The economic destabilisation caused by the credit crunch has had a devastating effect upon the global economy, with particularly severe consequences for export-orientated economies as consumer demand fell due to the limitation of credit, unemployment increased and the financial sector tipped the real economy into recession.
Though the trend of these events could be forecast, the scale has taken many by surprise.
Government predictions are for the UK economy to shrink by 3.5% in 2009 and recover slowly in 2010 registering an increase of 1.25%, before resuming above trend growth in 2011 with a 3.5% increase in activity.
Other forecasters are more cautious. The British Chamber of Commerce predict -3.8% in 2009 and +0.6% in 2010, whilst the CBI suggest growth rates of -3.0% in 2009 and +0.7% in 2010. These estimates
are close to the consensus of a panel of economists, whose predictions are -3.7 and +0.7 accordingly.
Therefore, the broad view seems to be that the economy will begin to recover in Spring 2010 and produce a modest net rate of growth by the end of that year.
Author: Phil Whyman, Professor of Economics at the University of Central Lancashire
Read more: http://www.fpb.org/hottips/440/Mid_year_economic_forecast.htm
Source: Forum for Private Business - www.fpb.org
www.ukba.co.uk
Tuesday, 7 July 2009
Monday, 6 July 2009
Having a business plan, is key to ensuring that your business ends up being how you want it to be
Are you a small business struggling to complete a business plan in order to run your business or required by your bank as a condition of a loan?
Or maybe you are a larger, mature business looking for some help with some strategic business planning?
You wouldn’t try and climb a mountain without being prepared (map, compass, equipment, food drink, etc) so why would you start or run a business without knowing where you are going?
Whatever your planning need – you have come to the right place!
What does a business plan do?
* Gets the ideas from your head onto paper
* Gives you clarity and focus for your business
* Allows you to budget and manage your cash flow
* Helps you identify your products, services and the market
What’s in a business plan?
* Vision – your future aspirations
* Mission – what you do for your clients
* Objectives – defined targets for your business
* Strategies – how are you going to get there
* Plans & Actions – what you are going to do to successfully achieve it
A working business plan need not cost the earth or take weeks to develop. The UKBA™ can do this interactively with the business owner in less than a day at a cost of £600 or less! - This is less than you would pay for a plumber or for a garage to repair your car and is certainly more cost effective than your accountant!
Find out more about business planning: http://ukba.co.uk/index.php?option=com_content&task=view&id=25&Itemid=40
www.ukba.co.uk
Or maybe you are a larger, mature business looking for some help with some strategic business planning?
You wouldn’t try and climb a mountain without being prepared (map, compass, equipment, food drink, etc) so why would you start or run a business without knowing where you are going?
Whatever your planning need – you have come to the right place!
What does a business plan do?
* Gets the ideas from your head onto paper
* Gives you clarity and focus for your business
* Allows you to budget and manage your cash flow
* Helps you identify your products, services and the market
What’s in a business plan?
* Vision – your future aspirations
* Mission – what you do for your clients
* Objectives – defined targets for your business
* Strategies – how are you going to get there
* Plans & Actions – what you are going to do to successfully achieve it
A working business plan need not cost the earth or take weeks to develop. The UKBA™ can do this interactively with the business owner in less than a day at a cost of £600 or less! - This is less than you would pay for a plumber or for a garage to repair your car and is certainly more cost effective than your accountant!
Find out more about business planning: http://ukba.co.uk/index.php?option=com_content&task=view&id=25&Itemid=40
www.ukba.co.uk
Sunday, 5 July 2009
Small businesses buckling under the burden of regulation
According to the FPB's latest Referendum survey on the ‘cost of compliance', small business employers devote an average of 37 hours each month to complying with regulations. The FPB believes that reducing the time and cost of complying with legislation must not be sidelined, particularly as many firms are struggling to survive because of the recession.
The FPB's Policy Representative, Matt Goodman, will attend a meeting of the Better Regulation Executive (BRE) on Friday, 26 June 2009. The meeting follows reports that the Government is not pushing through plans to reduce regulation following its scrapping of ‘regulatory budgets' that had been earmarked for individual departments.
In addition, two committees on regulation announced by Peter Mandelson in April, the Secretary of State for Business, Innovation and Skills (BIS), have still not been set up. Further, in a recent blog on its website, and ahead of the publication of the Treasury's forthcoming consultation on regulating lenders, the BRE said that ‘financial services [are] at the forefront of our issues now'.
Read more: http://www.fpb.org/news/2194/Small_businesses_buckling_under_the_burden_of_regulation.htm
Source: Forum for Private Business
www.ukba.co.uk
The FPB's Policy Representative, Matt Goodman, will attend a meeting of the Better Regulation Executive (BRE) on Friday, 26 June 2009. The meeting follows reports that the Government is not pushing through plans to reduce regulation following its scrapping of ‘regulatory budgets' that had been earmarked for individual departments.
In addition, two committees on regulation announced by Peter Mandelson in April, the Secretary of State for Business, Innovation and Skills (BIS), have still not been set up. Further, in a recent blog on its website, and ahead of the publication of the Treasury's forthcoming consultation on regulating lenders, the BRE said that ‘financial services [are] at the forefront of our issues now'.
Read more: http://www.fpb.org/news/2194/Small_businesses_buckling_under_the_burden_of_regulation.htm
Source: Forum for Private Business
www.ukba.co.uk
Saturday, 4 July 2009
Outsourcing contracts under greater scrutiny, survey finds
One in four businesses that outsource are planning to renegotiate the terms of their outsourcing contracts in response to the economic downturn, according to a survey of 200 businesses in the UK.
Perhaps unsurprisingly, the most common term for renegotiation is the price of the contract, according to research commissioned by Pinsent Masons, the law firm behind OUT-LAW.COM. One in ten respondents said that they intend to bring outsourced processes back in-house.
Nearly two-thirds (63%) of the businesses polled said they would not be reviewing their outsourcing arrangements with their current supplier, mainly to avoid the time-consuming and expensive tender process associated with a new procurement process.
It is widely regarded as best practice for a business to review regularly its outsourcing suppliers. However, because most businesses are focused on reducing costs, relatively few are asking their outsourcing vendors to retender this year.
Read more: http://www.out-law.com/page-10127
Source: Out-Law.com
www.ukba.co.uk
Perhaps unsurprisingly, the most common term for renegotiation is the price of the contract, according to research commissioned by Pinsent Masons, the law firm behind OUT-LAW.COM. One in ten respondents said that they intend to bring outsourced processes back in-house.
Nearly two-thirds (63%) of the businesses polled said they would not be reviewing their outsourcing arrangements with their current supplier, mainly to avoid the time-consuming and expensive tender process associated with a new procurement process.
It is widely regarded as best practice for a business to review regularly its outsourcing suppliers. However, because most businesses are focused on reducing costs, relatively few are asking their outsourcing vendors to retender this year.
Read more: http://www.out-law.com/page-10127
Source: Out-Law.com
www.ukba.co.uk
Friday, 3 July 2009
Carbon Trust expands interest-free loans to help more SMEs survive the recession and cut carbon
The Carbon Trust is to improve access for small and medium businesses to over £100m in interest-free and unsecured loans, it was announced today. The move is intended to help more businesses survive the recession by cutting both their energy costs and their carbon footprints.
Thousands of small businesses have already slashed their annual energy bills, some by as much as 75%, by installing new energy-saving equipment paid for by Government-funded Carbon Trust loans.
Now the Carbon Trust has extended eligibility for the recently-expanded loan fund. The minimum loan amount has been lowered to just £3,000, putting the loans within reach of micro-businesses; the upper limit has been doubled from £200,000 to £400,000 to meet the needs of small and medium businesses with high energy spends, such as manufacturing companies.
The Carbon Trust expects to deliver over £100m in loan funding to UK SMEs over the next two years, including almost £84m in England allocated by the Government as part of Budget 2009.
In most cases, businesses taking a Carbon Trust loan to update their equipment find the savings they make on energy bills exceed the cost of the loan repayments. This means they benefit from brand new equipment, increased efficiency and reduced running costs, all at no expense to themselves. They also help to drive the UK’s move to a low carbon economy.
Read more: http://www.carbontrust.co.uk/News/presscentre/loans-expansion.htm
www.ukba.co.uk
Thousands of small businesses have already slashed their annual energy bills, some by as much as 75%, by installing new energy-saving equipment paid for by Government-funded Carbon Trust loans.
Now the Carbon Trust has extended eligibility for the recently-expanded loan fund. The minimum loan amount has been lowered to just £3,000, putting the loans within reach of micro-businesses; the upper limit has been doubled from £200,000 to £400,000 to meet the needs of small and medium businesses with high energy spends, such as manufacturing companies.
The Carbon Trust expects to deliver over £100m in loan funding to UK SMEs over the next two years, including almost £84m in England allocated by the Government as part of Budget 2009.
In most cases, businesses taking a Carbon Trust loan to update their equipment find the savings they make on energy bills exceed the cost of the loan repayments. This means they benefit from brand new equipment, increased efficiency and reduced running costs, all at no expense to themselves. They also help to drive the UK’s move to a low carbon economy.
Read more: http://www.carbontrust.co.uk/News/presscentre/loans-expansion.htm
www.ukba.co.uk
Thursday, 2 July 2009
SMEs 'must show financial transparency'
Credit ratings expert calls SMEs to show 'financial transparency' if they want to avoid lending decisions being based on accounts compiled during the recession
Confidential financial information may have to be disclosed by small and medium sized companies if they want to avoid lending decisions being based on accounts compiled during the recession.
An economic upturn is expected in 2010 but credit decisions for small to medium enterprises, the bedrock of the UK economy, may be based on statutory accounts two years old, a credit ratings expert and the UK’s largest trade credit insurer have warned.
Read more: http://www.accountancyage.com/accountancyage/news/2244769/smes-show-financial
Source: Accountancy Age - Written by David Jetuah
www.ukba.co.uk
Confidential financial information may have to be disclosed by small and medium sized companies if they want to avoid lending decisions being based on accounts compiled during the recession.
An economic upturn is expected in 2010 but credit decisions for small to medium enterprises, the bedrock of the UK economy, may be based on statutory accounts two years old, a credit ratings expert and the UK’s largest trade credit insurer have warned.
Read more: http://www.accountancyage.com/accountancyage/news/2244769/smes-show-financial
Source: Accountancy Age - Written by David Jetuah
www.ukba.co.uk
Wednesday, 1 July 2009
EU says broadband key for economic recovery
EU Telecoms commissioner Viviane Reding has commended Digital Britain's broadband proposals, but warns that Europe as a whole must have a unified broadband strategy for economic recovery.
In the Digital Britain report released last week, Lord Carter confirmed that he was looking for all UK households to be connected with a speed of at least 2Mbs, as well as a broadband tax to make sure that Britain got next-generation broadband networks.
Read more: http://www.itpro.co.uk/612109/eu-says-broadband-key-for-economic-recovery
www.ukba.co.uk
In the Digital Britain report released last week, Lord Carter confirmed that he was looking for all UK households to be connected with a speed of at least 2Mbs, as well as a broadband tax to make sure that Britain got next-generation broadband networks.
Read more: http://www.itpro.co.uk/612109/eu-says-broadband-key-for-economic-recovery
www.ukba.co.uk
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