click this button to get back to the previous page
UK BUSINESS NEWS
Entrepreneurs target struggling rivals in credit crunch
More than a quarter of small-business owners believe that the looming recession offers them the opportunity to acquire competitors struggling to cope with the economic downturn.
Despite business confidence hitting a three-year low amid recessionary fears, falling house prices and soaring interest rates, a poll by Tenon Forum showed 26% of entrepreneurs were putting rival firms facing difficulties at the top of their list of opportunities.
Another 51% said they hoped to exploit the current economic climate by winning clients from competitors, while 36% saw the chance to grow organically.
Unsurprisingly, those with previous experience of a downturn were particularly upbeat. Half of those who had survived a previous recession saw potential opportunities, compared to 43% of owners who hadn’t; they quoted services, such as advertising rates, that are likely to come down.
Firms unimpressed with EU’s new SME strategy
The passing of the European Commission’s Small Business Act (SBA) has been met with disappointment by groups representing entrepreneurs across Europe.
Alongside initiatives aimed at making it easier to set up a company in different member states and measures to tackle late payment, Commissioners promised to cut administrative burdens by 25% over the next four years. The needs of small firms, they said, will be taken into account during the planning of new regulations.
But after waiting for several years for the implementation of the Act, the reaction of small-business lobby groups has been far from celebratory.
UEAPME (European Association of Craft, Small and Medium-sized Enterprises), which represents small firms across Europe, questioned whether sufficient financial support is available to back the Act’s “ambitious aims”, and Intrum Justitia, a credit-management service provider, criticised the Commission’s approach to tackling late payment, a problem which cost European SMEs €250bn in 2007.
“The SBA only points out that an amendment to the [Late Payment] Directive is prepared … The work to prepare an amendment has actually been underway for more than a year. Therefore, the SBA has failed to include new and substantial solutions to the ineffective directive.”
In its response, the Forum of Private Business (FPB) called on the UK government to go one step further than the Act and prioritise the concerns of the UK’s smallest firms.
Illegal immigrant employers named and shamed
The details of UK employers fined for taking on illegal workers have been published on a government website.
Following the introduction of legislation that enables the imposition of fines on, and even a prison sentence for, those employing illegal workers earlier this year, the Home Office today revealed the names of 35 businesses that have flouted the law.
The majority are small, fast-food companies and the fines have ranged from £5,000 to £22,500.
New local immigration teams are also to be introduced across the UK with watch-lists of immigration offenders shared with the Department for Work and Pensions, HM Revenue & Customs and CIFAS, a private-sector fraud prevention agency.
“When newcomers come here, they enter into a deal with the UK – to work hard, play by the rules and earn their right to stay,” the Home Secretary, Jacqui Smith, said. “These changes will ensure our frontline officers can continue to implement these reforms and meet the tough targets we have set the UK Border Agency.”
New venture-capital house to support excellence through venture funds
Cambridge-based venture capital investors Nigel Brown, Ed Stacey, Max Bautin and Kerry Baldwin have created IQ Capital Partners to deliver their distinctive approach to investing in successful emergent and rapidly developing UK companies.
IQCP is an independent and integrated early-stage-technology venture-capital business that manages the recently established IQ Capital Fund I, as well as two seed funds with total funds under management of £35 million.
The new company will be distinguished by its unique relationships with ‘IQ Angels’, private investors with strong industry expertise who can dedicate significant time and expertise in support of investments made by IQCP.
The IQCP team will continue to provide funding from £100,000 million upwards – predominantly to early-stage-technology businesses – with the capacity to make available up to £3 million per investee.
More information can be found at: http://www.iqcapitalfund.co.uk/fund/.
£10m fund launched for female-owned businesses
A £10m fund has been established to finance loans, training and mentorship for women entrepreneurs in the UK.
Women can apply to borrow up to £30,000 in any one application from the loan fund, which has been set up by Enterprising Women, a business community for women entrepreneurs, and Lloyds TSB Commercial.
More information can be found at: http://www.enterprising-women.org.
On-the-job training needs to be recognised
Small businesses are not gaining the recognition they need when it comes to workplace training, the FSB (Federation of Small Businesses) has said.
The organisation said while it welcomes the focus on improving skills it should be easier for micro-business owners to have the work-based training they already offer to be formally recognised.
The group added that in a survey of around 20,000 small businesses, more than three-quarters said they already offer some form of formal training.
DATES FOR YOUR DIARY
Becoming Self-employed
Introduction to tax and NIC for the self-employed.
Date: 4th August 2008
Location: Crichiebank Business Centre, Mill Road, Port Elphinstone, Inverurie
Cost: Free
Contact: 0845 609 6611
Sales and Marketing
This seminar deals with simple sales techniques, from asking the right questions to handling objections.
Date: 4th August 2008
Location: Derbyshire and Nottinghamshire Chamber of Commerce, Unit 2, Victoria Way, Pride Park, Derby DE24 8AN
Cost: Free
Contact: To book your place on this workshop, call Derbyshire Enterprise Agency on 01246 212902
Google at work
Find out about the wide range of business tools available from Google that can save you money, make your business more efficient and improve your marketing efforts.
Date: 18th August 2008
Location: Three Swans Hotel, Market Harborough
Cost: Free
Contact: Telephone Kam Atker (Leicestershire Chamber of Commerce) on 0116 2046614 or email: atker.k@chamberofcommerce.co.uk.
No Deal or Real Deal
Want to grow your business but don’t know how you are going to finance it? Then attend this free information seminar, delivered by Business Link’s Financial Advisory Team.
Date: 19th August 2008
Location: The Kendleshire Golf Club, Bristol
Cost: Free
Contact: Events Team on 0845 0707 747 or email: events@businesslinksw.co.uk