Energy News 16/06/2017
Michael Gove is appointed energy secretary, suppliers continue to fall short on digital offerings and global e...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.
"Very easy. Bea Luseni very efficient & knowledgeable."This review was posted by Alan Duffy on the 31st of March 2017
Super helpful and easy to work with
"Recommend this company in a heartbeat - Nicole Borneuf was super easy to talk to, was not pushy in the slightest, very helpful and replied with all my questions very professionally and did all she could to help. I had to deal with a few companies to sort my business energy out, all but Nicole were too pushy for my liking and I refused to follow through with them. Thank Nicole - you are a credit to your company, thank you for making the stressful energy change so easy."This review was posted by Mia Drew on the 29th of March 2017
An Extremely Competent Company
"Switch my business has not only helped my SME secure a good energy deal for the second year running but Jessica swiftly found a alternative supplier for me when I was let down on the day of switching by the new contractual provider I had chosen some 4 months previously. Being suddenly out of contract and without provider is everyone's energy nightmare. Greatest thanks."This review was posted by S McMillan on the 29th of March 2017
Helpful, friendly and we saved lots of money!
"Jessica Purnell was helpful and friendly, she made the whole process easy and simple AND we saved lots of money thanks Jess"This review was posted by Melanie Baker on the 23rd of March 2017
Quick & Easy
"Kabibi was very helpful and the whole process was very efficient. The one small reservation I had was that I was phoned up by Kabibi almost immediately having received my online quote - which wasn't enough time for me to finish reading the quotes! Fortunately she was able to assist me in a greater savings on both Gas & Electricity, and so as long as the switchover is seamless I will remain very happy with the service."This review was posted by Amanda Brown on the 21st of March 2017