Business News Articles

Small firms warned over security lapses
Over 40% of small businesses are at increased risk of theft due to security lapses in the summer, according to data released by insurance company Hiscox. The survey of small and medium-sized businesses revealed that 44% of SMEs say their staff are more causal about closing windows and setting alarms in the summer months and 20% of respondents have arrived at work to find that a window has been ... more

SMEs ‘scared to make redundancies’
Despite the recent rise in the unemployment rate research has suggested that small business owners are afraid of making redundancies for fear of being sued for unfair dismissal. According to research conducted by business insurers Premierline Direct small firms fear the potential financial consequences of redundancies, with limits on awards for unfair dismissal and redundancy payments increasin... more

Non-store retail spending up 20%
Non-store retail spending has increased 20% this year driven by online, mail-order and phone sales, according to data released by the British Chamber of Commerce (BRC). Internet sales are one of the few areas that have continued to grow during the recession, and have highlighted the need for all small firms to have a fully functioning website. Overall retail sales grew by 1.8% in July compar... more

State fund invests in small company
The government's £75m Capital for Enterprise (CFE) scheme has announced its first investment in a UK firm, £2m into software company KeTech. The CFE scheme, which was announced in January, consists of £50m of state money and £25m provided by retail banks. It was set up to provide capital to viable businesses struggling in the recession. "Ambitious and innovative businesses like this [K... more

Small firms still marketing
Small businesses plan to increase their marketing spend in the next year despite the recession, according to a survey conducted by YouGov. The survey of almost 1,000 small firm owners revealed that 38% will invest more in marketing to try and boost their businesses. "These results highlight how UK SME owners are not panicking in their attitudes to marketing during the current economic downtu... more

EU patent law ‘harming UK firms'
The complexities of the European Union (EU) patent system and the lack of a unified patent are confusing small and medium sized businesses, according to intellectual property firm Mathys and Squire. In the EU patents usually require validation, translation and annual renewal in all applicable countries, making it time-consuming and expensive when compared to other parts of the world and a lack ... more

Firms urged to hire over-60s
Small business owners have been encouraged to take on older workers following a study showing that employing staff over 60 years old can lead to a business being more profitable. Researchers from Lancaster University Management School conducted research at over 400 McDonald's chains and found that restaurants that employ older staff have greater customer satisfaction and profit levels. "The ... more

Economic recovery will be ‘fragile’
In the latest quarterly Inflation Report the Bank of England has warned that any economic recovery in 2010 will be ‘fragile'. The report has also predicted that inflation will probably fall below its target rate of 1% in the autumn of this year. Governor Mervyn King has stated that the Bank's quantitative easing programme - which recently saw an added £50bn of investment - is having a pos... more

Unemployment rises to 2.4m
Unemployment in the UK has increased by 220,000 to reach 2.4m in the quarter to June, according to figures released by the Office for National Statistics. The number of people out of work is now at its highest level since 1995 and the jobless rate stands at 7.8%. The number of claims for unemployment benefit also grew in in July by 24,900 from June and now stands at 1.5m. The figures also re... more

FPB: Go online to win public contracts
Small and medium-sized businesses should go online to improve their chances of winning public contracts, according to the Forum of Private Business (FPB). This follows the government's recent announcement that it is to scrap its policy of charging a maximum of £180 per year to use its supply2.gov.uk portal. The government found that public sector buyers were missing out on innovation and sa... more