The Times reports that, the UK had 5.7m businesses, at the start of 2024. This was an increase of 191,000 from the previous year, according to the Department of Trade & Industry (DTI). It is claimed that this is primarily due to 201,000 new self-employed and one-person companies being registered. Interesting that this is despite a decline of 9,000 in firms employing staff. Jonny Haseldine from the British Chambers of Commerce noted: “It’s really welcome to see the UK’s entrepreneurial spirit created more private businesses in 2024.” However, he warned that many SMEs face “widespread cost pressures” and urged the Chancellor to avoid new taxes on businesses.

iBOSS Comment:

Encouraging news, but how many of these new business owners/managers have the right level of knowledge & experience to make a success of their business? Having a ‘grand idea’ is one thing. Having the ability to make it into a success is totally another! Then there is the question of finance! “Do I have access to sufficient funds to get this business off the ground and to sustain its growth?”.

If you, or someone you know has concerns in either case then come and speak to us and ask for one of our free, ‘no-strings’, Consultations. Simply e-mail us at enquiries@theiboss.co.uk  or complete the enquiry form on our web site www.theiboss.co.uk .

It costs nothing to ask!

Amid a surge in cyber-attacks targeting major businesses, the Government has advised businesses to prepare for potential cyber-attacks. This includes by maintaining physical copies of their operational plans. The recommendation follows a rise in serious cyber incidents, with the National Cyber-Security Centre (NCSC) reporting 204 “nationally significant” attacks this year, a 50% increase from last year. As a result consultancy firms are expected to see a significant increase in demand for cybersecurity services.

It is predicted that the cybersecurity consulting services market will see growth hit 9% in 2025, compared to 4.7% in 2024. The report estimates that the global cybersecurity market will grow by over $2bn in 2025, as revenues rise from $27.9bn in 2024 to $30.2bn in 2025.

The Chief Executive of the NCSC, suggests that Organisations need to have a plan for how they would continue to operate without their IT. The Government is also encouraging firms to utilise free resources, such as cyber-insurance for small businesses.

iBOSS Comment:

Cyber-security is now a matter of key concern both to Governments and businesses around the World. Whether it is a major Corporation or an SME the threat of ‘Ransomware’ is increasing and, as we have all seen, can have an immediate and devastating effect. We urge all of our clients to take advice on the necessary precautions and to act swiftly. If you are unsure who to talk to then this link may be of help.

The Telegraph reports that the UK property market is experiencing a significant slowdown due to Labour’s proposed tax changes. It is claimed that properties are remaining unsold for extended periods, with house prices declining and sales falling through. A representative of Sotheby’s noted that this summer has been “one of the quietest we’ve seen for some time.” Furthermore Simon Gerrard, from Martyn Gerrard estate agents, reported that nearly 20% of agreed sales fell through in August. Not surprisingly, the uncertainty surrounding the upcoming Budget has left buyers hesitant, with many adopting a “wait-and-see” approach.

iBOSS Comment:

This presents opportunities for those interested in growing a property portfolio or anyone in the property refurbishment business in particular. For those considering such a move this may be an opportunity to improve net revenue, if one can move quickly enough. We at iBOSS have the knowledge and skills needed to both raise finance for such a project and to assist with the management of this type of project, especially if this is something you are new to.

If you would like to learn more about how we can help then fill in the enquiry form on our web site www.theiboss.co.uk or contact phil on 07876 503830 or e-mail phil@theiboss.co.uk , and ask for one of our Free consultations.

Research by HSBC shows that UK businesses are experiencing a surge in trade with the US. Payments from UK firms to US counterparts rose by 23% in the year to June, while payments from the US to the UK increased by 13%. The analysis shows that one-third of UK businesses gained new US customers, with 37% reporting revenue growth. HSBC’s head of global trade solutions, Stephanie Betant, noted that the UK’s service-oriented economy has helped mitigate the impact of US tariffs on goods.

iBoss Comment:

Anything that boosts UK exports has to be encouraged even though, in this case, the value of our imports from the US still outstrip our exports. With the Trump Government laying such emphasis on increasing the US manufacturing base, exporting UK goods will not get easier but will not be impossible. Selling them services from UK-based should, however, be relatively easier. As we have mentioned in previous Posts, businesses looking to export should also be looking at other potential markets rather than just concentrating on the US!

If you think export may be an option for you to expand your business, but need some practical advice then contact us at iBOSS and request our free consultation. Simply call Peter on 07770 866955, e-mail to Peter@theiboss.co.uk or complete the enquiry form on our web site www.theiboss.co.uk.