How will the government’s initiative to “Kickstart” the economy impact on the micro & small business community
Business Network South Manchester member Simon Groom CEO of MagnifyyB takes a look at the impact.
Last week, Rachel Reeves announced that she wishes to “Kickstart” growth in UK Businesses. The national response was that it will be unlikely to happen, given the poor state of the UK economy.
As is often the case, the impact on Micro & Small businesses was overlooked!
With the added pressures of taxation increases, coupled with still spiralling costs of sale and costs of just existing in business, organisations such as the IOD, FSB and other national business membership bodies are all struggling to see just how “Kickstarting” will work for the Micro & Small businesses that makeup 99.5%+ of ALL businesses in the UK (yes, that’s right; the statistics are available on gov.uk or Statista).
So what can we do to help these c5.5million small businesses to stop failing, to properly exist, to grow?
We ponder such things a lot here at MagnifyB! We started the company BECAUSE of this challenge, personally after a career in Business and Management Consulting, from startups to being a National Director for Serco plc.
We preach a lot about the importance of Management Information & Business Intelligence, which are the lifeblood of any business, but in layperson’s terms, what does that mean?
It means understanding more about business in general, so that you can understand more about your own, very specific, very personal-to-you business. It means having financial data up-to-date and at-hand to help you, no, to enable you to make decisions that are fit-for-purpose and beneficial to your business. It means understanding how your contracts, your Ts&Cs, your job descriptions and your processes should align and together target your business goals for the future. It means understanding just what impact small changes to your figures and processes make in your business and it means understanding Why they are all important to you, your board, your colleagues and even other businesses in your supply chain.
I give a lot of talks on this subject, and it resonates with almost all small and large business owners. It always has. The difference now is, we have “put our money where our mouth is” and created the MagnifyB platform, to help Micro & Small companies begin to grow in an affordable way, but always with an eye on ensuring business owners and leaders have a greater understanding of the need to have professional advice from someone actually experienced in managing real businesses. MagnifyB is a toolset for you to use with your Accountant, your Advisor, your Coach, to help you start to “know what you don’t know”, so you can then put that Knowledge, that Business Intelligence and that Management Information to good use!
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