What are you doing for Small Business Saturday?
Small Business Saturday has just enjoyed its fourth year, and it was bigger and better than ever.
According to the latest government statistics, there are currently 5.5 million small businesses in the UK. Meaning that, since 2010, 1 million new small businesses have entered the economy. In terms of contribution, small businesses provide 60% of private sector employment and provide £1.8 trillion worth of revenue to GDP.
It has always been said that Britain is a nation of shopkeepers, a nation of hard-working small-scale business owners who are committed to making the best of their business. Small Business Saturday was set up to recognise those efforts, providing a forum where they could be celebrated and promoted in their local communities.
With the economic future of Britain uncertain, it is more important than ever to support those businesses which provide so much to the country and yet get so little recognition. In terms of support, small business minister, Margot James, was very active this year, rallying support for the Small Business Saturday initiative and launching government plans to boost enterprise.
One of the top issues on the Government agenda is late payments, and how transparency can be increased to help small firms. Ahead of Small Business Saturday, the Department for Business, Energy and Industrial Strategy released a statement, setting out measures to combat this problem.
From April 2017, large firms and LLPs will have to publish details of the average time it took to pay supplier invoices, twice a year. A Small Business Commissioner will also be appointed to take charge of implementing the new regulations.
As of June 2015, SMEs were owed over £26.8 billion in late payments and, in a recent survey by the Federation of Small Businesses (FSB) it was found that, on average, 30% of payments owed to small businesses are late.
It is a difficult situation for a small business to be in. A late paying customer is better than no customer at all, and imposing strict payment terms may mean they go elsewhere. Previously, government regulation surrounding late payments has been rather toothless, it is hoped these new measures will remedy this.
It is great that, in a mere four years, the Small Business Saturday campaign has resulted in inspiring governmental action to support small businesses.
Last year, Small Business Saturday took a total of £623 million in revenue for local small businesses, up from £504 million in 2014. This year, it is expected that the total will be higher than ever with over 20,000 businesses and local councils getting involved and 46% of consumers planning to shop small.
Here at Love Energy Savings we have always been committed to supporting small businesses, working with them to ensure they aren’t paying over the odds for their commercial electricity and gas, working with suppliers on their behalf to secure a cheaper deal.
Our own independent research has shown that over 30% of SMEs have failed to switch supplier in the last 5 years, losing out on over £2.4 billion of savings. If you think you could be overpaying, simply enter your postcode and a few details from your latest bill here, or call one of our friendly energy experts on 0800 9888 375 to discuss your options. You could be amazed by how much you can save.