SME owners overwhelmed by admin
More than three quarters (78%) of business owners and managers believe that their business could do better if they were freed from the chore of everyday admin according to a poll by virtual PA company, AVirtual. On average, business leaders spend 20 hours a week on administrative tasks; and 57% of business owners polled said they work more than 60 hours a week. However, when asked why they didn't take on an assistant, business owners cited cost (32%), red tape (27%), the fact that they only needed ad-hoc help (22%) and lack of office space (19%).
Webinars for growing businesses
Small businesses looking to expand can find out more about key areas such as recruiting staff and health and safety by registering for one of four live webinars being hosted by HSE and HMRC. The webinars will cover the typical issues that small firms face when they take on new staff. The events take place on 15 December, 12 January, 9 February and 8 March.
SME websites not working hard enough
New research shows that many SMEs are not making the most of their online presence. A survey by 93Digital has found that 71% of SMEs fail to keep their website up to date and 85% admitted that they didn't use it to its best advantage to represent the business or gain new customers. Only 42% had clear calls to action on their websites; 49% failed to track web customer enquiries; and 59% had no social media links on their website.
Asset-based funding hits record high
Funding to UK and Irish businesses secured against invoices and other assets has hit a record high of £20 billion according to the Asset Based Finance Association (ABFA). By comparison, lending to UK SMEs through overdraft facilities stands at approximately £10 billion (as of June 2015). The ABFA says 80% of asset-based finance is invoice finance, while 20% represents asset-based lending, in which businesses raise money secured against assets such as property, machinery or even intellectual property.