Advice for any small firms with closure concerns
A survey by the Federation of Small Businesses (FSB) reports that there is concern that thousands of small businesses could be at risk of closure. This is based on a pole of nearly 1,500 small business owners and sole traders,This in turn is due to declining revenues and rising tax bills. The survey shows that…
UK has seen increase in new businesses
The Times reports that, the UK had 5.7m businesses, at the start of the year. This was an increase of 191,000 from the previous year, according to the Department of Trade & Industry (DTI). It is claimed that this was primarily due to 201,000 new self-employed and one-person companies being registered. Interesting that this is…
Can SMEs ‘unlock £78bn’ by using AI?
Microsoft and consultancy WPI Strategy have compiled a report that suggests that SMEs could unlock up to £78bn for the economy over the next decade. This can be achieved by greater adoption of generative AI. Federation of Small Businesses analysis shows that 55% of SMEs believe the use of AI could add a huge benefit…
UK reacts to Global effects of Tariffs
The Times reports that the UK economy is projected to experience a significant slowdown over the next two years. This is due mainly to the global tariff war initiated by Donald Trump. Despite this, a separate survey from BDO found mid-sized UK businesses are reacting to potential supply chain disruption from tariffs. With encouragement from…
Firms to invest $650bn in bringing manufacturing back into the UK
The Times reports that UK companies are projected to invest $650bn over the next three years in re-establishing manufacturing in the UK. This is due to concerns over geopolitical risks and supply chain disruptions. This was revealed in a survey by Capgemini. Of British firms surveyed, 59% plan to enhance their manufacturing capabilities both domestically…
UK’s ‘Tech’ start-ups threatened by international acquisition
A report by the Independent says that the UK is at risk of becoming an “incubator economy”. The threat is to tech start-ups, which are increasingly being acquired by international competitors. This warning comes from Universities UK. They report that many high profile start-ups are looking abroad due to insufficient funding for growth in the…
AI helping start-ups to improve efficiency and cut costs
The Times reports that start-ups are increasingly leveraging AI while reducing their workforce to manage costs. The objective is to achieve a significant decline in insolvencies within the small business sector. According to PwCstart-ups accounted for 46% of company insolvencies in 2024, a decrease from 60% a decade ago. A start-up specialist at PwC UK,…
Female-led Tech Companies perform better but struggle for funding
Research by the Kauffman Foundation indicates that female-led tech teams yield 35% higher returns than their male counterparts. Despite this analysis has shown that female-founded teams received only £145m in the first half of 2024. This represents less than 2% of the £8bn total UK equity investment, with all-male teams securing £6.92bn. Kauffman also found…
Launch of a new campaign designed to support SMEs
Accountancy Today reports that the Financial Reporting Council has launched a campaign designed to help SMEs access audit services. The campaign will concentrate on how SMEs carry out their financial reporting. It will also look at how open their engagement is with interested parties. This includes other SMEs and their representatives, their capital providers, auditors…
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