Posted by John Alves on September 28, 2010 under Business Planning, HR, Legal, Operations, SME News, Strategic Planning | 
The future of many small businesses is in jeopardy because their managers are failing to adopt basic business practices, according to recent research.
The survey, which was conducted by Simply Business, found widespread evidence of inadequate financial management, an absence of basic business planning coupled with uninformed decision-making and totally inadequate employment policies.
29% of SME bosses admit to keeping inadequate checks on their company finances due to competing pressures on their time but the picture is likely to be worse than this, with detailed balance sheets and profit and loss forecasts only being reviewed every 18 weeks, on average. In addition, managers are failing to perform basic due diligence on customers and suppliers; 65% don’t credit check new customers, whilst 76% don’t check existing customers requesting to extend their credit terms. 30% have no formal contract at all with their business customers.
The research shows that business planning is also lacking; 54% of the businesses surveyed have no written business plan, and 68% have no detailed plans for coping with unforseen changes in the operating environment. When it comes to decision-making, 68% of those questioned say they rely primarily on gut instinct; only 56% perform any first hand market research, whilst a mere 54% consult the company accounts to inform their decision.
Finally, the survey shows that inadequate employment practises are leaving millions of SMEs exposed to the risk of costly legal action. 21% have no formal contracts for their permanent employees and 79% have no dedicated person to handle HR operations. This is reflected in the fact that 40% of firms have no formal, written HR policy while 46% have no formal health and safety policy.
Jason Stockwood, CEO of SimplyBusiness.co.uk, commented:
“Limited time and resources are characteristic of growing businesses, and the recession will have stretched UK entrepreneurs further than ever before – understandably, Location Cass Commercial Bank many have become so focused on working in the business, that their time working on the business may have suffered as a result.
“Those entrepreneurs left standing have successfully managed their firms through the credit crisis, but can not now afford to expose their companies to easily avoidable risk.”
Source: Mike Symes
www.smebusinessnews.co.uk
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on June 16, 2010 under Business Planning, Fleet Vehicles, SME News |
Paul Barker writing in Business Car warns that fleets are increasingly concerned about the viability of electric vehicles, with three-quarters of large businesses worried about the number of recharging points, according to research from leasing and fuel management expert Arval.
Arval head of market analysis and BusinessCar blogger Mike Waters said the industry is uncomfortable with the lack of clear direction from the Government. “The market is asking for clarity in terms of the coalition position in this crucial area both now and over the longer term,” said Waters. “There are potentially worrying parallels to the LPG debate in the 1990s; there was a lot of positive noise made about the technology, but no infrastructure was ever fully supported in the UK, unlike in Europe.”
Among larger fleets, only 30% of those surveyed had plans to add EVs, compared with 61% opting for hybrids, and for SME operations only 12% are considering EVs compared with 26% looking at hybrids.
More information: http://www.businesscar.co.uk/story.asp?sectioncode=7&storycode=6148&c=2&theme=0
Sc: http://www.businesscar.co.uk
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on June 11, 2010 under Business Planning, Operations, SME News |
Business Secretary Vince Cable has announced he will review the Location Freedom Bank Of America “deluge of new regulations” that is stifling UK enterprises. Mr Cable said he would examine a range of regulations, brought in by the previous Government, including the Agency Workers’ Directive and the right for fathers to claim up to six months of the mother’s maternity leave. Mr Cable also announced he would set up the Reducing Regulation Committee, which will be dedicated to enforcing a new approach to bringing in laws and regulations.
To read more on this story go to: http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=413620&SubjectId=2
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on June 1, 2010 under Banks, Business Planning, Finance, Marketing, Operations, Sales, SME News, Tax |
Two pieces of good news for business at last. Firstly, UK gross domestic product (GDP) has been revised upwards for the first quarter of 2010, according to the latest figures from the Office for National Statistics (ONS). The economy grew by 0.3% compared to the previous quarter, which has been revised upwards from the original estimate of 0.2%. The growth in the economy has been driven by the manufacturing industry. High industrial output boosted the economic growth, but some economists warn that Government spending cuts and the eurozone debt crisis could affect sustained growth.
Secondly, the level of business investment in the UK rose by 6% during the first quarter of 2010 compared to the previous quarter, according to figures from ONS. However, the level of business investment is still 11% lower compared to the same period a year ago. The rise in business investment is due to increased capital spending by private sector, non-manufacturing industries.
To read more on this story go to:
http://www.statistics.gov
http://www.statistics.gov.uk/pdfdir/oie0510.pdf
http://www.independent.co.uk/news/business/news/
manufacturing-pushes-up-economic-growth-1982837.html
compiled by www.ukba.co.uk www.mgba.co.uk
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on March 31, 2010 under Business Planning, Finance, Marketing, Operations, SME News, Social Networking |
The UKBA group in the Midlands(MGBA) are launching a season of
The Board Room
dinners for business leaders in the region. The events will offer an opportunity for entrepeneurs to get together in relaxed civilised surrounding and thrash out problems and issues that affect them all. The first dinner will take place at Hogarth’s Hotel and Restaurant on 27th April 2010.
Invitations are being sent out over the next few days and MGBA are looking forward to hosting a fascinating evening of debate, discussion and hopefully, some answers to the challenging questions and issues before the business community today.
Any business owners and leaders who would like to join MGBA on the night or would like details of future events email martin.parry@mgba.co.uk
Sc: MGBA, Midlands Group Business Advisors
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on March 15, 2010 under Business Planning, Operations, SME News |
The final plans for changing the way new electricity generation is connected to the UK’s power grid were published for consultation today by Energy and Climate Change Minister David Kidney.
The plans, called Connect and Manage, will clear the way for renewable energy projects such as wind farms to connect to the grid in time to meet the 2020 renewable energy targets.
David Kidney said: “Access to the electricity grid has been one of the key barriers to the generation of renewable energy in this country. There is currently around 78 gigawatts of prospective new generation capacity – some 160 projects – that are waiting to be connected to the grid, including over 19 gigawatts from renewable sources.
Connect and Manage will enable new generators to connect to the electricity transmission network and start generating as soon as their local connection has been built, without having to wait for wider network reinforcement to be completed.
National Grid then manages the increased constraints on the network as more generation is connected before the completion of wider reinforcement work. Under the proposals, these additional constraint costs are socialised equally across all generators and suppliers in a way that supports new generators.
Sc: DECC
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by admin on March 1, 2010 under Operations |
Green Street is the Envirowise virtual tour designed to help your business become more resource efficient.
Green Street consists of a hotel, restaurant, public house, office and factory. Each building has up to six different rooms relating to the type of services each establishment provides. Within the different rooms there are a variety of hotspots containing tips and advice on how to make that item more resource efficient and where to find more information.
Read more: http://www.envirowise.gov.uk/uk/Our-Services/Tools/Green-Street.html
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
