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The Act covers many issues that concern small businesses such as access to finance, red tape and zero hours contracts.
SwitchMyBusiness.com recently looked at alternative sources of small business finance and our #whatbizwant campaign found that finance is a big concern for small business owners. It is something small businesses continue to struggle with. New measures will improve access to funding by increasing the availability of investment and alternative sources of finance.
Competition and more open access to credit data in the banking sector should benefit small businesses and make it easier for them to get a loan from a lender other than a bank. Only time will tell if lending to small businesses improves.
Cheque clearing times will be speeded so it won’t take so long for a cheque to clear. There will be an increase in transparency on payment practices and policies to help small businesses to negotiate fairer deals.
Red tape is always an issue for small businesses with many complaining that red tape creates obstacles to growth. Measures will be brought in to cut red tape and will be reviewed on a regular basis to ensure they are effective. Current targets require that for each new regulation two older regulations have to be phased out. Now during each new parliamentary term red tape will have to be removed to help small business grow and do business.
The Act will introduce a Pubs Code and Adjudicator. This body will oversee the relationship between companies that own pubs and their tenants. This will ensure fairness for the sole traders and small businesses that run tied pubs – thousands of which exist across the country.
While many of the measures are designed to help small businesses some of the measures will also help workers. For example there will be changes to rules governing zero hours contracts. Zero hours contracts are playing a big part in the election campaign already with Labour announcing they will end this type of employment contract. The Act brings in measures to stop the abuse of zero hours contracts. In the past workers have been subject to ‘exclusivity clauses’. These clauses meant individuals couldn’t work for anyone else, even if their current boss couldn’t offer them any work.
The Act also sees the introduction of new definitions of small and micro businesses. This will ensure that definitions used to describe these types of businesses are in line with those used within the European Union.
The Business Secretary Vince Cable said “Small businesses provide jobs for millions of people across the country and are driving the economic recovery. The Small Business Act will create the right environment for small businesses to continue to thrive by giving them greater access to finance to help them innovate and grow, and make it easier for them to export goods and services made in Britain.”
Further reading relating to the Small Business, Enterprise and Employment Act can be found on the government’s website. Or read about our small business manifesto and what our recent survey discovered small business owners want from a new government in May.
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"Jonathan Burgess is an asset to Switch My Business. He made me feel at ease and was more than helpful at all times. He made regular contact and guided me through the whole process which made switching a breeze. I just wish there were more customer service advisers like Jonathon whose friendly and happy demeanour make your day a much nicer one. Well done Switch my business and more importantly thank you Jonathon for all your hard work! Maria Owen Lodgecrest"This review was posted by Maria Owen on the 17th of August 2016
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"I totally agree with a customer maria owen,Jonathan Burgess was such a pleasure dealing with and is truly a asset to the company, he made it very easy to switch my electricity companies, Jonathan Burgess was very helpful, easy to talk to it was like talking to a friend not just a customer adviser. I would definitely recommend switchmybusiness and try get hold off Jonathan Burgess if possible and have the same excellent service as I did. Rajan Shanan"This review was posted by Rajan Shanan on the 19th of August 2016
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