Energy News – 24/02/2017
What’s been making headlines across the energy world this week? We round up the big stories from the las...Read More
This article was updated 20th September 2016
Did you know that 8 out of 10 businesses fail within 18 months? The internet may have enabled anybody to become an entrepreneur, but running a successful business is no mean feat. So what are some common stumbling blocks for SMEs, and how do you overcome them?
Many small businesses are confused about the funding opportunities available to them, and flounder due to a lack of finance or cash flow issues.
We suggest: SMEs that have a strong financial history and prove good prospects are more likely to get loans. Going beyond the banks can help: there are more funding options than many smaller businesses realise, as our finance guide explains. Have a product or idea with considerable marketing appeal? Try crowdfunding. Websites such as Kickstarter allow anybody to raise money for a project, and have seen a number of considerable successes. Depending on your industry, you may be eligible for government grants such as R&D grants for businesses involved in life sciences and innovation.
Finding skilled employees has always been difficult, and the cost of hiring the wrong person has caused many a business owner grey hairs. Additionally, a number of surveys have shown that the UK is currently experiencing a skills gap, particularly in the digital arena.
We suggest: Taking on someone with less experience and building their skills yourself can make for a reliable and well-trained employee. Apprenticeship is now a nationally recognised scheme, enabling small businesses to employ new staff without breaking the bank, as our guide explains. Alternatively, check out websites such as Fiverr or People Per Hour, where you can hire talented freelancers instantly.
Costs and time-drains consistently block SME growth. Even simple administration tasks eat up time and are therefore very costly to smaller businesses. For example, an FSB study found that UK SMEs could be losing £500 million a year in unnecessary costs related to tax administration, with around 12 days a year lost on average.
We suggest: Small businesses can simultaneously cut both costs and their time burden. SwitchMyBusiness.com has already helped thousands of companies save millions of pounds, on their business energy bills without the investment of time usually needed to compare and switch supplier. Simply complete the form in the top right hand corner or call 0800 411 8830.
"Jessica Purnell was great, she was helpful and everything was easy. I have saved £150 per month! many thanks Jess :-)"This review was posted by Melanie Baker on the 23rd of February 2017
Thank you Jess Purnell!
"Jess really helped us out with switching suppliers... she wasn't pushy at all and the service was great. Thanks again!"This review was posted by Becki on the 23rd of February 2017
Thanks for your help Mark Weeks and Switch My business
"I would like to thank Switch My Business and particularly Mark Weeks for the ease of switching and saving me money! I can highly recommend them. Thanks again Richard Blake"This review was posted by Richard Blake on the 22nd of February 2017
"Aaron sorted out a new electricity deal for my church, enabling us to make good savings. We have now received confirmation of our new 3 year plan.During our telephone conversations Aaron was always very polite and efficient. Dawn Marskell"This review was posted by Dawn Marskell on the 21st of February 2017
Great help switching
"First time I have ever done an energy supplier switch, it seemed a bit daunting but the way EDF has rocketed our industrial energy bill I had no option, Bea Luseni guided me through the process and took all the worry away, many thanks well done"This review was posted by Horatio on the 17th of February 2017