High banking charges hinder SME expansion

A  study of 3,000 small business owners has found that high banking charges are a bigger obstacle to international expansion than Brexit red tape. It is claimed that last year UK small businesses lost £2.8bn to hidden fees. This resulted in 69% of them being prevented from expanding further. Business owners said they struggle to compare the market. This was due to a “corporate opt out” that allows banks to hide their fees in the exchange rate.

Calls to end ‘Opt out’.

One of the international account providers, is calling on ministers to end ‘the opt out’. Also to ban hidden fees for businesses and consumers. Two-thirds of business leaders agree that ‘the opt out’ should be removed. They believe that regulation should require banks to be transparent about international payment costs. Research shows that, if the cost of international banking services were reduced, 34% of SMEs would enter new markets. Also 27% would hire more staff!

iBOSS Comment:  

Anything that can help to promote exports is to be encouraged. Banks should realise that they also would benefit from this in the future! Short-term pain for long-term Gain! Call us at iBOSS for business planning and advice on Home and Export markets. For help in raising finance click onto this link to our sister company BFS

#businessadvice #businessplanning #businessgrowth #export advice

Helping a children’s nursery to grow

‘Outstanding’ but still looking to improve!

We, at iBOSS, were recently approached by the owner of a children’s Nursery. She was looking for assistance in developing her business, which operates as a Ltd Company. The Nursery itself performs very well in regard to the educational and care aspects of the business. It is currently operating on a firm financial basis and has recently gained an ‘Outstanding’ rating from OFSTED.  What the owner was looking for was help and guidance in terms of commercialisation and growth of the business.

The Nursery is located in a Northamptonshire village and, as such, takes children from the surrounding area. It acts as a ‘feeder’ to a number of Primary Schools,  Following initial discussions, it was agreed that iBOSS (Director Phil Jones in particular) would take on the role of business advisors, based on a monthly retainer.

How we help

This arrangement has now been working successfully for a number of months with the following results:

  • One area of concern involved the difficulties of raising the Nursery’s profile and associated fund raising. We advised on the setting up a ‘Friends of …’ Group. This has now been done with a significant number of Parents joining in enthusiastically. Phil also sits in on some of the meetings to provide help and guidance.
  • We have been able to provide advice in other areas such as employment and dealing with external matters such as suppliers and legal matters etc.
  • As a result of our involvement, some of the operational strain has been taken off the owner, leaving her more time to concentrate on the educational/care aspects of the business.

Plans are now being worked on for future development of the business and any additional fundraising activities needed to support that development. iBOSS continues to be involved in an advisory role.

If you would like to know more about the advisory services we provide call Phil Jones on 07876 503830 or e-mail him at phil@theiboss.co.uk. Alternatively visit our web site www.theiboss.co.uk and complete the enquiry form. We look forward to hearing from you.