13/05/2008 by admin.

According to the latest findings of the Global Entrepreneurship Monitor*, the future is rosy for entrepreneurs across the country as the UK bucks the global trend for a decline in start-up businesses.

With the proportion of adults starting a business in the UK higher than any other European Country for the first time, small business finance experts Bibby Financial Services are encouraging entrepreneurs to take the leap and make their business dreams a reality.

“There’s a real buzz about being in business sweeping the nation, with ‘celebrity’ being associated with entrepreneurship for the first time through the likes of Alan Sugar and the ‘Dragon’s Den’ panellists bringing start-up and innovation to the masses through primetime television shows, said David Robertson, chief executive, Bibby Financial Services.

“However, these people and their protégés have not achieved success without hard work. To be successful in business, particularly at the start-up phase requires a great deal of hard work and dedication, with many hours invested in the business. Despite the ‘24-7’ commitment required, owning your own business and making it a success is one of the most satisfying achievements and one which inspires many people to take the leap.”

To assist aspiring entrepreneurs who are thinking of starting their own business, Bibby Financial Services has developed the following top tips:

• Have a plan – understand and plan exactly what your growth objectives are. A good business plan will help you stay on course by ensuring that you capture long-term objectives and forecasts on paper.
• Understand your market – make sure you check the demand for your product or service and assess the competition. If no competition exists, you should examine why that is the case.
• Roll up your sleeves – running your own business involves hard work and, particularly in the early stages, may require burning the candle at both ends to get off to a good start.
• Get your finances right – cash flow is the lifeblood of business and you will need a readily available source of flexible finance to see you through. Investigate alternative funding options such as invoice finance to ensure you don’t over-extend yourself. Some invoice financiers offer specialist packages for start-up businesses to suit your specific needs.
• Up your game – put quality first and be passionate and proud of your product. Work to create a product or service that is better and different from the competition – lead the way, don’t follow.
• Hire the best – surround yourself with a bright enthusiastic team who share your vision, commitment and complement your skills set.
• Control costs – whatever business you are in, it is always important to have very strong financial controls. Get appropriate practices and procedures in place from the outset and stick to them.
• Show customers you care – get a dialogue going with your customers and positively encourage feedback. Set up a customer hotline, create an online feedback form or phone key customers to get a better understanding of their requirements and the issues they face.
• Go the extra mile – always strive to exceed your customer’s expectations such as promising delivery within 12 working days, but actually delivering in seven. However, a word of caution – never promise what you can’t deliver, always stick to your promises.
• Be ambitious – don’t be afraid to take risks now and then to grow your business, being too risk averse may mean that you lose out on excellent opportunities and thwart your business’ success.

Robertson concluded; “Running your own business, particularly in the early stages can seem a daunting and lonely position to be in. However, the Government provides a number of sector specific and general advisory services such as Business Link, which business owners can and should take advantage of to make their business a success. Small businesses actually account for 99% of the business community and the importance of their contribution to the economy should not be forgotten.”

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03/04/2008 by admin.

Despite increasingly difficult trading conditions, last year saw the highest volume of business start-ups since 2004 according to a study by Barclays.

The researchers found that 20,500 Welsh Businesses opened their doors in 2007, despite the tough second part of the year. That figure represents an increase of 4% on 2006.

In the last five years an average 20,040 new businesses have opened their doors for trading each year, which translates to an annual 11 starts for every 1,000 workers.

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29/11/2007 by admin.

Fewer organisations are planning festive celebrations this year, suggesting an increase in “Scrooge” mentality suggests a new report.

A study of more than 500 managers showed that the number of firms holding a staff party this year has fallen to 66 per cent, compared with 86 per cent five years ago.

Emplyers in the East Midlands were the least generous, with fewer than half funding a Christmas knees-up, according to the Chartered Management Institute.

One in five of those questioned described Christmas as a “chore” and two out of five said they would not make any financial contribution to office parties.

A similar number believed the festive season had become too long and most complained Christmas was too commercial.

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08/11/2007 by admin.

Small business is thriving in North Wales with a 12% increase in post and telecommunication enterprises, including call-centres, with more traditional businesses such as agriculture and mining declining, according to a study by BT.

The BT Business Regeneration report also reveals that Wales has seen a 79% increase in small education enterprises such as training firms and schools’ adventure organisations. Download the full report here.

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30/10/2007 by admin.

Millions of small businesses in the UK need more support to help boost their growth, according to a new report by BT.

1,600 companies were surveyed and unearthed criticism that the government was not doing enough to help them thrive. Simplifying regulations topped the list of demands followed by a call for lower business related taxes.

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30/10/2007 by admin.

The TUC has welcomed a call for employers to get Commute Smart, as journey times to work hit all time high.

The TUC reveals journey times to work have rocketed over the past decade with the Welsh the hardest hit by longer commutes as the number of commuters travelling for over an hour each day has risen by 43 per cent. Read more…

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24/10/2007 by admin.

Today businesses are being urged to give workers more time off in the run-up to Christmas or face problems caused by the “sick-note” season. Read more…

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16/10/2007 by admin.

A new study has revealed that office workers print up to 120 billion pieces of paper every year, but much of it is unnecessary.

Fujitsu Siemens Computers conducted the research which showed that the average worker printed 22 pages of paper every day. Half of the 2,000 adults questioned admitted they printed the same document several times by mistake.

The report accused workers of being “carefree” in their printing habits after many admitted they never thought about whether they should be printing so many documents.

Paul Parrish, managing director of Fujitsu Siemens Computers, said, “Sadly the paperless office remains a myth for many. Office printing continues to be out of control with very few companies having any transparency on their print costs.

“This is compounded by the fact that there is a general lack of guidelines for employees around printing practices and most people readily admit to not really thinking twice about hitting the ‘print’ option on an email or document.”

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07/10/2007 by admin.

DESPITE a perception of people working long hours, new figures show that in Wales we are working less.

Figures from the Office for National Statistics show that, while full-time hours for employees increased in the early 1990s, since 1996 it has eased off – although the survey suggests that people working at home are not necessarily classifying this as working hours.

The average hours per week, worked by people in the UK in 1996, was 38.5 hours per week, while in Wales it was 39. The Labour Force Survey highlights that the level for both the UK and Wales now stands at just over 37 hours per week.

The survey suggests people could feel like working hours are rising because travel to work times have increased and improved networking technologies mean that more workers are easier to contact outside of work.

The research adds, “There has also been an increase in the percentage of households with internet access from 46% in 2002 to 61% in 2007. It may be that people are increasingly engaged in work-related activities at home, but not registering this in their answers to the Labour Force Survey.

People in management positions work on average (including overtime) 41.1 hours a week. The survey also shows that employees in Wales worked on average (from 2004-05) 1.2 hours of paid overtime a week, with 1.2 unpaid. The survey says, “Managers and professionals averaged more than three hours of unpaid overtime per week.

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18/09/2007 by admin.

New research out this week suggests that entrepeneurs in Wales are expecting red tape for SMEs to get worse in the next three years.

According to a survey by Bank of Scotland Business banking, nearly three-quarters of entrepreneurs think the regulatory environment for SMEs will get increasingly difficult.

The research coincides with the latest figures from the Bank of Scotland Small Business Confidence Index, which shows that confidence levels amongst entrepreneurs in Wales have slipped by three points during the third quarter of 2007, compared to an average two point decline across Britain.

As well as expectations of an increased regulatory burden, 59% of entrepreneurs in Wales also believe that the need to comply with regulations and legislation is preventing their business from maximising its performance.

69% of entrepreneurs in Wales believe that the UK implements European rules more aggressively that it needs to and 70% agree with CBI director general Richard Lambert’s recent complaint that “red tape and regulation only serve to dampen”.

When asked if they could scrap a single piece of red tape or a regulation, more small business owners cited health and safety than any other regulation including VAT and corporation tax.

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