The week got off to a discouraging start for businesses in the construction industry, as it was revealed that house prices in the UK fell for a third consecutive month in May for the first time since 2009. The results of the survey, commissioned by Nationwide, will confirm the fears of many in the property and construction industries that the market is slowing down as a result of last year’s Brexit vote. Small, medium and micro enterprises (SMMEs) in construction may experience a drying-up of contracts in the coming months.
Are you finding it harder to attract investment in your business? Recent research suggests that you may not be alone: approximately one third of SMMEs in the UK are struggling to raise finance. This seems to have gotten worse over the previous six months, with 32 per cent of SMMEs saying that raising finance is harder now than it was six months ago. Ensuring you have a steady pipeline of new business leads is now more important than ever: our upcoming training on new business generation can give you the tools to do this.
Many businesses in London will have been affected by the government review of business rates which came into effect two months ago. SMMEs in London were set to be hit particularly hard by this, given the increase in commercial property values many have experienced. But promises that the steep changes will be offset by relief funds seem not to have materialised yet, as this week it was reported that thousands of small businesses who were promised this relief have yet to receive it. Many local councils report confusion as to how the fund should be distributed, and have yet to start making payments. To find out how to apply for this funding, contact your local authority- follow these links for Tower Hamlets, Newham and Greenwich.
It’s good news for SMMEs in advertising and marketing as recent research has found that the advertising industry continues to grow at a healthy rate. Globally, the market grew at 3% between 2012 and 2016, but the rate of growth was even stronger in London.
Interestingly, digital advertising represented the fastest-growing part of the industry in this time, and this is predicted to continue through to 2021, indicating that social media and other digital marketing is crucial for promoting your business. Our upcoming training on social media marketing can give you the tools to do this.
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 email@example.com or call the office on 020 7537 6480.