Entrepreneurs Need More than Funding. They Need a Community

This is a lovely article about the insight of an entrepreneur who realised that getting money from investors wasn’t everything. He did some writing on LinkedIn and began gaining followers and eventually even client requests through that.

Here’s a snippet of his article:

“Investors are great, and I assume it would be nice to start my business using someone’s else’s money, but I knew that investors wouldn’t be knocking down the door to invest in a consultant–no matter how many LinkedIn followers he had.

However, I got something that, in the long run, is even better than someone else’s money.

I got a community”

Read the rest here https://www.inc.com/dustin-mckissen/entrepreneurs-need-more-than-funding-they-need-a-c.html

Small firms urge Bank of England caution

Responding to the Monetary Policy Committee (MPC)’s split decision (6-2) to maintain a 0.25% Bank Rate and its 3% CPI forecast for October, Mike Cherry, National Chairman at the Federation of Small Businesses (FSB), said:

“At a time of unprecedented uncertainty it’s more critical than ever that the MPC approaches interest rate decisions with caution. Against a backdrop of slowing economic growth, increased debt costs would put yet another strain on our embattled small business community.

http://www.fsb.org.uk/media-centre/press-releases/small-firms-urge-bank-of-england-caution

Insurers too slow to react to SME losses

Insurers are too slow to respond to SME losses, leaving them vulnerable to going bust – and the industry has made little progress since the Financial Conduct Authority’s similar finding two years ago, according to one firm.

The claims service given by insurers to SMEs is lagging behind what the companies expect, a recent survey by MGA and loss recovery specialists Lorega found. At the top of the list of gripes from SMEs were that both interim and final claims amounts were not agreed promptly, which the MGA’s MD said could lead to companies being pushed out of business.

http://www.insurancebusinessmag.com/uk/news/sme/industry-too-slow-to-react-to-sme-losses-says-lorega-75357.aspx

SME satisfaction with Government remains negative

Small and medium enterprises (SME’s) overall satisfaction with the Government has risen in the three months to 30 June, the second overall improvement this year.

However, it continues to be in negative territory, declining to -7pc from -9pc in the first quarter of 2017, according to the latest survey from ISME, the independent representative association for SMEs.

Read more here http://www.independent.ie/business/small-business/sme-satisfaction-with-government-remains-negative-36014415.html

Small businesses working hard to meet living wage challenge

The article below outlines the struggles British Small Businesses face with being able to keep up with the National Living Wage for their employees. They do seem to manage to find the funds by adjusting their budget but we can’t help to think that Akoni can add value to this issue, by offering Small Businesses better returns for their existing cash. This of course means more money on their accounts for anything that is needed to keep the business going and perhaps even grow:

“British small businesses are managing to stretch their budgets to cover the national living wage for their employees.

New research from the Federation of Small Businesses (FSB) shows the majority (64 per cent) of small firms impacted by the National Living Wage (NLW) have stretched to meet the latest rise by taking lower profits.”

Read the full article here http://smallbusiness.co.uk/small-businesses-meet-living-wage-2540101/?platform=hootsuite

Business in Britain June 2017: An Analysis by Lloyds Bank

Business confidence has risen significantly in the last six months according to the latest Business in Britain report. The survey, now in its 25th year, offers insights on the recent performance and expectations of domestic businesses. The survey is based on the responses of over 1,500 firms, especially small and medium-sized companies, drawn from all industries and all parts of the country.

Read it here http://resources.lloydsbank.com/insight/business-in-britain-july-2017/

5 traits of successful teams according to research by Google

Over the years, Google has embarked on countless quests, collected endless amounts of data, and spent millions trying to better understand its people. One of the company’s most interesting initiatives, Project Aristotle, gathered several of Google’s best and brightest to help the organisation codify the secrets to team effectiveness.

Specifically, Google wanted to know why some teams excelled while others fell behind.

https://www.inc.com/michael-schneider/google-thought-they-knew-how-to-create-the-perfect.html

DBS portal to help entrepreneurs set up their business in a day

DBS has launched an online portal to help entrepreneurs set up their business within a day.

Through the DBS Get Set portal, small business owners can appoint a company secretary to help them incorporate their business with the Accounting and Corporate Regulatory Authority (ACRA) and open a banking account at the same time, via a short online application process.

Read more here https://www.finextra.com/pressarticle/70151/dbs-portal-to-help-entrepreneurs-set-up-their-business-in-a-day?utm_content=57949754&utm_medium=social&utm_source=twitter

Growth slows for SMEs in construction, says federation

The SME construction sector grew in the second quarter of 2017, albeit at a slower rate than the first three months of the year, according to the Federation of Master Builders (FMB).

The FMB’s State of Trade Survey, the only quarterly assessment of the UK-wide SME construction sector, found that the period was the 17th consecutive quarter of positive growth meaning that the construction SME sector has been growing for more than four years.

Almost one in two construction SMEs predict rising workloads in the coming three months, with just nine per cent predicting a decrease in activity.

Meanwhile, 83 per cent of builders believe that material prices will rise in the next six months;

http://www.yorkshirepost.co.uk/news/growth-slows-for-smes-in-construction-says-federation-1-8665207?utm_content=57949154&utm_medium=social&utm_source=twitter 

Business savings drop since Brexit vote, while SMEs in the East of England remain top savers

The current uncertainty in the economic and political environment following last year’s Brexit vote has had a significant impact on business savings in the country. The national average on business savings has dropped a staggering 20%. However, it seems that smaller businesses are still investing a good amount of their funds in cash savings, having only dropped 5% from last year.

The good news is that we do also see an increase in business savings in parts of the country. In the East of England SMEs have increased their savings by 9% from 2016, making them once again the top savers in the country.

SMEs understand the importance of having cash readily available for regular payments. Most of the time their cash savings will remain in a savings account that business owners and managers will have most likely chosen based on their rates and the kind of returns they can make on their money. The problem is that SMEs don’t have the time and resources to be able to shop around for the best rates on a regular basis, missing the chance to truly maximize their returns. This is where the founders of Akoni realized the need to create a service that gives SMEs the same chance as larger corporations, to maximize their returns, without having to sacrifice the time they need for running and developing their business.

As the Director of Savings at Hampshire Trust Bank, Stuart Hulme, said: “Rather than stockpiling cash in current accounts, SMEs should consider shopping around for a business savings account that provides a better rate of return, enabling them to make more of their hard-earned cash.”

For more detailed statistics read more here.

Akoni helps businesses make the most of their cash. Register for free at AkoniHub.com