Small Business Matters | A Blog for UK Small Businesses

Finger on the [Business] Pulse

The 2009 Business Pulse research launched at this year’s Small Business Week (19 – 23 October) has uncovered some interesting statistics and trends from Small Business Britain.

One point that stood out to us was that 48% of small business owners said that advice is essential to advancing their business. The fact that many small business owners are calling out for access to better advice and resources is something that we have blogged about previously and that we feel very strongly about. Initiatives like Small Business Week are a good chance to shout about these issues, and to make sure that small businesses are getting the support they need.

The small business owners surveyed were also largely optimistic about the future. 62% said that they expected to see a significant growth in profit within the next 18 months, primarily through increased marketing spend and investment in technology. Interestingly, it was the businesses who want to be at the forefront of technology who were also the ones who said that they have been least impacted by the recession and were most optimistic about the upturn.

Digital Britain report – impact on UK small businesses

Last week’s Digital Britain report will have a positive effect on many UK small businesses, but could be considered a baby step in the right direction for those aiming to compete internationally. The Government outlined its commitment to ensure universal access to faster broadband, which will make a huge difference to small business owners, particularly those based in rural areas. Many owners rely on the internet to conduct their business, and in the report, the government acknowledges that entrepreneurs are using digital technology to “revolutionise how they operate through online marketing and sales, improving accounting and internal procedures, online tax returns and record keeping and payments.”

The ability to improve accounting and internal procedures is more important than ever in the recession where small businesses are fighting for survival. In addition, as more financially-savvy consumers opt to spend online in search of the best deals, the internet is increasingly a vital channel that small businesses can use to reach a wider audience with their products and services.