Welcome to the latest round up of all the top headlines concerning the UK’s small and medium sized businesses. From indications that many SME owners in the UK are prioritising other business tasks over innovation, to the news that the FLS will be extending its current credit scheme by another 2 years, there’s a lot happening in the world of SMEs this week.
Feature of the Week
Lack of innovation among SMEs leads to poor growth | Smallbusiness.co.uk
Recent research has found that many SME owners are putting innovation on the back-burner as they focus on competing business priorities.
It has been revealed that more than a third of small business owners in the UK have avoided developing new business ideas as they struggle with a shortage of time and appropriately-skilled employees.
Almost 50% of UK adults want to start their own business | Smallbusiness.co.uk
Entrepreneurial ambition in the UK is high, as 44% of adults indicate a strong desire to start their own business. This is compared to 56% in Germany and 30% in France.
Half of the respondents who stated they wanted to start their own business are planning to do so by drawing on their own savings, which is higher than other European entrepreneurs.
In a push to become more relevant to its members, the FSB has significantly invested in its online presence, streamlining access to its membership services, joining processes, and campaign activity. They have also launched a new brand.
Visitors to the FSB website will find improvements which allow the organisation to offer even more resources for businesses. The FSB will also seek to become more active on social media channels, increasingly digitising its library of small business advice.
The move is intended to improve the organisation’s appeal to the UK’s 5.4 million small businesses.
Bank of England extends loan help for SMEs by two years | The Independent
The Bank of England has extended its Funding for Lending credit scheme for another two years in a bid to address “relatively tight” credit controls for SMEs.
The FLS was introduced in 2012 in a bid to counteract a sharp rise in funding costs during the Eurozone crisis. It has been focussed on business lending since late 2013.
Pension provision among the UK’s SMEs has deteriorated, meaning many individuals now face difficulties in storing up future income. The collapse also causes welfare problems for the taxpayer.
Helping the self-employed save for retirement has long been a subject of contention with pensions ministers, but the Treasury is currently exploring options to bridge the advice gap that is causing many of the UK’s self-employed to lose out due to confusion and lack of knowledge.