Category: Starting a Business News

Almost a third of small firms have been tempted to cease operations in their early stages due to a lack of start-up business advice, it has emerged.

Findings from NatWest and Smarta.com show that many companies do not have the right tools at their disposal to manage themselves effectively.

During their first year of trading, 61 per cent said that cashflow was their major problem, while 40 per cent admitted to over-estimating their sales.

Dragons’ Den star Theo Paphitis commented: “Many small businesses lack the time and money to get essentials such as business plans, accountants or websites in place.”

He emphasised that the country now needs small businesses to thrive more than ever as it emerges from recession.

Research from Clydesdale and Yorkshire Banks recently found that 15 per cent of small firms struggle with understanding new regulations and legislation brought in by the government.

• Running a Business News from Lawpack: start-up business advice on setting-up and running a business.

Published on: May 26, 2011

Employers could find that including flexible working provisions for employees can boost their business, new research has revealed.

Workers can actually be more productive by working at home, contrary to the commonly-held misconception, according to the poll by Dymo.

The survey found that office-based workers often end up wasting time by browsing online, doing personal admin and emailing friends.

Commenting on the findings, the Telework Association’s development director, Shirley Borrett, said that there were several knock-on benefits for the workplace, from allowing workers to be at home.

She said: “If an employee is trusted work at home, then they tend to have a good relationship with their manager and they value both that trust and the practical ability to fit work around their lives.”

In November, the Trades Union Congress reported that the rise of home working had helped reduce the average commuting time to its lowest in a decade.

It now takes homeworkers an average time of 47 minutes and 48 seconds per day, the trade body calculated.

Find out more on working from home with Lawpack’s Working From Home Starter Kit , written by Shirley Borrett, and Lawpack’s Working From Home Guide.

• Employment Contracts News from Lawpack: employment contracts and employment law advice for your business and its staff.

Published on: December 17, 2010

by Sarah Ashcroft

The UK business regulatory system needs to better reflect the growing need for entrepreneurship in the UK, it has been claimed.

Entrepreneurship is expected to become the focal point for “every facet” of economic and social life going forward, according to chief executive of the National Council for Graduate Entrepreneurship (NCGE), Ian Robertson.

The rules governing business partnerships and the legal forms for your business are among the areas that could be changed to make it easier for entrepreneurs to contribute to economic growth.

Mr Robertson added: “[That] entrepreneurs are said to be the engine room of the new economy provides a great deal of confidence.

“That alone is a stimulus. If you add in measures that benefit small to medium-sized enterprises and a lighter regulatory regime, you have all the ingredients for a successful entrepreneurial economy.”

Recent findings published in the 2010 Deloitte Entrepreneurship Survey indicated that over 90 per cent of the UK’s entrepreneurial businesses expect to grow their revenue in the next 12 months.

Over half expect to generate at least ten per cent revenue growth over the coming year.

• Business Start-Up News from Lawpack: Solicitor-approved Business Partnership template with expert guidance on how to complete the legal form

Published on: January 13, 2011

Two-thirds of small firms in Britain believe that their businesses are suffering because of red tape, a new survey has revealed.

The Institute of Chartered Accountants in England and Wales (ICAEW) has found that despite new initiatives to help reduce bureaucracy, there has been no change in the percentage of firms that feel negative about its impact on expansion, the Telegraph newspaper reported this week.

Around sixty per cent of owners said that employment tax was the biggest barrier for their business.

Concerns were also stated about tax changes, health and safety regulations and employment laws.

Robin Fieth, the executive director of the ICAEW, commented: “The regulatory tide is starting to recede for larger companies. However, there is a real risk that small and medium-sized enterprises could be left to drown.

“Government therefore needs to urgently start setting out how it will make the UK a friendlier place to do business.”

Posted by Christopher Evans

• Starting a Business News from Lawpack: legal forms and straight-forward advice on limited company formation, business partnerships and self-employment

Published on: October 12, 2010

A government minister is encouraging his civil servants to do work experience at small firms across the UK, in order to devise better policies.

Business and enterprise secretary Mark Prisk is currently working at a West Midlands furniture manufacturer, as part of the Week in Business Initiative run by his department.

He commented: “The manufacturing industry is vital to the recovery of the UK economy and the government needs to provide the right conditions to ensure manufacturing succeeds in the globally competitive environment.”

According to the government, small businesses account for 99 per cent of economic activity in the UK.

The coalition has this week highlighted a number of policies to help small firms continue to drive the economic recovery of the country.

It has been widely reported that details of a major new investment fund could soon be announced by the government.

The fund has already been associated with at least four major high street lenders, who are expected to pour more than £250 million into it.

Posted by Christopher Evans

• Starting a Business News from Lawpack: legal forms and straight-forward advice on limited company formation, business partnerships and self-employment

Published on: October 7, 2010

A new investment fund for small businesses could be announced soon, according to widely-publicised reports.

At least four major high street banks will contribute to the fund, which could be worth up to £250 million.

The fund could be part of a report from the British Bankers Association, which it has said will be “comprehensive and will contain important and wide-ranging recommendations”.

It is expected to replace 3i, an investment fund established for small businesses in 1945.

The government’s banking task force was established three months ago to address funding problems faced by small businesses.

Earlier this week, the Scottish first minister Alex Salmond wrote an open letter to Vince Cable, which highlighted the situation faced by small businesses in Scotland.

Mr Salmond said that the current business environment made it necessary to “promote growth, investment and employment and not to take unnecessary risks with the recovery”.

Posted by Christopher Evans

• Starting a Business News from Lawpack: legal forms and straight-forward advice on limited company formation, business partnerships and self-employment

Published on: October 6, 2010