Supporting SMEs - Q4 2022

Q4 2022 | A promotional supplement distributed on behalf of Mediaplanet, which takes sole responsibility for its content

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Supporting SMEs

“Small businesses make up 99% of UK business and are at the heart of our country’s recovery.”

“Three out of every four firms are struggling to fill vacancies.”

Michelle Ovens OBE, Founder, Small Business Britain

Jane Gratton, Head of People Policy, The British Chamber of Commerce

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Lack of funding should not hold back small business growth

How open banking is helping the UK’s small businesses improve their cash flow

Small businesses disproportionately rely on external finance for their business operations, cash flow, and investment opportunities as they often don’t have excess capital available to expand and invest without outside funding.

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uge external shocks, like More finance options for SMEs the Covid-19 pandemic, to boost the economy have a negative impact on Small businesses that are struggling to the availability of finance repay their bounce-back loans should for small firms, as they are seen as ensure they are using all available riskier to lend to in general. options, such as the Pay As You Grow There are worrying signs that loans scheme which offers various forms of to small businesses are becoming relief, including a term extension, an more expensive and harder to come interest-only repayment period, and by in the first place. Our research a payment holiday. finds that only 12% of small firms The more lenders and financial applied for credit in Q2 2022 products there are in the market, with only 45% reporting that the the more efficiently it will operate, application was successful, down resulting in better outcomes for both from 55% in the same quarter small businesses and the economy. last year and from the pre-pandemic acceptance Payments failing to come in trend of 64% (for 2014– Intensifying the cashflow 2019). problems many small The more lenders and businesses face is the financial products Lacking new growth longstanding late payment there are in the market, opportunities scandal, made even worse The constraints on lending the more efficiently it by the pandemic, with will operate, resulting to small businesses will corporate customers in better outcomes for inevitably have a knocktreating small suppliers as both small businesses on effect on investment a free line of credit. Half and the economy. and, ultimately, on (50%) of small firms in productivity and growth.

Q2 had experienced late In line with the low rate of successful payments, and a fifth (22%) say the finance applications, we found problem is getting worse. that small businesses’ investment The Government has rightly intentions in Q2 2022 fell to a level identified greater board accountability not seen outside the first lockdown as the key to spurring change in this in Q1 2020, with only 23% of firms area, and we want to see urgent action saying they plan to increase capital before it’s too late for thousands of investment over the next quarter small firms. compared to the last.

Small businesses are currently overwhelmed with debt acquired WRITTEN BY over the past two years that will take Tina McKenzie Policy Chair, Federation a significant period to fully repay, of Small Businesses with SMEs carrying £38 billion more debt in total than in January 2020.

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Barely two years on from the Covid-19 pandemic, small businesses in the UK are facing a range of critical challenges, some of which are overcome through open banking.

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ising energy costs, soaring inflation, overdue payments, changes to the tax regime, or a high employee turnover urgently need addressing if the UK is to remain an economic world leader. Providing businesses with the tools to improve business efficiency and productivity has never been more important.

A game-changing tool By placing transaction data back into the hands of businesses and consumers, open banking has helped thousands of UK small businesses to become more efficient and make better decisions through access to better financial products and services.

The latest figures show that there are more than six million regular users of open banking in the UK. The Open Banking Implementation Entity (OBIE) is at the forefront of creating open banking software standards and industry guidelines and aims to drive competition, innovation, and transparency in UK retail banking. Our latest open banking impact report highlights the significant benefits open banking provides through cloud accounting.

Outstanding feedback The report found that through cloud-based software, businesses can manage basic accounting tasks faster and more efficiently — including managing cash flow or issuing invoices — by supporting cash flow planning and streamlining business administration. Open banking is integral to this as it allows companies to connect their bank account and import real-time transactions, giving

SMEs greater visibility and control over their business performance.

More than 900 SMEs were interviewed, with an overwhelming 77% reporting that open banking had provided them with better visibility of their financial position. Similarly, respondents reported that the technology provided them with better insights into business performance (73%), improved decision-making (75%), and managing overdue payments (63%). The statistics were positive when it came to the value of open banking in helping the firms to improve business efficiency (82%) and cut costs (59% had delivered internal savings and 64% external cost savings).

More potential ahead In short, open banking gives SMEs new tools to help them become more resilient, productive, and profitable.

By unlocking the power of their data, businesses have real-time insights into their performance and tools to support their success even through the challenging economic climate ahead.

While it is encouraging that 50% of UK SMEs are reaping the benefits of open banking, there is still more that can be done. It is vital to maintain this momentum and support the remaining 50% to seize its full potential.

WRITTEN BY Charlotte Crosswell Chair And Trustee, Open Banking Implementation Entity (OBIE)

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Stronger together: how universities can help businesses to navigate future challenges Universities are well placed to support business communities but need to do more, says Professor Tim Vorley.

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wo years ago, discussions with business leaders led Oxford Brookes Business School to rethink its support for SMEs. The lessons learned have created a series of powerful tools and interventions that have proven to be highly successful in engaging and supporting more SMEs.

WRITTEN BY Professor Tim Vorley Pro Vice-Chancellor & Dean Oxford Brookes Business School

Paid for by Oxford Brookes Business School

How to support businesses “I’d say it’s who we bring together and how. The business leaders who attend our programmes bring their own experiences in leadership, growth and overcoming challenges. Staff come with applied research expertise and experience in supporting business. Working with a range of great facilitators in an open way — this combination delivers real impact,” says Vorley.

Jennifer Shivas, MD of 67 Bricks, describes Oxford Brookes as “a safe space to discuss the challenges and opportunities faced by our businesses openly.”

“While many business leaders are well-networked in their field, they often can’t have the conversations they need to have with their peers. Our programmes create tight-knit groups of managers and leaders from across a variety of sectors. They learn from our academic expertise but also each other — and we learn a lot too.” says Giles Orr, Head of Business and External Engagement at the school.

Programme development The school offers a range of short professional education and development courses to SMEs ranging in commitment from a single-day masterclass to the Government 12-week Help to Grow programme.

Their CEO Club and Scale Up Network — both recognised by the Scale Up Institute — are facilitated network programmes with a small but diverse group meeting monthly to discuss key issues. The innovative Sustainability Basics programme, convened with Small Business Britain, was created to help businesses identify how they could become greener and more competitive.

Project collaboration Colleagues across Oxford Brookes Business School are engaged with businesses on a range of projects from business model innovation to organisational leadership and technology adoption. As Vorley says: “We are undertaking more projects in a collaboration with business, working to deliver real-world impact.

“As well as research, we are seeing more businesses wanting to work with our students. Businesses bring their skills to small business teams through student projects and placements. This can add tremendous value, addressing live business challenges and providing students with real-world experience that enhances their employability.”

Solutions for small businesses to help the economy grow

M WRITTEN BY Michelle Ovens CBE Founder, Small Business Britain

Shifting focus on small business ideas for success The Government-backed ‘Help to

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phases of the entrepreneurial journey – require different skills and tools compared to larger businesses.

Small businesses in the UK are a major part of the economy, but they need more practical support in this tough landscape.

any headlines show small businesses struggling in this economic climate. There are no easy solutions, but there should be greater recognition of the massive opportunity bubbling away in our small business ecosystem.

Small businesses make up 99% of UK business and are at the heart of our country’s recovery. They have long needed greater support and encouragement to achieve their potential which is especially true with mounting economic challenges.

Interested in finding out more? Email at helloOBBS@ brookes.ac.uk

Grow’ programmes seek to address this by offering business owners the mentoring, tools, and training to develop their understanding and supercharge their growth.

As many firms as possible need to be accessing Help to Grow. To explore ways of expanding the numbers of businesses taking part, we’re piloting a new, online-only version of the Help to Grow: Management programme with Oxford Brookes Business School, funded by Lloyds Bank Academy.

But there also needs to be similar support designed for the tiniest of businesses which are not always eligible for broader programmes.

These businesses — being at earlier

Ensuring microbusinesses are not left out Sole traders often struggle to take time out of running their businesses due to limited time and resources.

They need support that is flexible, free, and focused on the everyday challenges they face to grow.

For our part, Small Business Britain has launched the ‘Small and Mighty Enterprise Programme’ — a free, sixweek online course offering expert guidance, peer-to-peer support, and mentoring. It is intended to fit around existing work commitments and offer inclusive learning for microbusinesses.

Sole traders often struggle to take time out of running their businesses due to limited time and resources.

We need more ideas and solutions like this. The private and public sectors need to come together to drive economic recovery by focusing on how to nurture skills and inspire growth. This is undoubtedly harder to do in tough times, but it is important now more than ever.

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Entrepreneurs can serve as engines for economic growth and innovation.

Keeping entrepreneurs happy should be top on the new prime minister’s list With SMEs being the backbone of UK businesses, all eyes are on the new prime minister and whether their policies will rejuvenate the economy.

WRITTEN BY Rachel Irvine CEO, Irvine Partners, EO London Chapter Communications Chair

WRITTEN BY Pajani Singah Co-founder Amazonia Impact Ventures & President EO London Chapter

WRITTEN BY Jane Hales Co-founder Sapio Research & EO London Accelerator Chair

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midst the worst cost of living crisis in decades, the biggest hike in interest rates in 27 years, energy shortages and a looming recession — it’s hardly surprising that the economy has taken centre stage in the candidates’ messaging.

Consequences of national debt The total cost of the energy package is expected to cost around £60 billion from October 22 until March 23 for households and businesses. While the mini-budget might look like good news for Britain’s highest earners, UK entrepreneurs are concerned about the help offered to their businesses and employees who will still be feeling The driving force of the economy the squeeze of the cost of living crisis, high inflation and The new prime minister should heed the wishes of the record interest rates. entrepreneurs who could accelerate the UK into a new phase Personally, I can’t see how it’s going to benefit my younger of sustained prosperity. Entrepreneurs can serve as engines team members. In addition to battling the cost of living for economic growth and innovation. crisis, many are having to service huge amounts of student Members of the London chapter of Entrepreneurs debt. If we fail to address the needs and financial realities of Organisation (EO) had their say on the new prime young professionals in the UK, we will simply stop being a minister’s proposed policies such as competitive economy. halting the rise in corporation tax, Jane Hales, cofounder at Sapio Research overhauling business rates and reversal and London Chair of EO Accelerator, also of the National Insurance rise. shares concern over Truss: “I fear for the If we fail to address the needs future of the public sector. Friday’s tax Budget plans to affect SMEs cutting, environmentally damaging budget and financial realities of Planned tax reforms were at the centre worries me,” she says. “Trickle-down young professionals in the UK, economics doesn’t work. The White House of Liz Truss’ campaign. Her goal of cutting £30 billion within weeks of taking joking about suspending the UK’s ‘special we will simply stop being office — paid for in part by borrowing — relationship’ tells us that we need to know a competitive economy. has been popular with Conservative party about how the rest of the world is viewing the members. She believes these cuts will UK currently.” incentivise investment and tackle the spiralling “As a business owner, I fully endorse hard work and cost of living, but UK business leaders seem unsure. choosing where you’re able to spend your money, but I EO London Chair and cofounder at Amazonia Impact appreciate that not every job with value to society is well Ventures, Pajani Singah, is just one entrepreneur concerned paid. Taking money from me via corporation tax on my

by Truss’ spending plans. “There are those who say that profits feels removed and acceptable in order to keep the continued borrowing means that future generations will be wider society going,” Hales comments. left to deal with today’s economic frailties. While that’s true, it ignores the very real costs of borrowing in the present.”

While her loyalty to former Prime Minister Boris Johnson was appreciated by party members, our members and many We are a global association of more than 15,000 entrepreneurs. Each member has a business turning over a business leaders are unsure her radical cuts will be beneficial minimum of USD 1 million in annual revenue. Diverse in gender and ethnicity, as well as industries represented, to SMEs and their employees in the long term. the EO London chapter provides an insight into what business owners want from the prime minister.

“The state has to bear the cost of servicing debt right EO Accelerator is our network for first-stage entrepreneurs. It’s a learning and support network consisting of now; and that’s money that could be spent on healthcare, business owners generating between USD 250K and USD 1 million looking to take their business to the next level. education and investment in entrepreneurial programmes,” says Singah.

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A helping hand for small businesses looking to grow Small and medium-sized enterprises (SMEs) are often described as the engine of the economy, helping to drive growth and prosperity for all. Public entities recognise this and deliver programmes for support.

W WRITTEN BY Dr Matthew Sutherland Help to Grow Management programme Lead, Northumbria University

ith a global reputation for collaborating with SMEs and start-ups, a leading university is providing businesses with mentorship, critical skills, and access to professional networks. Recognising the importance of SMEs, Northumbria University provides bespoke support across a variety of sectors through its delivery of the Government-funded, Help to Grow Management programme, which is led at the University by Dr Matthew Sutherland.

A Government-subsidised programme for business growth Rolled out nationally by the UK’s leading business schools, in partnership with the Government and the Chartered Association of Business Schools (CABS), the Help to Grow Management programme is a practical course designed to empower innovators and senior leaders in small and medium-sized businesses.

Associate Professor at Northumbria’s Newcastle Business School, Dr Sutherland comments: “We’re keen to spread the word and would encourage SME leaders in any sector to sign up for this invaluable programme which will help them to tackle challenges, hone their leadership skills, and really drive innovation and future growth.”

Help to Grow Management gives SMEs the opportunity to boost productivity and develop the skills they need to further their business and professional development. Dr Sutherland adds: “We’re also encouraging SMEs to work with the university as suppliers in order to support the regional ecosystem and draw upon external skills and expertise.”

To help businesses access the programme, 90% of costs are subsidised by the Government as part of its commitment to support business recovery postpandemic, meaning employers will pay just £750 of the £7,500 programme fee.

Paid for by Northumbria University

Digestible content is a key to practical learning The 12-week programme is designed to fit alongside full-time work commitments. It is built around a practical curriculum that includes modules such as leadership, strategy and innovation, digital adoption, employee engagement, sustainability, marketing, responsible business, and financial management; as well as the development of a tailored actionable growth plan to help each SME to reach the next level and realise its potential.

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Delivered in an accessible format by a range of experts – including entrepreneurs, leaders of the small business community, respected academics with commercial expertise and small business know-how — Help to Grow combines practical learning with 1:1 support from a business mentor, alongside peer-topeer support via online and face-to-face sessions.

Speaking of his experience on the programme, Trevor Pill, Executive Director of Onyx Health, comments: “The topics are very accessible; everything is communicated in a clear, practical, and no-nonsense way. The learning sessions are led by people with credible industry and commercial experience, so it’s all ‘real world’ stuff and directly applicable, rather than theoretical business speak – something which is very important to me.”

“I’ve also found the mentoring sessions brilliant.

My mentor is a great sounding board for the ideas I’m developing for the business and can provide an objective perspective. I always leave each mentoring session with an action to take forward,” he adds.

Support beyond the programme Professor Hannah Hesselgreaves, who is co-leading the programme alongside Dr Matthew Sutherland, says: “Participants of the Help to Grow programme have benefited from exposure to a range of businesses experiencing similar challenges, and personalised one-to-one support from a business mentor. The strong sense of community built among participants has been amazing to see and cohorts remain in touch, offering peer support after the programme has finished.”

Newcastle Business School was accredited with the Small Business Charter Award in 2015. The national accreditation recognises business schools that excel in supporting SMEs and the local economy, and are also hosts of the Why Small Business Matters Podcasts.

Read more at northumbria.ac.uk/ helptogrow

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Skills and labour shortages prevent SMEs from realising full potential The impact of widespread skills and labour shortages is a major concern for small and medium enterprises (SMEs) as they struggle to progress.

WRITTEN BY Andy Taylor Sales Director, Haydock Finance

Customer experience: the key differentiator in business success

In a post-pandemic world, customer experience has evolved from being a very hot topic to one of the most important strategies to be implemented.

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ustomer experience can be defined as the sum of all interactions that a customer has with your business, and it has become one of the most critical differentiators in many industries.

Whether you operate in a B2B or B2C market, customers have come to expect more from companies, so it is a pivotal time to assess if the customer is at the focal point of your business.

Mapping the journey At Haydock Finance, we are an intermediary-led business, meaning that we serve two customer groups — our introducers and their SME clients — with a range of asset finance solutions.

For us to develop an improved customer experience, we needed to understand why and how both groups interact with us — a process known as mapping the customer journey.

The goal of mapping is to identify the journey’s touchpoints, where your customer interacts with you via your marketing material, sales experience and supporting customer service. It is also about discovering the obstacles that have a negative impact on how seamless your customer journey is.

Mapping is a highly collaborative exercise, where you ask many members of your team to step outside of their usual roles and encourage them to think like a customer.

The power of empowerment A focus on customer experience cannot be successfully sustained if customer-centricity is not embedded into the culture.

We had to first create a clear customer experience vision as part of the strategy. When we looked deeper into our processes and procedures, we identified that to achieve greater customer centricity, we needed to improve the training provided and empower our teams to work more freely. We found that when the team was empowered, they were more likely to make real-time decisions in favour of the customer and go above and beyond to deliver a great customer experience.

Human and machine Technology plays a critical role in providing an enhanced customer experience. At Haydock, we also believe that it’s vital that our introducers and their SME clients can reach a member of the team when needed. People tend to remember a good value-added experience interacting with a human than an automated outcome.

Identifying ways to improve the human connection within your business goes hand in hand with developing a leading customer experience.

WRITTEN BY Jane Gratton Head of People Policy, The British Chambers of Commerce

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ur data in the British Chambers of Commerce (BCC) reports that across all regions and sectors, three out of every four firms are struggling to fill vacancies. In addition to having an impact on the morale, wellbeing, and retention of staff, these shortages are preventing firms from fulfilling their order books.

Ongoing shortage issue Skills shortages have been an issue for many years, but the impact of the pandemic and Brexit have brought things to a crisis. With 1.3 million job vacancies across the UK and far fewer people in the labour force than before the pandemic, we need to find solutions. Employers, the Government, education providers, and individuals all have a role to play and need to work together.

We believe that a local approach is key to ensuring the right match between workers and businesses in communities. For employers in England, engaging with the new Local Skills Improvement Plans (LSIPs) will help ensure the right training is available for people in their businesses as well as for those in the wider community.

Schools and colleges must welcome and embrace businesses that want to help young people understand career options in their area. There needs to be a greater focus on the technical training and apprenticeship routes that lead to sustainable jobs.

Responding to the crisis Creating the right environment for businesses to invest in skills, and individuals taking charge of their own career development, is key to resolving the skills shortage. The BCC is calling on the Government to use the tax system to stimulate more private sector investment in training. At the same time, we need a more agile skills system with the flexibility to respond quickly to the changing workplace.

Employers are telling us they want greater access to shorter, more modular courses that help people get the skills they need quickly.

Of course, there are times when skills are needed urgently and cannot be found locally or nationally. This is when the UK immigration system must help firms fill job vacancies, and we at the BCC are campaigning for an urgent review of the shortage occupation list (SOL) to include more jobs at more skill levels.

Tackling this issue must be high up on the priority list of the new prime minister to ensure firms can keep their doors open during these challenging times.

Paid for by Haydock Finance

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Over 150 SMEs supported to innovate, build resilience and boost productivity Business schools can be impactful drivers of SME development through contributions to building business communities, inspiring fresh perspectives and enhancing the capabilities of business leaders.

Image provided by University of Leicester School of Business

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tartups magazine1 recently reported that Leicester is the most entrepreneurial city in the UK with nearby Northampton and Kettering taking the top spots as entrepreneurial towns.

WRITTEN BY Ian Harmer Business Coordinator, University of Leicester School of Business

WRITTEN BY Sue Keogh Director, Sookio Ltd

WRITTEN BY Nisha Ravat Director, Green Tomato (Midlands) Ltd

Schools as part of the business community Whether SMEs are seeking executive education, startup support, student placements, sustainability advice, business-focused events or research to drive innovation, business schools can help.

In turn, engagement with SMEs enables business schools to provide students with high-quality work placements, incorporate real-world challenges in the curriculum and showcase lectures from inspiring business leaders.

SME leaders often find themselves tied up with the daily running of their businesses with little time to step back and engage with the available opportunities. For some, this is significant as many business leaders find themselves running successful businesses with little or no support or training in management.

The University of Leicester School of Business is an established part of this growing business ecosystem alongside key partners including the Leicester Innovation Hub and Space Park Leicester.

A management course for business growth The 90% Government-funded Help to Grow: Management Course is a prime example of the role business schools can play in supporting SME development.

It is aimed at decision-makers in SMEs with 5–249 employees and delivered by Small Business Charteraccredited business schools across the UK. The course supports businesses to innovate, boost productivity and build resilience.

Having previously delivered similar courses including the Small Business Leadership programme and Leading to Grow programme, the University of Leicester School of Business is well-placed to provide Help to Grow: Management. The school is delighted to have supported 175 SMEs in the East Midlands and East of England over the past year.

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An opportunity for busy entrepreneurs The course is completed over 12 weeks on a part-time basis and covers key topics such as strategy and innovation, digital adoption, winning new markets, employee engagement, responsible business practices and leading change.

With a commitment of five hours a week, the experience includes online seminars, face-to-face workshops, online peer group calls and ten hours of confidential one-to-one mentoring leading to the creation of a growth action plan.

It has been game-changing for many SMEs. Sue Keogh, Director at Cambridge-based marketing company Sookio, says: “The course is so valuable for anyone with an established business who wants a fresh perspective so they can develop their growth strategy. I’ve never had any formal business training, so learning about models and approaches was particularly useful. I had several penny-dropping moments in the peer sessions, and the mentoring process helped me overhaul my business strategy completely.”

Paid for by University of Leicester School of Business

Online delivery with in-person learning Help to Grow: Management is delivered flexibly online but also includes four half-day workshops in person at Leicester or Cambridge.

Recent feedback from participants revealed that in-person workshops bring the course to life with greater engagement, richer collaboration, more vibrant networking opportunities and increased application of knowledge. Nisha Ravat, Director at Leicester-based grocery delivery business Green Tomato, agrees: “Face-to-face modules enabled discussion of how the learning can be applied to our own businesses. I have since gained confidence approaching different sectors to grow my business and am already seeing the benefits. The face-to-face aspects were priceless as we’re all in similar situations but at different stages of our journey. We all had so much to learn from each other.”

Reference 1. https://startupsmagazine.co.uk/article-uks-top-10-most-entrepreneurial-townsand-cities

Read more at le.ac.uk/ helptogrow

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Creating the right environment for businesses to invest in skills, and individuals taking charge of their own career development, is key to resolving the skills shortage. ~Jane Gratton, Head of People Policy, The British Chambers of Commerce

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