In the most recent Small Business Index carried out for the third quarter (Q3) of 2018, it was found that small businesses are lacking confidence. The research carried out by the Federation of Small Businesses (FSB) on a quarterly basis has seen the confidence of small business plummet for the third time since the Brexit vote. The confidence of the self-employed has also taken a big hit due to the government unfulfilling its promises.
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Small businesses are less likely than larger businesses to offer zero hour contracts when hiring. In research carried out by the Federation of Small Businesses (FSB), it was found that employers within the small business sector tend to steer clear of non-guaranteed hour contracts. It was also found that small businesses were already paying the new National Living Wage (NLW) of £7.43 before it rose in April. This makes small business a good choice of employer.
If you have a passion for making music, starting a recording studio business may seem like a dream enterprise, especially if you already have experience of recording in your own home studio. Helping unknown artists on the path to success is an exciting prospect. However, starting up a professional recording studio is not easy. You need to be aware of what is involved and make sure that you are fully invested.
Hiring young people can be very beneficial for small business owners that have a heavy workload and small budget. You can take on young people through various programmes; you may wish to offer a week’s work experience, a three-month internship or even longer apprenticeships. When it comes to taking on young people as employees, you will need to make sure that you are fully compliant with the employment law. Seek the advice of an HR professional, if you don’t have an in-house HR team/department.
When it comes to hiring for any role, the main priority is getting the right candidate. You may need to look outside the UK if the applicants you are getting are not quite what you are looking for. There may be various reasons for wanting to employ people from overseas, however, whatever your reason you will need to adhere to certain rules and regulations.
HR is an important part of a business, whether you have an entire department looking after the HR of your business or just one person. It’s vital that a small business has an HR professional on board. However even when businesses have dedicated professionals to manage their HR, mistakes are still made that can be avoided. In the worst case scenario, HR mistakes can lead to a court case, with huge legal fines that can be detrimental to a business.
Like many business owners, you may dread holiday periods coming around. Finding someone to fill in for an employee’s essential duties can be a dismal task. However, there are positive days ahead, as your business will benefit in the following ways when your employee returns from their vacation. Here Austrack Campers highlight why it’s important to encourage your employees to travel while on paid time off.
Recruiting for a business is one of the most important milestones. It marks either the beginning (if you start with a team) or the growth of a business. There is no other predictor of success as prevalent as the team of people you employ to work for you. Having a good team, that moulds together and works hard, is essential to business success. Therefore, when it comes to recruiting for a small business, there are multiple factors that need to be considered.
When asked to deliver a speech in business, the pressure is ‘on’ to produce something that is valuable and engaging, to leave your audience feeling fulfilled. In addition to this, you will want to speak with confidence and clarity, whilst controlling any nerves. For your words to reach their full potential, you’ll hope for the audience to be convinced that your speech is natural and fluid, but it can be tricky to achieve this.
As a business owner, you will inevitably need to speak and present to sell yourself and your business. If like me you are an introvert this may not fill you with joy! However, understanding more about what this introvert trait means can help us move forward.
Running a successful and profitable business is impossible without a strong marketing strategy. After all, a business will never take off without a pool of loyal consumers. Proper marketing techniques can supply your business with just that. And these days, there is a lot to choose from.
Small businesses often feel pressed for time, money, and human resources, causing them to neglect training, one of the most important ingredients for success. Training can ensure that everyone on your team understands their job and what you expect from them.
When you are running a business you will need to be organised, or at least attempt to be, in order to run it successfully. There are so many parts of the business that you will need to simultaneously take care of so you will need a system to ensure that you are managing all areas effectively. Whether you are focusing on tax or the your employees’ holidays, you need to have your small business in order.
As a business owner you should have an exit strategy in place for your small business. It can vary from selling, to retiring, to moving onto another business idea, to even passing your business down to your children. You can keep your options open when it comes to deciding what you want to do with your business in the long term, however it is highly advisable to have an exit strategy in place. This can help you prepare for the future of your business ensuring that you choose the most beneficial and profitable option for you.
It’s no secret that the survival of small business can be challenging for entrepreneurs in the UK — only four in ten businesses survive past the five year mark of running the business. Businesses fail from making continuous mistakes which lead to the collapse of their business, so knowing the causes of business failure is key to eluding those factors and focusing on success. A plan to survive should therefore be accompanied by short and long term goals and objectives to keep you on track.
A massive 50% of small businesses say hiring new employees is their top challenge. According to Wasp Barcode’s annual State of Small Business Report it is the number one challenge for businesses with fewer than 499 employees, even more challenging than the traditionally-mentioned issues, such as increasing profits and cash flow. So, Yuliana Topazly from BuddyWith explains how flexible working can help.
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We’re often told that to be a successful leader we need to be able to establish a clear vision, share that vision with others in a clear and compelling way, provide others with the resources to realise that vision, and co-ordinate the sometimes conflicting interests of all stakeholders. But there is one more trait that every leader needs; flexibility. For example a business with its back against the wall requires a different style to one which is enjoying a profitable, steady state. Flexible leadership skills make a more effective business leader.
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Outsourcing for your small business can be a great way to save money, whether you require an individual with specific skills or just somebody to help with the extra workload. Before committing to any business decision, research needs to be carried out to find the best possible option. Outsourcing in its basic terms is the product or service from outside the business, and it’s becoming increasingly popular because it increases productivity and is cost effective.
In a recent survey conducted by the BCC (British Chamber of Commerce), it was found that one of the biggest issues that small businesses are facing is employing workers with the right skills. The small business workforce seems to lack certain skills which can hinder their chances of business growth. One of the factors that affected the confidence of small businesses during the early Brexit negotiations was the worries over the lack of skilled workers. Therefore, business owners together with the government need to create initiatives to upskill the British workforce.
Employees don’t leave the company they leave their horrible bosses. A great number of employees like their job but their relationship with their boss makes it difficult for them to enjoy their job. A lot of employees start the year by looking for new jobs and this is because they want to leave their ‘horrible boss’ behind.
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