The market has given a clear vote of confidence to businesses in East London, as new research shows higher success rates for new businesses founded in several East London boroughs. Havering was ranked top for the survival rate of new businesses, with Newham, Tower Hamlets, Bexley and Redbridge all being ranked in the top ten.
There was a bad start to business this week as the Bank of England downgraded its forecasts for UK GDP. The predicted growth rate was reduced by two per cent to 1.9 per cent for this year. What’s more, it predicted that incomes will fall as average earnings are slowing down more than previously thought. This could spell trouble for some small, medium and micro enterprises in consumer sectors, as customers start to feel the pinch. It is now more important than ever that businesses are marketing themselves effectively- our upcoming training session on branding can help your business to achieve this.
Plugging the funding gap
Does your business benefit from European Union investment or funding? If so, you may have to consider diversifying your sources of funding, according to a new report published by the Federation of Small Business (FSB).
The report found that as many as eight in ten small, medium or macro enterprises (SMMEs) in the UK had sought the business support services on offer in the past year, which totalled up to £3.6 billion in funding. The FSB warned that the viability of these businesses could be under threat unless there are assurances that the funding gap will be plugged by other sources. This will affect businesses in comparatively disadvantaged areas the most harshly.
A survey has found that up to a quarter of SMMEs’ time could be spent trying to decode rules and regulations. Hurdles such as health and safety, personnel, and pension administration are taking up a significant share of business owners’ workload, coming at the expense of time dedicated to business development. Our training on compliance can demystify the processes needed to ensure your business is in compliance with relevant regulation, helping you to put more resources into growth.
If you have any questions or would like further information about the range of support on offer in the Building Legacies Programme, please contact Danny on firstname.lastname@example.org or call the office on 020 7537 6480.