According to a recent report by Make UK and BDO, three in five manufacturers are optimistic about improved  economic growth in 2024. This is  despite some recent negative vibes. Interestingly, only 6% of the 300+ surveyed companies expect a decline. As a result, Make UK has revised its growth forecast for 2025 from 0.8% to 1.8%. A senior economist at Make UK, stated:  “Despite output turning negative in the short-term and recruitment dipping, investment remains positive and business confidence continues to climb.” Richard Austin, the head of manufacturing at BDO, commented that “With a new Government in place with a substantial majority, Manufacturers are hoping for a period of greater political stability. This should provide a better economic outlook ahead. That in turn is boosting business confidence.”

iBOSS Comment:

If, based on this small sample, the report is accurate, it would indicate that now is the time to consider investing in one’s business. The target of that investment i.e. assets, marketing etc. will vary according to the state of the business and the market it’s in. At iBOSS we are regularly involved in helping SMEs to identify the objective(s) and size of their future investment. We also help in identifying the optimum source of any additional finance needed. So, if you want to grow your business but need some help in deciding upon the best way to do this, then call us on 01327 349779 or complete our enquiry form for a free, no strings consultation.

#planningforgrowth  #investmentfinance #growmybusiness  #assetfinance

The Court of Appeal has upheld a significant ruling regarding insurance claims for business losses linked to the COVID-19 pandemic. Court has ruled in favour of businesses. The decision rejected appeals from insurance firms against a June 2023 High Court ruling. This could enable thousands of businesses to seek compensation. The case in question involved a £16m claim from London’s ExCel centre. Lawyers claimed that the ruling would allow many businesses previously denied coverage to pursue significant claims. The result is that thousands of businesses affected by the Covid lockdowns who have not yet had a payout from their insurers, may now be able to pursue a claim. Many policyholders previously denied cover may in fact have significant payments available to them under their insurance policies.”  

iBOSS Comment:

Potentially good news for many SME’s. Certainly worth a call to your Lawyers if you believe you may have a case!

Concern expressed as High Street shop closures climb. This is according to The Mirror which reports a surge in retail closures. Speculation is that pressure on high street stores has been exacerbated by a significant shift towards online shopping. This and the ongoing cost-of-living crisis has left consumers with less disposable income. According to PwC, 14,081 shops from chains exited UK high streets in 2023, averaging 39 closures daily. Undoubtedly a matter of concern.

More encouraging news, however, is that, in August, the number of shoppers increased compared to July. This was reportedly driven by warmer weather and summer discounts, and is despite earlier riots affecting high street traffic. The British Retail Consortium reported a 0.4% year-on-year drop in customer volumes, a significant improvement from July’s 3.3% decline.

iBOSS Comment:

This supports concerns expressed recently by organisations such as the FSB over High Street shop closures climbing. For more information on the FSB view follow this link. There is mounting pressure for more to be done to revitalise High Streets around the country. There is little doubt that the traditional High Street, full of well-known brands and a variety of useful stores, is a thing of the past. The resultant mixture, that many have, of charity shops, hairdressing salons and cafés is not the real solution to breathing life back into our High Streets. What is needed is a range of outlets with an attractive, wider selection of goods/services that local people need. This alone however will not be enough without the support of local councils providing more attractive parking facilities and sensible business rates etc.

If you have an idea for a business that would fit into your local High Street, but need help in planning how to set it up, then call the experts at iBOSS on 01327 349779 or complete the enquiry form on our web site www.theiboss.co.uk and request a free consultation.

#Highstreetshops #Highstreetbusiness #settinguparetailbusiness

Activity in the UK’s private sector has grown to reach a four-month high in August. This was driven by a “robust upturn” in new business. This is according to the purchasing managers’ index (PMI). This recorded a level of 53.4, up from 52.8 in July. The chief business economist at S&P Global Market Intelligence commented that “August is witnessing a welcome combination of stronger economic growth, improved job creation and lower inflation.” The easing of inflationary pressures, particularly in the services sector, contributed to this growth. The rate of employment growth was the fastest since June 2023. Despite expectations of a slowdown in GDP growth for the third quarter, the PMI suggests a solid quarterly expansion rate of around 0.3%.

BFS Comment:

More encouraging news for the SME’s. With the growth of the UK economy starting to out-perform many other countries now is the time to consider options for growth of your own business. If you need help and advice on the best options to achieve that growth, then call iBOSS on 01237 349 779 or e-mail to info@theiboss.co.uk and ask for a free consultation.

Recent research suggests that young entrepreneurs are skipping higher education in favour of starting their own businesses. A poll of digital micro businesses by GoDaddy’s research initiative Venture Forward shows that 22% of entrepreneurs under 30 started their business after their A-levels instead of pursuing a university degree. Andrew Gradon, head of GoDaddy UK & Ireland, said the research “indicates entrepreneurship is becoming an increasingly attractive alternative to higher education.”

iBOSS Comment:

If you have the ambition and the right idea at an early stage then it can make sense. Talking to experienced advisors such as the Team at iBOSS can save making a lot of mistakes. So, if this is what you are thinking of doing then give us a call on 07876 503830 for a free consultation. We can also help with arranging finance in many cases.

#startinginbusiness #startupadvice #startingmybusiness

It is reported by the Telegraph that the UK manufacturing sector has experienced its fastest production growth since February 2022. The Purchasing Managers’ Index (PMI) registered 52.1 in July, up from 50.9 in June. A reading above 50 indicates growth in the sector. Companies credited the growth to higher demand from new product launches, efforts to clear backlogs of work, and improved intakes of new business. Output, new orders, and employment were all up, with the first increase in workforce levels since September 2022. However, inflationary pressures remain a concern, with input costs rising and selling prices increasing. Dave Atkinson, UK head of manufacturing at Lloyds Bank, said the growth will provide a boost to the sector and may encourage businesses to reconsider investment plans. 

iBOSS Comment:

More good news (especially when a bank manager sounds positive!!). If you are struggling to raise finance to grow your business, or you need some help and advice, then call us on 01327 349 779 or complete the enquiry form on our web site to ask for a free, ‘no-strings’ consultation on the options available to your business.

#Financeformanufacturing #businessadvice #manufacturingadvice

Tina McKenzie of the FSB says small businesses are playing a crucial role in revitalising high streets and local economies. She advocates action to ensure their survival and contribute to the future of town centres. This includes addressing business rates, transport, and parking. One suggested innovative solution is the introduction of loyalty schemes. This would encourage collaboration among local businesses and incentivise consumers to shop locally.

Support should also be provided to small businesses looking to transition from online to physical stores, including access to pop-up and temporary units. The new Government and local authorities must take action to implement these plans and provide full support to small businesses on high streets, McKenzie concludes.

iBOSS Comment:

Much attention is being turned to the redevelopment of ‘The High Street’ in many towns and cities around the country. Not before time too! The Team at iBOSS have experience of both running and supporting the growth of retail businesses. If you are looking to start or take over such a small business including pop-up shops but need some help and advice then call us at iBOSS on 01327 349 779 or complete the enquiry form on our web site to ask for a free, ‘no-strings’ consultation on the options available to you.

#retaildevelopment #highstreetshops #popupshops

It is reported that the British Business Bank has launched the Growth Guarantee Scheme. This aims to Provide access to finance for UK SMEs. The scheme is expected to support around 11,000 smaller businesses between July 2024 and March 2026. To date, 41 Lenders have been accredited for the scheme, with more to follow! Of these 20 are ready to accept applications.

The scheme’s terms remain broadly unchanged from its predecessor. This was the Recovery Loan Scheme. Under the scheme Lenders will provide various types of finance. These will include term loans, overdrafts, asset finance, invoice finance, and asset-based lending. Facilities will be provided up to a maximum of £2m per business. Size of Loan will, however, vary depending on the type of finance. Businesses that have taken out previous loan schemes will also be allowed to access the Growth Guarantee Scheme.

iBOSS Comment:

If you would like to know more about the new scheme &/or need help in submitting an application then call us at iBOSS (The Independent Business Owners Support Services) on 07770 866 955, e-mail to info@theiboss.co.uk or complete our enquiry form.

#governmentloanscheme #Growthguaranteescheme #recoveryloanscheme  #financeforgrowth

The Times reports that small businesses have seen an increase in profits by 6.5% in the first quarter of 2024. This is despite a decline in revenues. According to Sage’s small business tracker, companies have been cutting costs to bolster profitability. It states, however, that many are waiting for a more stable economic and political climate before making investments.

iBOSS Comment:

A regular review of costs & expenditure should be a standard procedure for any well-run business. Any resultant cost reduction is normally to be encouraged, unless that is, it would seriously affect future growth potential. This is Where the Team at iBOSS can be of considerable assistance. Between us we have many years of experience in reviewing company operations with a view to maximising returns. If you are interested in an impartial review of your business’s operation call us on 07876 503830 and ask for a free consultation on the services we offer. Alternatively complete the enquiry form by clicking on this link.

#costreduction #reducebusinesscosts #businessefficiency

It is reported that UK manufacturers’ confidence is at its highest level in a decade. Businesses are seeing  signs of a real economic turnaround. A survey by Make UK, reports that both output and orders have improved. Thus confidence has reached a rating of level 7 (on a scale of 1 to 10). This is only the second time it has reached this level since 2014. This is due in part by Manufacturers being hopeful that interest rates will fall as inflation cools. One benefit is that, with demand soaring and optimism increasing, more businesses expect to recruit over the next few months. The manufacturing sector is expected to outpace overall growth this year. Growth is forecast at 1.2% compared to 0.9% across the broader economy.

iBOSS Comment:

Encouraging news that reflects what we have been hearing from the marketplace. One hopes that the results of the pending UK elections will not have an adverse effect on this optimism. Are you are looking to grow your business? Do you need help with planning &/or finance for that growth? If you do, then call us on 07876 503830 for a free consultation.