Originally written by Stephanie Spicer on Small Business
Crisis control procedures need to be put in place to tackle incidents, such as cyber-attacks, extortion, industrial espionage and terrorism, which are costing UK SMEs billions of pounds a year and subsequent trading paralysis is putting thousands at risk of collapse in their aftermath.
UK SMEs paid out an average £6,416.50 last year, equating to a combined business cost of £8.8bn in 2018, to deal with crisis incidents, according to research by insurance broker and risk management consultants Gallagher,
24% of SMEs confirmed they were affected by a crisis event last year up 5% on the previous year 2017. 17% of SMEs affected by a crisis spent £10,000 or more to combat crises and 9% paid out in excess of £20,000. 23% said they would survive for less than a month if rendered unable to trade by a crisis incident.
This leads Gallagher to conclude that nearly 57,000 UK SMEs could be at risk of collapse this year in the aftermath of a crisis event if they don’t have crisis control in place.
The most prevalent crisis experienced by UK SMEs last year was a cyber-attack, data breach or cyber extortion incident, which accounted for 15% of
Tag Archive for Business Management
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Caprice – ‘I knew I had to think of Plan B after modelling. Boom: lingerie’
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Welcome to the second series of Small Business Snippets, the podcast from SmallBusiness.co.uk.
In the Anna Jordan chats to Caprice, a supermodel turned entrepreneur. She tells us more about the struggles of the model stereotype in starting her first business and protecting your brand when you enter a licence deal.
You can listen to it here:
We’ve also got podcast episodes from the first series looking at:
How one business owner’s mental breakdown caused her to see trolls from her past
How one entrepreneur hired a videographer to track their every move and build their business brand
How funding a business led one entrepreneur to stress-related alopecia
One entrepreneur’s first professional public speaking engagement
Adapting to UK life and learning English before starting a business
Securing seed funding
Finding the perfect head of customer care
Reaching a £1 million annual rate of return
Boosting client numbers from 30 to 850
Starting a brand new business from scratch
To find out more about Small Business Snippets, you can download the trailer.
If you want to listen to the podcast elsewhere, it’s available on iTunes, Google Play, SoundCloud and Spotify.
Be sure to visit SmallBusiness.co.uk for more articles about starting a company and Government funding for small businesses.
Remember to like us on Facebook @SmallBusinessExperts and follow us on Twitter @smallbusinessuk, all
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Entrepreneur Q&A: ex-Apprentice star, Natalie Reynolds (Panayi)
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Since Natalie Reynolds appeared on series nine of The Apprentice, she’s launched a new clothing business, Style Cheat.
The company drives sales with the help of Instagram, building a loyal following of customers (or Cheetahs).
Reynolds talks to us about the lessons she learned from The Apprentice and how she’s taken these forward in business.
What were the toughest lessons you learned on The Apprentice?
I learned that I wasn’t willing to be a fake, hard-nosed businesswoman so that I could win a TV show. I also realised I can’t sell something that I don’t believe in. Being in a house with 15 other people who all think they’re the best of the best really puts things into perspective.
I didn’t want to be like that or be seen in that way because I found it annoying. I must have been annoying! I just want to make money from something I’m passionate about.
Your first fashion label, Panya London, was launched in 2013. What happened to it and how did that influence Style Cheat?
We got everything wrong when we launched Panya. We invested a lot of money into product but didn’t have a route to market and couldn’t attract
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7 biggest challenges SMEs face – and how to overcome them
by Simon Willmett • • 0 Comments
Originally written by Simon Willmett on Small Business
Setting up a business is certainly not without its challenges and requires vast amounts of determination, patience and effort. With figures showing that SMEs account for 99.9pc of the 5.7 million businesses in the UK, standing out from the competition has never been more important. If companies don’t make the effort to distinguish themselves from their up and coming counterparts, they risk lagging behind.
So, how can SMEs overcome the challenges they face today?
Attracting new customers
According to research by Statista, 79pc of UK SMEs stated that their toughest challenge was attracting new customers. This is a problem that so many businesses struggle with, and this includes the big players too. However, larger companies with historic success behind them usually find it easier to attract new customers as they have a strong brand supporting them.
Smart branding is hugely important and with it comes greater recognition, increased business value and the ability to generate new customers at a faster pace. Attracting new customers while maintaining a high-quality service with existing customers can be tricky, but it’s vital in order to succeed in a competitive market.
Pro-activity is also crucial for any small business. This means making phone
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Entrepreneur Q&A: ‘Michael Jackson was a great business mentor to me’
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Matt Fiddes was bodyguard to the former King of Pop, Michael Jackson, for 10 years.
These days he’s an entrepreneur and franchisor of Matt Fiddes Martial Arts, a global network of schools. Since its inception in 1996, the brand has grown and now includes MF Dance, MF Pilates and MF Performing Arts Schools.
He talks to us about working with Michael, franchising his business and the challenges in expanding to other parts of the world.
How did you meet and start working for Michael Jackson?
I met MJ through my best friend, Uri Geller. He introduced me to Michael when I was 18 years old. He called me in the middle of the night and asked me to come to his house urgently and would not tell me why. When I arrived, Michael Jackson was sitting in the living room and we hit it off right away. Uri wanted to introduce someone to Michael as a friend and who he could trust in his inner circle.
How has your association with Michael – particularly around the 10-year anniversary of his death and [documentary] Finding Neverland – affected your business and brand?
None of his inner circle was expecting that
Hot Business News Today
8 business van financing tips for your SME
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
So many questions pop up when you’re thinking about financing a van for your small business.
Should you buy or lease? What about insurance? What extras will you need to add to the vehicle? To help you untangle the mess, we’ll run through the key considerations.
Decide whether buying or leasing is better for you
Buying a commercial van is as it sounds – purchasing a vehicle outright. It will be a steep one-off investment, but you won’t have to continue paying for the van(s).
Bought vans are easier to sell if you want to get rid of them whereas being on a lease will trap you in a contract for some time. Just bear in mind that new vans will start depreciating as soon as you drive them away from your dealer.
With leasing, contracts typically last three or four years. There are two different leasing options – hire purchase and finance lease. We’ve got a couple of quick definitions below:
Hire purchase – You put down an initial deposit and pay for the van in monthly instalments with the option of purchasing it at the end of the contract for a small fee.
Finance lease – The dealer
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Their faces moulded into trolls from my past – podcast
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Welcome back to Small Business Snippets, the podcast from SmallBusiness.co.uk.
In this episode Anna Jordan chats to Penny Power OBE, an author, public speaker, mentor and business owner. She tells us how a mental breakdown led her to realise her strengths as an entrepreneur.
You can listen to it here:
Penny Power: Their faces moulded into trolls from my past
We’ve also got podcast episodes looking at:
How one entrepreneur hired a videographer to track their every move and build their business brand
How funding a business led one entrepreneur to stress-related alopecia
One entrepreneur’s first professional public speaking engagement
Adapting to UK life and learning English before starting a business
Securing seed funding
Finding the perfect head of customer care
Reaching a £1 million annual rate of return
Boosting client numbers from 30 to 850
Starting a brand new business from scratch
To find out more about Small Business Snippets, you can download the trailer.
If you want to listen to the podcast elsewhere, it’s available on iTunes, Google Play, SoundCloud and Spotify.
Be sure to visit SmallBusiness.co.uk for more articles about mental health and wellbeing in the workplace.
Remember to like us on Facebook @SmallBusinessExperts and follow us on Twitter @smallbusinessuk, all lower case.
Their faces moulded into trolls from my past – podcast
Hot Business News Today
Lorely Burt: ‘Lib Dems would bring in NI holiday for some small employers’
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Liberal Democrat spokesperson Lorely Burt is almost as seasoned in business as she is in politics.
She co-founded WeConnect, a networking agency for women in business, as well as owning both Ace Creative Enterprises and Kudos Group in the 80s and 90s.
After the 2010 General Election, she went on to hold parliamentary positions in the Department for Business, Innovation and Skills.
Burt tells us what small business policies the Liberal Democrats would enact concerning some of the most troublesome areas facing entrepreneurs right now.
Late payments
Policy proposals:
Companies awarded government contract required to sign up to Prompt Payment Code
Warnings and penalties for violating the code
Amend Public Contract Regulations 2015
We would ensure that anyone who was awarded a government contract of any kind would be required to sign up to the Prompt Payment Code. That’s not enough in itself so we’d make sure that it’s enforced. If someone contravenes the code, they get a warning and then they would be barred from tendering for any government contract for a set time if they violate the code multiple times.
I’m sure the Small Business Commissioner would be absolutely delighted to enforce it, but I haven’t asked him. I
Hot Business News Today
10 tips to help you win the Queen’s Awards for Enterprise
by Rob Baker • • 0 Comments
Originally written by Rob Baker on Small Business
The Queen’s Awards for Enterprise recognises companies for outstanding achievement in international trade, innovation, sustainability and promoting opportunity through social mobility.
The firms who receive the award can use the emblem on their marketing and sales material for five years, fly The Queen’s Flag and receive an invitation to a royal reception.
Many winners announce their achievement in the business and trade media as well as raising their reputation further with clients and associates through social media, newsletters and their websites.
You might think the Queen’s Award is not for smaller businesses, but this year 151 of the 200 winners were SMEs (250 staff or less), with 30 having fewer than ten employees.
Completing your Queen’s Awards for Enterprise application
Keep these nuggets of advice in mind when applying for the Queen’s Awards.
Be positive
There are around 200 winners each year and a few of those businesses win more than one award in any given year. If you shine in one of the four categories listed above go into it with energy and optimism.
Planning
The Queen’s Awards advises at least 50 hours being spent on applications. An entry that does your business justice needs lots of planning, time, discussion and
Hot Business News Today
Learn the essentials of cash flow management and maximising revenue
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
To celebrate small businesses, SAP Concur is having its own National Small Business Week from 3rd-7th June 2019.
Over the week it’ll be hosting two webinars – one on managing cash flow and the other on maximising revenue. Both webinars are 45 minutes long.
Webinar 1: the critical role of cash flow management for business success
Tuesday 4th June 2019, 10am BST
This session will look at:
Advanced visibility of spend
Growth strategies
Affordable automation
Customer insights from Devon Air Ambulance
Webinar 2: maximising revenue: accounts payable automation tips and tricks
Wednesday 5th June 2019, 10am BST
The webinar will cover:
SaaS for small business
Automation tips and tricks
ROI expectations
Customer insights from Harrow School
You can get involved by filling in your details on SAP Concur’s website. The firm is offering 20% off quotes created before 7th June 2019.
SAP Concur will also be supporting the charity, End Youth Homelessness (EYH). It helps young people to find a home and work towards a way of sustainable living, focusing on personal growth, career and education goals.
Find out more at SAP Concur’s National Small Business Week website.
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Ten ways to improve cash flow
Learn the essentials of cash flow management and maximising revenue