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One in four small businesses fear closure

Small business owners say survival is their key priority over next six months as energy prices rocket and 80% have difficulty recruiting staff.

More than a quarter (27 per cent) of small business owners fear their businesses may close in the future, while two in five (42 per cent) say avoiding closure is their priority over the next six months.

Almost a third (31 per cent) of small business owner-directors worry that their businesses won’t be able to keep up with outgoings, while over a quarter (26 per cent) are using less electricity to save on bills.

The research, conducted by YouGov and commissioned by Meta, polled over 1,000 British small business decision makers of companies with fewer than 50 employees.

Steve Hatch, VP Northern Europe, Meta, said, “Small businesses are the lifeblood of the UK economy and right now they face the challenge of a lifetime just to keep the lights on.”

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Recruitment problems

Meanwhile, nearly 80 per cent of businesses are having problems recruiting staff with manufacturing and hospitality most badly hit.

As a result, more than half of businesses (56 per cent) say they are operating below full capacity, with the problem most widespread in hospitality (71 per cent).

Sixty-two per cent of businesses are trying to recruit staff, according to the British Chambers of Commerce latest quarterly recruitment outlook. The figure is largely unchanged from the spring, before spiralling borrowing costs and political uncertainty rattled confidence among consumers and businesses.

Alex Veitch, director of policy and public affairs at the BCC, said: “Unless we find a solution to the longstanding recruitment difficulties facing UK businesses then any plans to boost economic growth are doomed to failure. We have to fix the people problem before we can make headway on the productivity issue.”

The unemployment rate in the UK is 3.5 per cent, its lowest level since 1974, but at 1.25 million, the number of vacancies is close to a record high.

British Chambers of Commerce surveyed more than 5,100 businesses for the survey, 92 per cent of which were small businesses.

By Timothy Adler

Source: Small Business

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How Are UK Businesses Being Impacted By The Current Cost Of Living Crisis?

The last few years have been detrimental and troublesome for many businesses within the UK, thanks to the global pandemic and issues transpiring from inflation. As a result, businesses and economic leaders have had to remain resilient during these tough times in order to survive.

To assess the influence of the current cost of living crisis on UK businesses and the challenges they are presently facing, business loans specialist Nucleus Commercial Finance surveyed 1,000 individuals within the business management sector, where they relayed their biggest concerns for the growth and stability of their company within this financial year.

The findings of the study revealed that 72% of business owners are now worried the current cost of living crisis is going to negatively affect their business somehow, with 23% admitting they don’t picture their business surviving as prices continue to increase day by day. One of the reasons behind this could be due to customers no longer being able to afford their products, which 68% of the study predicted. Overall, the five biggest concerns from the study were:

  • Price of fuel
  • Energy expenses
  • Cash flow
  • Employee retention
  • Transportation costs

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Price of Fuel

As of lately, the price has fuel has soared and hit record highs across the country, which typically affects business both directly and indirectly. The increase in cost of fuel will likely hit certain businesses harder, such as those involved in haulage and delivery, where their services will see a direct impact. Additionally, rising fuel prices can also affect supply chains and the daily undertakings of employees.

Energy Expenses

The cost of energy bills is another major stressor to businesses in the UK, with 42% claiming it is a threat to their stability this year. In the last year, small businesses have faced a 250% increase in gas bill prices alone. Recently, the government has announced that the energy bills for UK businesses will be cut to around half of the expected level during the winter months in order to shield them from crippling expenses. The scheme will fix wholesale gas and electricity prices for businesses for six months starting from October; however, many fear what will occur after this period, particularly for vulnerable businesses that need the additional support.

Cash Flow

Cash flow is another primary concern for business leaders, and for good reason. Maintaining a steady cash flow is vital for a business to operate successfully. Having access to cash is necessary for businesses to pay employees, fund opportunities for growth and pay suppliers. This is particularly difficult for start-up businesses or those who do not have a cash flow high enough to support them during the financial crisis. When faced with a loss of clientele and a reduction in employee retention, these businesses must be selective when spending their cash reserve. The Confederation of British Industry (SBI) has stated the trade that has seen the largest decrease in sales is the retail industry, which encompasses clothing retailers and specialist food stores – demonstrating how customers are now prioritising their basic necessities in response to the increase in the cost of living.

Source: Manchester Gazette

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Graduates accelerate SME growth across the North East

Graduates are our future business leaders.

They play an important role in supporting the health and growth of our regional economy-encouraging them to stay in the region is vital to both.

The University of Sunderland has an excellent track record in delivering programmes of support with graduate employability and retention in the region at their heart.

One such pioneering scheme is the Graduate Internship Scheme. First launched in 2011, the University of Sunderland received European Regional Development Funding (ERDF) to run its Graduate Internship Scheme, connecting graduate talent with regional, Small to Medium Enterprises. It has since provided over 650 graduates the opportunity to work in a variety of small-to-medium private sector organisations across the north-east and delivered nearly £2.4 million in funding to those businesses.

By Autumn 2022, the internship scheme will have placed 250 graduates into full-time roles within growing SMEs, earning an average salary of £20,000.

Graduates typically bring fresh ideas into those organisations, as well as a new perspective, and often help deliver a new product, process or service for the business. After 12 months, employers can decide whether to extend the intern’s contract, and most do, with a high rate of graduates being offered full-time employment on completion of their internship.

Project manager Laura Foster says: “It’s been a well-documented difficult and uncertain time for businesses over the last couple of years, and our project helps SMEs in a really practical way with help towards graduate’s salary costs”.

There are many success stories to have come out of the project and the internships team regularly receives positive feedback from SMEs and graduates who have benefited. One such example is Blaydon-based HLF Group. They recently recruited BA (Hons) Graphic Design Graduate, Brooke Gerrens.

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Director Rachel Conroy said, ‘Brooke’s appointment has had a hugely positive impact on our business. Previously we outsourced a lot of this work (Graphic Design and Media Management) which took time, and they didn’t know our products as well. I believe we can clearly demonstrate we have grown the business through the work Brooke has produced’.

‘The future is very bright. We have three very large tenders going through at the moment with multi -national companies to refurb their stock across the country. We are also seeing steady growth into new trade sectors.’

Brooke told us of her internship experience so far, ’I have always had a creative eye, in particular editorial design which feeds into designing brochures for customers, therefore the job fits into everything I have wanted to do.

The atmosphere working at HLF is fantastic, design is something I have always had a passion for, so to have the opportunity to be creative in my career is great.’

The scheme delivers European Regional Development Funding (ERDF) and supports SMEs with the cost of employing a graduate, providing up to £3,500 in subsidy payments. After 12 months, employers can decide whether to extend the Intern’s contract.

Source: Bdaily News

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SMEs reap benefits of digitalisation cause by Covid-19

The Covid-19 pandemic made online purchases increase and drove customers to use different channels to find products and services. For the UK’s small and medium-sized businesses, this meant having to implement new digital strategies to grow their online presence, while competing with the bigger fish on the market.

Capterra UK conducted two surveys on nearly 300 professionals from SMEs to find out how companies have developed their digital presence since the pandemic, and what digital investment plans are in the pipeline.

According to the first survey, one in five businesses (23%) did not have a digital strategy before Covid-19 but had to define and implement one as a result of the pandemic. For more than half of companies, Covid-19 accelerated their digital transformation processes because their initial digital strategies were not sufficient.

Covid-19 accelerated digital strategies, but most SMEs say it was worth it
Despite challenges brought on by the pandemic, the majority (56%) of the surveyed respondents thought that their company would have been worse off or even not exist today had they not carried through with digital initiatives. That said, nearly two-thirds (64%) of respondents found it extremely or somewhat difficult for their company to implement its digital strategy.

In fact, a combined total of 55% said they recruited new employees (36% hired more people and 19% hired and fired staff) to help them carry out the digital migration, with 58% identifying Digital Marketing Specialists as the top recruited role. However, while some have new recruits, 19% of SMEs still have somebody in charge of digital strategies who is not an expert in the field.

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Omnichannel strategies are being used to meet customer demands
According to 38% of the respondents, the top reason for the companies’ digital transformation was to respond to customer demands, with over half (51%) saying customer service support tools, including customer relationship management (CRM) and chatbots, are focal points that needed improving.

In particular, with more people working from home and using multiple devices, Covid-19 accelerated the deployment of omnichannel strategies to cater to users: While 31% of businesses had these strategies in place before Covid-19, the number rose to 37% during the pandemic.

SMEs’ investment in Email Marketing and Data Collection will be key to success
Capterra UK’s second survey shows that while many businesses invested in digital strategies to adjust to the changes brought upon by the pandemic, most UK SMEs will maintain (46%) or increase (50%) these investments for at least the next two years, with 55% saying the strategy is working well and that more investment means more revenue.

According to 35% of the respondents, the main reason new digital strategies help businesses is that it increases sales opportunities by reaching new people from different channels. It is therefore no surprise that for 91% of businesses, email marketing is an important element of their digital strategies (39% say it is somewhat important and 52% say it is very important), followed by Data Collection (90%).

Big companies are competition for SMEs but are also beneficial
Nearly three-quarters (72%) of the surveyed professionals somewhat or strongly agreed that “big companies are more favoured than SMEs in the digital age”, which may explain why a quarter (26%) of respondents said their company adopted a digital strategy to keep up with competitors.

Although this may be the case, others are leveraging the benefits: The results show that 15% of SMEs see the existence of big companies as beneficial to their company, with 42% of this group saying that they observe and learn from the way big companies work.

By Alice Cumming

Source: Business Lender

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SMEs now twice as big

The definition of an SME – a small and medium sized enterprises – has officially changed.

As of today, 3rd October 2022, any company with fewer than 500 employees is classed as an SME and therefore exempt from certain bureaucracy.

The maximum size of a small business remains 49 employees but for a medium sized business it has been raised from 249 to 499 employees.

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The former definition was in line with EU definitions. The motive for changing the definition is to free up more companies from ‘the burden of regulation’.

Ministers do not yet know what the impact will be but hope to be able to go further. Once the impact on the current extension is known. “The government will also look at plans to consult in the future on potentially extending the threshold to businesses with 1000 employees, once the impact on the current extension is known,” it said.

Source: The Construction Index

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Business Loan Requirements: How to Qualify and What is Needed?

No matter what kind of business you run, eventually, you’ll probably need a cash injection to facilitate future operations. To replenish your business capital, you might apply for business loans from a lender. This is a common practice conducted by many enterprise owners every year.

Unfortunately, the loan application procedure can be very frustrating if you don’t know what lenders require. To receive loan approval from some lenders, you must fulfill specific requirements. Understanding these terms as a borrower will help you secure a loan faster and improve cash flow efficiency.

We hope this post will help you understand some basic business loan requirements and conditions. So, let’s start:

The Process Of Qualifying For Business Loans

It may seem intimidating to submit an application for company funding. Understanding the conditions for company loans, which could include excellent personal credit scores, collateral, and a long history of business operations, could speed up the procedure and raise your odds of being qualified for business loans.

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Factors That Lenders Consider For Your Loan Qualification

Depending on the kind of loan you are looking for, your company, and the lender you are collaborating with, you may need to provide specific documents and information. Usually, you can expect to provide the following information in addition to fundamental business information like your tax ID and business industry:

  • Credit score

Owners of businesses must keep an eye on both their personal and corporate credit scores. Since it takes time to establish a credit history for your company, your personal credit score is often more important. When evaluating your loan application, expect lenders to look at your personal credit history. To increase your chances of approval, you might wish to hold off on applying until your credit is in good standing. Additionally, you can ask one of the commercial credit bureaus, such as Bradstreet, for a report on your company’s credit history.

  • Business operational aging

Most lenders like to engage with companies that have been around for a while. They frequently require operations having been established for at least six months to a year, and banks may require two to three years. Since startups have a poor track record of paying back loans, lending to them is regarded as risky. Check the lender’s minimum time in business standards before submitting your application for financing to be sure you fulfill them.

  • Business strategy

A detailed description of your products and services, your costs, and how you make a profit should all be included in your business strategy. The financial sections of your business plan, including the financial statements and balance sheets, are probably of most interest to lenders. However, your business plan as a whole would show lenders that you have good managerial abilities, an understanding of the industry, and the capacity to repay a loan.

  • Balance sheet

Your balance sheet would show the company’s assets, liabilities, and owner equity. The company’s financial situation at any one time could be displayed by compiling this data into a single document.

To determine the company’s value, you would need to subtract your existing liabilities from your current assets. Lenders would use the balance sheet to assess the business’s financial health.

  • History and cash flow projections

The amount of money left over for a business after paying for routine daily expenses is known as free cash flow. Another instrument that lenders use to assess a company’s capacity to pay back debt is a cash flow analysis.

In addition, lenders would be able to determine how much debt your company could bear and how much money would be available to reinvest in your company by breaking out your cash flow history and estimates.

  • Account receivables and payables report

The amount customers owe you for any completed project is known as accounts receivable. On the other hand, accounts payable refers to the unpaid sums you owe to vendors.

The specifics of how your business handles payments and accounts payable demonstrate to a potential lender whether you are well-organized enough to utilize your resources efficiently or not.

  • Collateral

In order to secure a business loan, borrowers might pledge assets as collateral, giving the lender the right to confiscate those assets in the event that the borrower fails to make payments.

Although not all lenders demand collateral, if they do, the loan amount would be based on the asset’s worth. Among acceptable assets are real estate, machinery, bills, and receivables.

Final Thoughts

Before acquiring a loan for your business, make sure to research and compare lenders. Find a lender whose minimum requirements your company can meet and whose terms and conditions you can survive with.

Source: Financial Investor

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Businesses Defy Gloomy Outlook with Plans to Succeed in Next Three Months

Despite the considerable headwinds of soaring energy prices, recession forecasts, and soaring inflation, small business leaders in the UK nonetheless remain bullish in their approach, with the majority adapting and reacting to the changing economic environment.

Research from Novuna Business Finance from the quarterly tracking study of 1,201 small business leaders found that while 34% of small businesses currently predict growth, 70% are looking for ways to try to adapt and grow. This proportion has increased from 67% at the start of the year (Q1’22).

Focus on cost control

Of these businesses, costs and cashflow have been the dominant issues to tackle – 55% said they needed to reduce fixed costs, 30% were trying to improve cash flow and 25% were trying to tackle late payment. There was also a slight increase in the proportion looking to streamline their supply chain on the start of the year (9%, up from 7%).

Dealing with rising costs was the biggest worry for small businesses fearing their business would contract in the coming months – here, 73% of respondents are desperately looking at ways to keep fixed costs down.

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Investment plans remain positive

Looking at active investment, the results showed around one in eight (12%) businesses were looking to invest in new equipment for their business in the coming months, which was in line with the average for the past two years (12%). This figure increased to 26% among businesses in the manufacturing sector, up from 23% at the start of the year, and 14% of agriculture businesses (also up from 12%).

Meanwhile, around one in seven (13%) businesses were looking to expand into new markets or overseas in the coming months, again in line with the average for the past two years. This figure increased to 22% among businesses experiencing significant or moderate growth.

Around one in seven (15%) said they would be looking for additional staff in the next three months, which was only slightly down on previous quarters (18% in Q1’22, and 18% in Q3’21). The exceptions to this, however, were in the legal (26%) and finance and accounting (19%) sectors, where the proportion looking to hire increased slightly (from 21% and 18% respectively). Similarly, high hiring figures could be seen among businesses experiencing significant growth (58%), and moderate growth (29%).

Jo Morris, Head of Insight at Novuna Business Finance comments:

“There has been no let up for small businesses for an extended period now, and signs on the horizon of the storms clearing appear bleak. Rampant inflation, soaring energy costs and shrinking economic growth present merciless trading conditions, all after the serious challenges presented to small businesses during the pandemic. And yet, once again, we see the resilience displayed by small business leaders in their outlook and plans to achieve growth during this time.

“Making plans to grow is often the best form of protection during a challenging period. It provides direction to navigate through the storm, and mitigates the scrapes along the way. It also puts a business in the best position to pounce on opportunities that emerge during a crisis. At Novuna, we work with small businesses to plan for the long term, not just the immediate challenges directly in front of them, helping them to grow during the good times and bad.”

Source: Business News Wales

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More than half of SMEs in UK still struggling post-COVID

New research has revealed that over half of respondent SMEs (56%) are still struggling to stay afloat, two years on from the start of the pandemic. Earlier this year, B2B BNPL provider Hokodo surveyed 500 SMEs across a number of industries to gain a better understanding of how such businesses were recovering from the pandemic, and the results were startling.

The hospitality and tourism industry has been impacted the worst, with 77% of businesses still negatively affected. This news comes amid the cost of living crisis, with energy prices and inflation soaring.

More than two years on from the start of the pandemic, 28% of small business owners admit they are barely breaking even. Meanwhile, a further 48% said that their business is now making revenue, but the financial state of their business has been difficult to manage. During the last six months, 28% have had some difficulties making payments or missed paying invoices from time to time. For 8% of respondents, missed payments have become a regular occurrence.

With around half (56%) of SME owners feeling somewhat positive about the future of their business in the next 12 months, there is some good news to be found in the survey results, but SMEs are still facing significant challenges, with business owners worrying about a number of issues.

  • By far the greatest concern for SME business owners is increasing energy prices, which is currently worrying 49% of respondents.
  • Inflation rates are an issue for 43% of business owners.
  • Cash flow is causing problems for more than a third (39%) of SMEs – over 90% of whom had no cash flow concerns pre-pandemic. A quarter says that cash flow is no longer a problem, but it used to be during the COVID-19 lockdowns.
  • Material costs are affecting 32% of respondents while labour costs are a struggle for 16% of businesses.

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One of the ways that SMEs can alleviate cash flow problems is by having the option to delay payment of their business purchases. 23% of survey respondents admitted that access to longer payment terms is crucial to their company’s survival over the coming 12 months. Meanwhile, 41% actively search for suppliers who offer credit terms, and 15% say that this is an essential requirement when sourcing suppliers.

Perhaps adding to the financial strain is the fact that 45% of businesses occasionally have to grant their own customer payment terms in order to win deals, while 14% have to do this all the time, raising the question of why there has not been more provision made to support the B2B sector in this area.

Richard Thornton, co-founder & co-CEO of Hokodo, comments: “It’s no secret that the last few years have been difficult for businesses globally. But while there is a common perception that the concerns of the pandemic are largely over, it’s important to remember that many SMEs are yet to re-establish their equilibrium.

“With the increasing cost of living, inflation, and pressures of the energy price crisis – something that has been shown to significantly impact hospitality providers – SMEs are in need of greater support. Finding ways to better manage cash flow is at the heart of this, and contemporary trade credit solutions have the potential to provide the answer.”

Source: SME WEB

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92% of SME leaders call on government to do more about inflation

As costs and inflation rise to record levels, small and medium-sized businesses across the UK are urgently calling for Britain’s new Prime Minister, Liz Truss, and her cabinet to provide them with more support.

A poll of 250 British SME leaders reveals an incredible 92% think the Government must do more to support small and medium sized businesses during this period of unprecedented difficulty.

The survey, commissioned by technology provider, Babble, identified the five biggest issues keeping SME leaders awake at night:

  1. Rising inflation costs impacting profit margins (58%)
  2. Retaining customers and clients (46%)
  3. Winning new business (39%)
  4. Impacts of Brexit on importing and exporting (24%)
  5. Providing exceptional customer service (22%)

SME leaders in the North West are particularly concerned with inflation pressures, with three-quarters (75%) of respondents from the region listing it among their biggest worries. Meanwhile, two thirds (65%) of business leaders in the East Midlands are losing sleep over retaining customers and clients, as SMEs struggle to compete. Delivering good customer service when the business is stretched is a particular concern for leaders in the north too, with 31% in the North West and 30% in the North East citing it as one of their biggest worries.

Following the last few years of pandemic-induced chaos, the healthcare industry (73%) is understandably one of the sectors most concerned about the impact of inflation, alongside arts and culture (78%). Investing in new technologies is another key concern for the sector, with a third (33%) of healthcare SME leaders saying so.

The impact of Brexit is still weighing heavily on small businesses too – manufacturing (50%), architecture and engineering (37%), healthcare (33%) and retail (24%) leaders each had it among their top four concerns, with worries around the effect on imports and exports.

Calls for cost-cutting support
When asked what support they’d like to see the Government provide to British SMEs, respondents overwhelmingly voted in favour of measures tackling rising costs. Over two thirds (67%) would like a cap on business energy bills, similar to household energy bills, whilst almost half (44%) want to see work done to reduce rapidly rising insurance premiums, especially on mandatory personal indemnity insurance policies. Other methods of support SME business leaders would like to see include:

• Corporation tax remaining at 19% regardless of business size (35%)
• Reintroduction of the furlough scheme through the initial recession period (27%)
• Reintroduction of the Brexit Support Fund for SMEs who are exporting to Europe (22%)
• Faster rollout of Building Digital scheme so all businesses have fast broadband (20%)

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Tech investment key to navigating trouble
With support so far unforthcoming, British SMEs are having to consider which areas they should invest in to successfully navigate this period. Over half (57%) plan to invest in new technologies to stay ahead of competition, though a quarter (23%) said they would have to scale back on spending plans. When asked, business decision makers are most likely to invest in:

• Software to improve customer experience (48%)
• Cloud technology to improve hybrid and remote working (38%)
• Increased protection from cyber attacks (31%)
• Initiatives to keep staff morale high (29%)
• Software to manage HR and recruitment processes (20%)

Commenting on the findings, Babble’s CEO, Matt Parker, says “SMEs are the backbone of the UK’s economy. But instead of being able to dream big, they are being kept awake at night worrying about how they’re going to navigate the next twelve months and it is clear they are going to need more support to do this. Whether it’s reducing costs long-term, ensuring greater customer service, stronger defences against cyber-attacks or promoting greater collaboration between teams, cloud technology provides the answer.

“At Babble, we’re passionate about working with SME leaders to find the solutions to these issues and seeing small businesses thrive. As the country enters a new era of leadership, we’re determined to see SMEs up and down the country get the support they need and make the right investments to allow them to dream big for the future of their business.”

Babble is committed to powering business up and down the country, aiming to provide a local service to its customers, with the all the benefits of a national provider. The company supports over 10,000 organisations across a range of sectors and has over 250 staff located nationwide.

This makes Babble a natural partner for Ride Across Britain, an annual 980-mile bike ride from Land’s End to John O’Groats. As lead sponsor, Babble is demonstrating its support for clients across the UK, reflected in the cross-country route, as well as fundraising over £500,000 for charities, The Prince’s Trust and The Buffalo Foundation.

By Serena Haththotuwa

Source: Business Leader

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Late payments costing UK small businesses £684 million a year

As inflation continues to increase, a new survey has revealed that late payments are costing small businesses £684 million each year. Using analysis from thousands of businesses based on revenue and expenses data, this is due to them being paid 5.8 days late on average.

Prepared by Accenture, with the support of Xero, the global small business platform, these findings underpin a new report: Crunch: Cash Flow challenges facing small businesses, Part II. The report aims to help small businesses and their advisors better understand ‘cash flow red flags’ – the early warning indicators that a small business is heading for cash flow trouble.

The report identified the following cash flow ‘red flags’:

Late payments: Almost half (49%) of invoices issued by small businesses were paid late, with 12% paid more than a month after they were due.
Expenses: Small business expenses rose by 18% in 2021 due to supply chain disruptions, price shocks to commodities like oil, and general inflation – a marked difference to 2020, when expenses actually declined by 1%.
Seasonal slowdowns: Amplified in sectors such as hospitality, where small businesses generate 28% of their annual revenues in summer, compared to 22% of their annual revenues in winter.
Alex von Schirmeister, Xero’s UK Managing Director, said: “Small businesses continue to show huge resilience in the face of soaring costs but our data consistently points to the damage caused by late payments. While it’s positive to see a new energy support package, the new Government must take the right action on this devastating issue.

“This isn’t ‘late payment’, it’s ‘unapproved debt’. It’s time to call it that and tackle it head on. This includes enforcing stricter penalties for the worst offenders, to provide a lifeline to an overlooked majority. Businesses should also look at the digital tools available which can also help with faster payment.”

In a separate Xero study*, 79 per cent of large UK businesses said that without their small business suppliers, their organisations would be more expensive to operate. But despite this acknowledgement, over half (55%) owned up to having paid a small business supplier later than the agreed payment terms in the last 12 months.

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Tackling cash flow ‘red flags’

The report recommends that small firms consider adopting online invoice payment options for faster payment; and work with their accountant to stay on top of government programmes that offer payment plans which help businesses smooth out their expenses.

“Late payments threaten owners’ ability to meet their own obligations – such as rent or wages,” said Rachael Powell, Chief Customer Officer, Xero. “Small firms and policy makers can send a clear message that late payments aren’t acceptable, and come together to develop policies and penalties for those who refuse to take the hint. If small businesses and their advisors can actively look out for these red flags in their financial data, they’ll find it easier to anticipate and avoid cash flow crunches.”

The report, including the insights and analysis contained within it, was prepared using Xero Small Business Insights data, publicly available data, and Accenture estimates for the purpose of informing and developing policies to support small businesses. It follows the launch of Part 1, released at Xerocon London in July.

Source: SME Web