblivious of the thoughts of the ‘aggrieved party’. In this case, unless some remedial work can be done on the relationship, it is highly unlikely that the parties will do business together.
The final outcome is a "lose - lose" outcome. Both parties feel the deal was poor, and such outcomes should be avoided at all costs. However, they do happen due to business pressures, expediency and other compelling issues. Indeed it is highly unlikely that these parties will do business again with each other.
So how do we ensure that outcomes are ‘win - win’.
Simple - preparation is key. A salesman MUST know and understand his tradables. A buyer may have different tradables depending on what he is buying. Both parties must accept that transaction value can be talked up as well as down.
Typical tradables for a salesman would be (and these can be traded up and down):
Delivery time
Order value
Quantity
Contract duration
Product finish (specification)
Packaging
Packing and delivery costs
Insurance cover
Delivery frequency
Payment terms
In summary, the best salesmen recognise their tradables, they can recite them at a moments notice, and they recognise the simple signs of negotiation. Furthermore, they have an empathy to the needs of their customer in order that all outcomes are ‘win - win’.
Happy Selling.
Ian Thomas FInstIB
ian.thomas@sgba.co.uk
T: +44 (0) 870 787 7590
www.ukba.co.uk
Not All Smes Are Equal When It Comes To Risk Management
Companies with between 100 and 250 employees 20% more likely to have ageing debt
than their smaller cousins
Smaller businesses are far more effective at managing risk, according to research released today from Close Invoice Finance, part of the FTSE 250 merchant banking group Close Brothers Group plc.
As part of its regular Small Business Finance barometer, Close Invoice Finance asked a series of questions on risk management to over 500 owners of SMEs of varying sizes. The survey found that three in five smaller SMEs (with between 1 and 50 employees) have less than 10% of debt on their books for longer than 60 days (termed ‘ageing debt’).
In comparison, two in five larger SMEs (with between 100 and 249 employees) have this low level of ageing debt. The majority of larger SMEs admitted they hold ageing debt contributing between 11% and 50% of their debt book.
David Thomson, Chief Executive Officer of Close Invoice Finance said “This study proves that smaller SMEs have been more successful than their larger cousins at successfully managing exposure to the risk of bad debt. In such poor market conditions, it is imperative that factors such as cash flow supervision are managed closely.”
He continued: “Cash flow management tools can give companies complete peace of mind and provide protection against the impact of issues such as late payment and even bad debt.”
Close Invoice Finance is known for responding quickly to meet the changing needs of clients. As more and more businesses are impacted by late payment and bad debt, Close recently upgraded its award winning invoice discounting product, IDeal™, to include bad debt protection cover. IDeal™ now offers clients all the benefits of the real-time exchange of payment, plus the extra peace of mind of that comes with knowing they are fully covered should any of their customers fail to meet payment terms.
www.ukba.co.uk
than their smaller cousins
Smaller businesses are far more effective at managing risk, according to research released today from Close Invoice Finance, part of the FTSE 250 merchant banking group Close Brothers Group plc.
As part of its regular Small Business Finance barometer, Close Invoice Finance asked a series of questions on risk management to over 500 owners of SMEs of varying sizes. The survey found that three in five smaller SMEs (with between 1 and 50 employees) have less than 10% of debt on their books for longer than 60 days (termed ‘ageing debt’).
In comparison, two in five larger SMEs (with between 100 and 249 employees) have this low level of ageing debt. The majority of larger SMEs admitted they hold ageing debt contributing between 11% and 50% of their debt book.
David Thomson, Chief Executive Officer of Close Invoice Finance said “This study proves that smaller SMEs have been more successful than their larger cousins at successfully managing exposure to the risk of bad debt. In such poor market conditions, it is imperative that factors such as cash flow supervision are managed closely.”
He continued: “Cash flow management tools can give companies complete peace of mind and provide protection against the impact of issues such as late payment and even bad debt.”
Close Invoice Finance is known for responding quickly to meet the changing needs of clients. As more and more businesses are impacted by late payment and bad debt, Close recently upgraded its award winning invoice discounting product, IDeal™, to include bad debt protection cover. IDeal™ now offers clients all the benefits of the real-time exchange of payment, plus the extra peace of mind of that comes with knowing they are fully covered should any of their customers fail to meet payment terms.
www.ukba.co.uk
Finance Priorities: short term issues or long term success?
How can senior executives respond to the short-term pressures of today's volatile operating environment, while keeping their companies on track in the longer term?
Prepared by CFO Europe Research Services in collaboration with Microsoft, The future according to finance: Balancing short-term priorities and long-term vision sets out to answer this question. Nearly half of the CFOs and other senior finance executives surveyed for the report say they are giving more priority to short-term issues than they were a year ago.
Download the full report here: http://www.microsoft.com/uk/peopleready/knowledge/
www.ukba.co.uk
Prepared by CFO Europe Research Services in collaboration with Microsoft, The future according to finance: Balancing short-term priorities and long-term vision sets out to answer this question. Nearly half of the CFOs and other senior finance executives surveyed for the report say they are giving more priority to short-term issues than they were a year ago.
Download the full report here: http://www.microsoft.com/uk/peopleready/knowledge/
www.ukba.co.uk
Monday, 1 June 2009
Increasing numbers of small businesses are using remote working to increase their flexibility and productivity
However, for some small companies with limited funds, such as charity da21, there can be cost issues when it comes to implementing data sharing schemes.
"During busy periods much of my day was being taken up purely by distributing the required files via email and keeping track of the different versions. This was clearly very poor use of my already precious time," said Paul McIntosh, Managing Trustee at da21.
By implementing cloud computing da21's employees and volunteers could simultaneously access and edit the required files independent of their location.
For the first time, the entire workforce could collaborate without any central intervention or assistance as files were automatically synchronised across each employee's laptop and office PC.
"Humyo has had an enormous impact on our organisation. As well as saving me a couple of hours a day that would previously have been wasted on file distribution and management, it has removed a major administrative headache and enabled the organisation to work more productively," said McIntosh.
www.ukba.co.uk
"During busy periods much of my day was being taken up purely by distributing the required files via email and keeping track of the different versions. This was clearly very poor use of my already precious time," said Paul McIntosh, Managing Trustee at da21.
By implementing cloud computing da21's employees and volunteers could simultaneously access and edit the required files independent of their location.
For the first time, the entire workforce could collaborate without any central intervention or assistance as files were automatically synchronised across each employee's laptop and office PC.
"Humyo has had an enormous impact on our organisation. As well as saving me a couple of hours a day that would previously have been wasted on file distribution and management, it has removed a major administrative headache and enabled the organisation to work more productively," said McIntosh.
www.ukba.co.uk
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