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FSB calls for cap on credit card charges in New Year message |
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Written by admin
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Friday, 02 January 2009 |
Small businesses must be supported and sustained in 2009 as they will be the key to bringing the UK out of the economic downturn, the Federation of Small Businesses (FSB) has said.
The FSB believes that small businesses can best be supported by a cap on interest rates on credit cards. According to the latest FSB figures, over 26 per cent of entrepreneurs use their personal credit card and over 23 per cent use their company credit card to finance their business.
The FSB is also calling on the Government, the banks, local councils and consumers to play their part during the year by providing support to small businesses in fighting regulation, accessing finance and maintaining cash flow to buck the increasing trend of business closures.
The FSB would like to see the immediate implementation and active promotion by bank branch managers of the Small Business Finance Scheme. The £1 billion fund should make vital credit available to small businesses who are suffering with higher operating costs, decreased trade and poor access to loans and overdrafts.
Action also needs to be taken to ensure that businesses are paid on time to keep their cash flow going and more must be done to limit the tide of regulation drowning small businesses. Additionally, the Government and local authorities can do more to preserve our local high streets by adopting the FSB's Keep Trade Local campaign proposals. |
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Last Updated ( Friday, 02 January 2009 )
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Government's 10 day pledge to Small Businesses may prove impractical |
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Written by James
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Sunday, 09 November 2008 |
The Government’s recent pledge to ease the cashflow problems being faced by small firms through paying trade invoices in 10 rather than the usual 30 days requires urgent action, warns commercial credit management agency Graydon UK.
New research from Graydon UK, a leading credit referencing agency, questioned 238 small businesses on their experiences of Government payment practices. Their studies revealed that only 34 per cent of those questioned found Government agencies to be “prompt payers”, with two thirds (66 per cent) instead describing current payment practices as “slow” or “average” (over 30 days). Of those businesses that have experienced slow payment from Government agencies, 38 per cent named the NHS as the worst culprit.
With the Government therefore facing an uphill struggle to fulfil its recent pledge, Martin Williams, Managing Director of Graydon UK, says: “While Gordon Brown’s promise reflects his appreciation of the importance of cash flow to the survival of small businesses in these challenging times, practicalities may inhibit his ability to deliver.”
Martin Williams continues: “The government has made it clear that the 10 day payment pledge relates to small business invoices. This begs the question of how purchase ledger staff will recognise big company invoices from small company invoices. Invoice value can’t be the determining factor, as even big companies can invoice in small amounts for services provided. This separating out of invoices will add an additional administrative burden on finance department staff.”
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Last Updated ( Sunday, 09 November 2008 )
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Recession drives fulltime mums to find work online |
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Written by admin
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Saturday, 11 October 2008 |
 As the UK enters recession, thousands of stay-at-home mums are using the internet to find occasional work to supplement the household income.
Highly-skilled and experienced mothers are using PeoplePerHour.com to source work from the increasing number of businesses that outsource specific projects to remote experts. This has resulted a growing market for mothers with skills in writing, marketing and administration for example.
With just 57% of mothers officially in employment (National Statistics), many more are choosing to take-on ad hoc work in conjunction with raising children. The financial pressures associated with the economy’s fall into recession – particularly inflation – mean many mothers are forced to return to work.
However, the practicalities of raising children, holding down a full- or part-time job and the costs associated with childcare make it an unattractive or unfeasible option for many.
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Last Updated ( Saturday, 11 October 2008 )
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