The latest small business news for this week reveals an augmented need for SMEs to turn to the law in order to chase up outstanding payments, highlighting one of the biggest existing obstacles for UK businesses- late payments.
In other news, there has also been a rise in the number of small businesses exporting to Europe, with Germany being cited as the most popular destination.
Feature of the Week
SMEs increasingly turn to legal measures to chase debt | Response Source
Small businesses in the UK are increasingly turning to legal measures such as County Court Judgements when chasing down overdue debts. The volume of CCJs increased by 23% between the first and second half of 2015 alone.
Late invoice payments are causing cash-flow problems amongst many SMEs, impeding business growth.
Exporting boom among UK small businesses | Startups.co.uk
Studies have shown that small and medium sized businesses in the UK have enjoyed a 6% increase in payments from Europe in the last year.
Europe was the most popular exporting destination, with 80% of all the top countries exported to belonging to the European Union. Germany was the number one export market for UK SMEs for the second year in a row.
72% of UK SMEs prefer co-working spaces | Insight
Almost three quarters of UK SMEs prefer co-working spaces to standard office layouts, reports have shown. A co-working space is where two or more different organisations share the same environment.
Over 83% of those surveyed said co-working offices were more cost-effective and also provides a more creative and inspirational atmosphere to work in.
SMEs now make up over 99% of UK economy | Is4profit
UK small businesses now make up a huge 99.8% of the British economy, employing more than half (60%) of the country’s workforce.
The report also revealed that small businesses in the UK contribute towards generating 47% of the country’s revenue, proving the extent to which SMEs are major economic drivers.
Small businesses to get fairer deal on broadband | The Telegraph
The UKs largest broadband providers have recently pledged to give SMEs a fairer deal on their internet costs, also allowing businesses to cancel their broadband with no break fees, among other benefits.
However, some are saying that SMEs have been largely disadvantaged in this area and these measures should have been done a long time ago.