This week we found out the huge sums that UK SMEs are spending in euro zone transactions, largely due to the banks reluctance to reveal the best deals. There is also a continued confusion surrounding the new pension auto-enrolment scheme, and workers are increasingly expecting their companies to have more eco-friendly policies.
Feature of the Week
It has been revealed that UK SMEs who trade with the euro zone spend almost £4 billion annually transferring money. This is in part due to a lack of transparency from banks which makes it difficult for them to realise the best deals.
Britain’s competition watchdog has recommended measures to make it easier for customers to compare costs, as they concluded that the average bank was charging a total 2.43% of the value transferred.
Employees pressurise businesses to introduce more eco-friendly policies | Smallbusiness.co.uk
More than one in four workers strongly feels that their company should have a greener outlook.
This news follows the government’s pledge to reduce harmful emissions by 80% before 2050.
On top of this, 27% of customers surveyed said that they want the companies they deal with to have strong social responsibility guidelines.
1 in 4 UK SMEs may be losing out on £25 billion | Smallbusiness.co.uk
More than a quarter of small businesses in the UK do not have a business plan in place, meaning that they will be losing out on as much as £25 billion in extra revenue over the course of 2016.
Whereas 26% of SMEs surveyed said they are entering the new year with no basic objectives or revenue targets, 51% of the UK’s best performing SMEs have been found to be working to detailed and effective business plans.
The new pension auto-enrolment scheme has been causing problems for some SME owners recently as a survey revealed that nearly half of employers are confused about their responsibilities.
Despite the Pension Regulator claiming auto-enrolment to be a success, 45% of more than a million small businesses claim to be unclear on the new rules.
Increase in number of Britons shopping with independent retailers | Smallbusiness.co.uk
It has been found that more than half of people in the UK shop with independent retailers at least once a week, with 8% shopping with them every day.
This number has increased from one year ago for one in five Britons, and almost one in three 18-24 year olds.