BeXeXTM is a new event format and methodology that enables the peer to peer sharing of valuable information between business leaders to help them solve their challenges.
HCBA are running a series of Business Experience Exchange events in partnership with the Surrey Chambers of Commerce. The first of which is on 29th January 2014 in Redhill.
It is your opportunity to exchange ideas and discuss issues with other managers and owners of local businesses in a unique format.
Hot Topic: Social Media Marketing
The first session will cover the use of social media in a B2B context, lead by a social media marketing expert.
Afterwards we open the floor for an interactive discussion on the issues you face, there is no agenda except the one you help create. There will be other business experts on hand to discuss any business issue you want to raise, however the experts aren’t the only ones who know a thing or two about business. Some of the best ideas come from those that manage their own business, who not only have been there but are there and doing it, business people like you!
If you manage an SME business and would like to exchange your experiences, challenges and opportunities with other similar business people, make sure you are part of the Business Experience Exchange.
Date: Wednesday 29th January 2014 Time: 18.00 – 20.00 hrs
Venue: East Surrey College, Redhill, RH1 2JX
To Attend:
Tel: 01483 735540
Or Visit: www.surrey-chambers.co.uk
Wednesday, 22 January 2014
Tuesday, 7 January 2014
Bank of Cyprus Owner Managed Business Barometer Shows Business Confidence Improving
The Bank of Cyprus undertakes research 3 times a year to provide an on-going measure of the level of confidence within the Owner managed business sector in the UK. The research is based on a survey of decision makers all of whom are sole or part owners of businesses with 50 or fewer employees. This latest research was carried out in November 2013.
The headlines of this research show that confidence has been growing throughout the year and were at its highest point at the end of the year.
46% of the respondents expect sales and revenue to grow in the next quarter, compared to 32% and 38% in the previous two surveys. Over the longer term the results are even more impressive with 56% expecting sales and revenue to grow in the next 12 months. This is up from 50% and 43% from the previous two surveys.
This optimism is being reinforced by real success with 39% reporting new contracts and 12% entering new markets.
They also believe that the chances of securing finance from the banks is improving. 41% now believe that their banks will support them with new finance, up from 24% in the previous survey.
This is great news for the UK economy and for the survival of small businesses.
The headlines of this research show that confidence has been growing throughout the year and were at its highest point at the end of the year.
46% of the respondents expect sales and revenue to grow in the next quarter, compared to 32% and 38% in the previous two surveys. Over the longer term the results are even more impressive with 56% expecting sales and revenue to grow in the next 12 months. This is up from 50% and 43% from the previous two surveys.
This optimism is being reinforced by real success with 39% reporting new contracts and 12% entering new markets.
They also believe that the chances of securing finance from the banks is improving. 41% now believe that their banks will support them with new finance, up from 24% in the previous survey.
This is great news for the UK economy and for the survival of small businesses.
Friday, 20 December 2013
Banking Reform Act Becomes Law
The biggest reforms to the UK banking sector in a generation become law
The government's Banking Reform Bill has received Royal Assent, now becoming an Act of Parliament.
The Banking Reform Act is a key part of the government's plan to create a banking system that supports the economy, consumers and small businesses.
It implements the recommendations of the Independent Commission on banking, set up by the government in 2010 to consider structural reform of the banking sector.
It also implements key recommendations of the Parliamentary Commission on banking standards, which was asked by the government to urgently review professional standards and culture in the banking industry following revelations of attempted LIBOR manipulation last year.
The government's reforms are based on almost three years of consultation on the future of the UK's financial sector and represents the biggest ever overhaul of Britain's banking system.
Since 2010, the government has acted to transform the banking industry through four key areas of reform:
- supervision: the government has put the Bank of England back at the centre of the supervisory regime, with new powers to identify and address systemic risks as they emerge, ensuring safe banks that will not bring down the economy in the future;
- structure: the government has brought forward new laws to separate the branch on the high street from the trading floor in the City to protect taxpayers when mistakes are made;
- culture: the government is imposing higher standards of conduct on the banking industry by introducing a criminal sanction for reckless misconduct that leads to bank failure, and a more stringent approval regime for senior bankers;
- competition: the government is acting to empower consumers by giving them greater choice, which should incentivise innovation and competition within the banking sector.
Financial secretary to the Treasury, Sajid Javid, said:
"I am delighted that the Banking Reform Bill has received Royal Assent. This is a major milestone and marks the end of a three year process, led by the government, to make the UK banking system stronger and safer so that it can support the economy, help businesses and serve consumers.
"From the outset the government has built a consensus on this issue and this legislation will deliver crucial changes to the structure of banks, ensuring that UK taxpayers are not on the hook for future bank failures.
"The Banking Reform Act will also help to deliver much need competition in the banking sector and increase the conduct standards amongst bankers."
Sir John Vickers, who chaired the Independent Commission on Banking, said:
"With key Independent Commission on banking recommendations now in law, the UK is at the forefront of banking reform. The international reform effort still has further to go - to ensure that banks have deeper capacity to absorb losses, and to build safer structures for banks in the rest of Europe."
Wednesday, 27 November 2013
Invoice Finance has strongest quarter ever.
Total sales from businesses supported by invoice finance broke £71bn for Q3 2013, the strongest ever quarterly performance; this is up by some 14% on the same period last year.
The latest quarterly figures from the Asset Based Finance Association show that the invoice finance industry is now supporting more than 43,000 businesses. Total client turnover for 2013 to date stands at more than £202bn, with invoice financiers projected to support over £270bn of client turnover for the full year. This would be an increase of more than 6% on 2012’s record total.
At the close of Q3, ABFA members had total advances out to clients of some £17.4bn, up 6% on the same period in 2012. This is only the fifth time the funding balance has been above £17bn, and the industry has achieved this milestone in both of the last quarters.
This contrasts markedly with the wider lending picture. Net lending to SMEs contracted by £1.4bn in Q3 2013, continuing its general trend throughout 2013.
The invoice finance industry continues to support smaller businesses, with almost 15,000 being found in the £0 – £500,000 turnover bracket, and over 30,000 in the sub-£5m bracket. However, the data shows that invoice finance is being used by more larger businesses as well; the biggest increase in client numbers was seen in the £100m+ turnover bracket, up 8% on the previous quarter.
Invoice financiers are most active supporting the services (30%), manufacturing (29%), distribution (24%), transport (7%) and construction (5%) sectors. The industry is reporting particularly strong demand in the services sector from the recruitment industry.
ABFA chief executive Kate Sharp said: “With the OECD revising upwards their predictions for the UK economy, and stronger-than-expected GDP figures, the recovery is clearly well underway.
“The latest figures show that the invoice finance industry is playing a central part in the recovery, with record client sales figures for the last quarter and continued growth year-on-year in the funding balance. The strong demand for this type of funding from small and large companies alike is heartening; so too is the diverse sectoral split. Firms which need finance should be speaking to their funders and advisers about invoice finance, as the industry can help many more firms grow and take full advantage of the economic recovery.”
Tuesday, 8 October 2013
Finance for Growth Seminars
Are you a business looking for finance to grow but are uncertain of what sources would be right for you? If so, these FREE seminars are for you!
Enterprise M3, the Local Enterprise Partnership for the wider M3
corridor, is hosting a seminar aimed at helping businesses both
understand and access new and established sources of business
finance.
During these seminars, you will:
• Gain a valuable understanding of what you need to do to
prepare for investment.
• Explore what types of finance are right for your business at this
particular stage of its life cycle.
• Find out about the range of new and established sources of
finance currently available to the market.
Sources of funding covered in the seminar include: crowd funding
(debt & equity), invoice financing, equity funding such as venture
capital and business angels and export finance.
Details of the seminar:
Date: Wednesday, 23 October 2013
Time: 9 am to 12 noon (Registration from 8.30 am)
Venue: Lyndhurst Park Hotel, High Street, Lyndhurst,
Hampshire, SO43 7NL
To book a place, go to:
www.financeforgrowthoctober2013.eventbrite.co.uk
This seminar is at no cost to you thanks to the kind support of
Guildford Borough Council and New Forest District Council who
are hosting the events on behalf of Enterprise M3 and a range of
private sector experts who are speaking at the seminars.
Enterprise M3, the Local Enterprise Partnership for the wider M3
corridor, is hosting a seminar aimed at helping businesses both
understand and access new and established sources of business
finance.
During these seminars, you will:
• Gain a valuable understanding of what you need to do to
prepare for investment.
• Explore what types of finance are right for your business at this
particular stage of its life cycle.
• Find out about the range of new and established sources of
finance currently available to the market.
Sources of funding covered in the seminar include: crowd funding
(debt & equity), invoice financing, equity funding such as venture
capital and business angels and export finance.
Details of the seminar:
Date: Wednesday, 23 October 2013
Time: 9 am to 12 noon (Registration from 8.30 am)
Venue: Lyndhurst Park Hotel, High Street, Lyndhurst,
Hampshire, SO43 7NL
To book a place, go to:
www.financeforgrowthoctober2013.eventbrite.co.uk
This seminar is at no cost to you thanks to the kind support of
Guildford Borough Council and New Forest District Council who
are hosting the events on behalf of Enterprise M3 and a range of
private sector experts who are speaking at the seminars.
Thursday, 3 October 2013
Small Firms at risk due to lack of credit checking
More than three quarters of UK SMEs have lost money as a result of a customer becoming insolvent, according to new findings published by information services company Experian.
The firm surveyed 600 SMEs to understand the impact of customer insolvencies in the supply chain; it found that, in the last five years, 76% of SMEs have lost money as a result of customers failing. Nearly a fifth (19%) of these businesses each lost between £5,000 and £10,000, while 35% lost more than £10,000 over five years.
When asked how often credit checks were carried out, 68% of SME owners said they checked their customers’ and suppliers’ credit ratings at least once a year; 24% admitted that they only credit checked new customers, and didn’t carry out ongoing checks; 38% had been running a business for over two years but had only just started carrying out regular checks; and 34% of business owners only started monitoring suppliers after they had already lost money. Ade Potts, managing director of Experian’s SME business for the UK and Ireland, said: “Waiting until you’ve lost money to do credit checks is a bit like shutting the stable door after the horse has bolted. Unless businesses check the credit status of their customers at least once every six months, they risk exposing themselves to further loss.
“The rate of deterioration is far quicker for companies in today’s climate, so the sooner you can spot the signs of financial stress, the sooner you can react. Ongoing monitoring, addressing financial issues such as late payment of invoices head-on and not relying on one big customer or supplier will help lessen the risk of further losses as a result of insolvencies.”
The firm surveyed 600 SMEs to understand the impact of customer insolvencies in the supply chain; it found that, in the last five years, 76% of SMEs have lost money as a result of customers failing. Nearly a fifth (19%) of these businesses each lost between £5,000 and £10,000, while 35% lost more than £10,000 over five years.
When asked how often credit checks were carried out, 68% of SME owners said they checked their customers’ and suppliers’ credit ratings at least once a year; 24% admitted that they only credit checked new customers, and didn’t carry out ongoing checks; 38% had been running a business for over two years but had only just started carrying out regular checks; and 34% of business owners only started monitoring suppliers after they had already lost money. Ade Potts, managing director of Experian’s SME business for the UK and Ireland, said: “Waiting until you’ve lost money to do credit checks is a bit like shutting the stable door after the horse has bolted. Unless businesses check the credit status of their customers at least once every six months, they risk exposing themselves to further loss.
“The rate of deterioration is far quicker for companies in today’s climate, so the sooner you can spot the signs of financial stress, the sooner you can react. Ongoing monitoring, addressing financial issues such as late payment of invoices head-on and not relying on one big customer or supplier will help lessen the risk of further losses as a result of insolvencies.”
Tuesday, 1 October 2013
Debt Crowdfunding for Non Limited Businesses
Up until now debt Crowdfunding has only been available to Limited Companies and LLPs with at least 2 years accounts filed at Companies House. On the 21st October Funding Circle will be launching their new service for Non Limited Businesses.
Pegasus Funding Resources is proud to announce that we are one of only 150 brokers who have been authorised to offer this new facility to clients.
An application will require the same information as for limited companies plus bank statements and details of property ownership. This includes: Year to date financial information (management accounts) for the business as for limited company applications, no more than 3 months old including:
• Turnover
• Cost of sales
• Admin expenses
• Interest paid
• Tax paid
• Other (if applicable, please specify)
• Net profit
• 3 months of business bank statements
• Last 2 years of formal accounts
• Statement of personal assets or details of property ownership including address, value and mortgage outstanding for all partners
• Name, address and date of birth of all partners
• Details of the partnership split (but not the partnership agreement document)
• Certified photographic I.D. and proof of address for all proprietors
• Outstanding loans & credit info
• Completed application form submitted online.
Minimum loan size is £25,000, loans above £100,000 will require sufficient security in the form of fixed assets. The business will need to demonstrate affordability of the loan. This is a much needed new service to SMEs.
To find out more contact:
Peter Kelly
Pegasus Funding Resources
01932 244810
Peter.kelly@pegasusfunding.co.uk
Pegasus Funding Resources is proud to announce that we are one of only 150 brokers who have been authorised to offer this new facility to clients.
An application will require the same information as for limited companies plus bank statements and details of property ownership. This includes: Year to date financial information (management accounts) for the business as for limited company applications, no more than 3 months old including:
• Turnover
• Cost of sales
• Admin expenses
• Interest paid
• Tax paid
• Other (if applicable, please specify)
• Net profit
• 3 months of business bank statements
• Last 2 years of formal accounts
• Statement of personal assets or details of property ownership including address, value and mortgage outstanding for all partners
• Name, address and date of birth of all partners
• Details of the partnership split (but not the partnership agreement document)
• Certified photographic I.D. and proof of address for all proprietors
• Outstanding loans & credit info
• Completed application form submitted online.
Minimum loan size is £25,000, loans above £100,000 will require sufficient security in the form of fixed assets. The business will need to demonstrate affordability of the loan. This is a much needed new service to SMEs.
To find out more contact:
Peter Kelly
Pegasus Funding Resources
01932 244810
Peter.kelly@pegasusfunding.co.uk
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