September has arrived and there’s big business news – the month kicked off with Small Business Advice Week, and new research is suggesting that SMEs are making more revenue than ever. Read below for our pick of the top stories this week.
Feature of the Week
UK businesses left disgruntled by poor professional advice | SmallBusiness.co.uk
As the first week of September is Small Business Advice Week, the news that many UK businesses are losing out thanks to bad advice seems very apt.
New research in this piece found that many of Britain’s small and microbusinesses have been losing out big in the bank thanks to advisory firms or consultants giving them “inadequate professional consultancy”.
If your small business is lacking savvy business advice, check out our competition to win a personal session with a business expert of your choosing – it closes soon, so act fast to be in with a chance of winning! Click here to enter.
For any businesses not already complying with National Minimum and National Living Wage laws, there’ll soon be even more pressure to get into line.
Monetary penalties for not complying will now be doubled, and there’ll be further penalties such as disqualifying employees from being a company director for 15 years. Check out what you should legally be paying your employees, plus the new National Living Wage from April 2016, in the article above.
If your business operates in the retail industry and aren’t already offering contactless payment, it looks like the trend for PIN-free payment isn’t going to go away.
The payment limit for contactless cards, previously £20, has now been raised to £30 after more shoppers than ever have been found to prefer contactless payment for smaller purchases.
Contrary to popular belief, the safety of such technology is not as big an issue as many would believe. Consumer group Which? revealed that fraud via such card technology was “extremely low”, at less than one penny per £100 spent.
Small firms see biggest income jump for 14 years | The Telegraph
Thanks to a chain of events in the property industry, small businesses are reaping the financial rewards.
Businesses associated with property construction and management generated a huge proportion of revenue growth thanks to property prices soaring in the last few years.
As this field accounts for a third of SMEs, that means that revenues levels have increased 8pc on 2013, according to data from Barclays. Check out the in-depth statistics in the report above.
A company born every minute in 2014 | The Telegraph
And now for some mind-blowing statistics to finish the round-up: In 2014, a staggering 581,000 new companies were formed – that’s more than one every single minute of the year.
London saw the biggest surge of new businesses, creating a majority total of 184,671, with Birmingham coming in second, achieving 18,337 new businesses.
Luke Johnson, chairman of the Centre for Entrepreneurs, pins this down to the fact that “starting a business is easier, quicker and cheaper than ever thanks to new technology.” Click above for more.