Supporting SMEs - Q4 2023

Supporting SMEs Q4 2023 | A promotional supplement distributed on behalf of Mediaplanet, which takes sole responsibility for its content

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“An inclusive, entrepreneur-led approach is key to incentivising small business owners.”

“We can do more to ensure our nation’s small businesses have abundant (and equal) opportunities to prosper.”

Tina McKenzie, Policy Chair, Federation of Small Businesses

Michelle Ovens, Founder, Small Business Britain

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When you’re talking about money, as a small business, it’s so important we get everything right.

Read more on pages 06 - 07 Steph Giordano Founder and Creative Director, Baked by Steph

Image provided by Elavon

E-BOOK

Fewer meetings, more Productivity

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IN THIS ISSUE

“Business collaboration is vital to creating a fairer and greener world.”

Amanda Anderson, Head of Operations, Place & Small Business at Business in the Community

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Why UK Government shouldn’t overlook small business innovation As small firms account for 99% of the business population, it’s vital to encourage tech adoption and innovation in the small business community.

“Net zero transition requirements for SMEs have to be realistic, achievable and properly articulated.”

Alex Veitch Director of Policy and Insight, the British Chambers of Commerce

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he use of technology and innovation is a major force in economic growth. A Federation of Small Businesses (FSB) report — The Tech Tonic — shows that 7 in 10 (69%) small firms have introduced a new form of innovation in the last three years.

— a scheme that had been very successful in encouraging startups and driving productivity.

In terms of financial incentives, half of the respondents say additional government grants would encourage them to innovate, and 46% say extra tax relief would do so.

Innovation generated by SMEs This includes the development of an entirely new product/s to their market (25%), significant improvements to existing or new product/s (38%) and better staff and customer experience (25%). The average cost of introducing any type of innovation over a three-year period amounts to over £27,000 for a small firm; and the changes, on average, increase revenue by 15%.

Incentivising small businesses As a first step, the UK Government should spend the equivalent of at least 10% of the overall R&D budget on the diffusion and adoption of innovation and set itself a target of at least half of all direct government R&D funding going to SMEs. We’d also like to see the Treasury introduce a modernisation and diversification tax relief scheme, based on R&D tax relief, for small businesses that have invested in significantly improving products or processes.

An inclusive, entrepreneur-led approach is key to incentivising small business owners to take risks and develop new solutions from the bottom up. This is what our country needs to drive productivity.

Innovative and tech-savvy small firms are facing scarcer government support.

“Startups face significant obstacles as they begin to scale.”

Julian David, CEO, techUK

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SMEs increasing tech adoption but lack funding When it comes to tech adoption, the vast majority (83%) of small firms now have a company website, compared to only 51% in 2018. There has also been a significant increase in the number of companies using cloud storage, up from one-third (33%) in 2018 to two-thirds (67%).

One in fifty small firms polled in the FSB report (2%) have adopted machine learning tools, and 4% used enterprise resource planning software. The uptake of online project management tools and ecommerce products is higher — both at 19%.

However, innovative and tech-savvy small firms are facing scarcer government support. Since April this year, cuts have been made to the R&D Tax Relief Scheme for SMEs

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WRITTEN BY Tina McKenzie Policy Chair, Federation of Small Businesses

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Grow your business: take the hassle out of communication Small businesses no longer have to settle for second-best when it comes to finding great technology. As an SME, you don’t need deep pockets or specialist IT teams to boost productivity or engage employees.

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mall and growing businesses (99% of all UK companies) can outmanoeuvre bigger competitors, adapt quickly to change and offer a personal touch that customers love.

However, the range of software tools today means team communication and staying organised can be a challenge — especially if your agility is reliant on outdated tech.

WRITTEN BY Vanessa O’Mahony Head of Slack for Small and Growth Businesses in EMEA

Growth by breaking free from email Email remains the default for many, but it isn’t giving companies the agility they need. Our recent study of small business employees found that half (51%) say filtering irrelevant emails was bogging them down. More painfully, the average employee estimates they lose over a full day each week to writing emails — many of which are ignored.

Meanwhile, inboxes are hard to organise; spam mixes with important updates, and priorities get lost. This is without considering the security issues; email accounts for 91% of cyber-attacks, according to Deloitte. In 2023 and beyond, small businesses can do better than this half-century-old technology.

Communication fit for the 21st century It’s time for small businesses to banish the email curse, starting by setting communication goals.

For example, do you want to boost productivity in a specific team, improve communication between departments and remote workers or even automate tasks? It may be all of the above.

Next, look for a solution that can elegantly solve as many of these problems as possible. You don’t want to replace email with two dozen new tools. Instead, find one that does it all.

For instance, a productivity platform like Slack can cover multiple communication bases. It organises communication around ‘channels’ — spaces for conversations to happen on different topics or projects. In a channel, it’s easy to share updates, attach files and scale communication to everyone who needs to be in the know.

Slack enables us to work as if we’re side by side.

Ultimately, better communication results in a stronger bottom line — 86% of businesses that use Slack see an improvement in their ability to work and gain a 338% return on investment.

Property technology company, Homemove, is one growing business that’s seeing success. The team moved away from email and WhatsApp, making it easier for everyone within the company to be kept up to speed across multiple offices. Moving communication out of siloed inboxes and groups — and into channels — drove more transparent communication than email.

It also offered purpose-built business features; from collaborating live on shared files to integrating their own AI-powered productivity tools. “Slack enables us to work as if we’re side by side, wherever we are; and the productivity gains from that have been instrumental to our business,” explains Louis O’Connell-Bristow, CEO and Co-Founder of Homemove.

Better communication results in a stronger bottom line.

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Benefits of channels for small businesses Channels do away with the formality and sluggishness of email, boosting visibility and reactivity — but they also go further. In a channel, you can share updates via short video clips, jump on a live audio-only or video huddle with your colleagues to discuss and resolve an item quickly and more. This allows you to choose the most inclusive and engaging way to communicate, depending on the task at hand.

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Evolving small business communication The world of small businesses is changing fast, and so should communication. By breaking free of decades-old technology like email, small businesses can empower their employees with greater productivity. Getting there requires not only an honest assessment of where communication is failing but a mindset shift.

Small businesses know that size doesn’t matter when it comes to delivering incredible customer service or fantastic products. The same goes for great communication; it’s in reach for businesses of every size — you just need to choose the technology that enables it.

Visit slack.com or scan the QR code to find out more about how you can grow your business.

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Entrepreneurship is not inclusive: how do we change this?

Despite the UK being an amazing place to start a business, there are significant barriers to entry, particularly for marginalised communities.

T WRITTEN BY Michelle Ovens Founder, Small Business Britain

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he UK’s 5.5 million small businesses are an exceptionally vibrant force that represents an incredible variety of entrepreneurial backgrounds. However, our system isn’t always fair. If you are a disabled entrepreneur, for instance, there are even more hurdles to surmount.

To adequately support our nation’s small businesses and help them to power our much-needed economic recovery and growth, we have to consider all life experiences and backgrounds.

Business Saturday campaign, which took place on the 2nd of December.

Inclusive entrepreneurial celebration Small Business Saturday UK celebrates small business success and encourages consumers to ‘shop local’ and support businesses in their communities. A grassroots, not-for-profit campaign, it was originally founded by American Express in the U.S. in 2010. The brand remains the principal supporter of the campaign in the UK. While there is a Barriers to entry for entrepreneurs Running for over a decade in the UK, it wealth of support While there is a wealth of support for has engaged millions and seen billions small businesses, there is also uneven for small businesses, of pounds spent with small businesses delivery, which is often due to a lack of across the UK on Small Business there is also uneven accessibility. This holds everyone back — Saturday. Representing the real people from programmes that don’t proactively behind the small business economy has delivery, which is target marginalised communities been at the heart of the campaign for over often due to a lack of a decade, and it grows in impact every to events that mandate in-person attendance and inaccessible websites year. accessibility. and high costs. This excludes a large In the words of the Barbie movie: proportion of entrepreneurs.

‘You have to try. Even if you can’t make At Small Business Britain, we recently launched it perfect, you can make it better.’ We must focus on a report with Lloyds Bank. It consulted 500 progress and always make sure we are asking those with disabled founders on their experiences and shared the least access how we can support them to make things recommendations on how entrepreneurial support can better. This way, we can do more to ensure our nation’s be made more accessible (roughly a quarter of all small small businesses have abundant (and equal) opportunities business owners). to prosper.

This research showed a need for greater inclusion and celebration of the contribution of disabled entrepreneurs.

This is something we put at the heart of the Small

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Advertising platform gives SMEs a simple way to reach relevant audiences A new digital advertising platform is offering small and medium enterprises (SMEs) the opportunity to connect online with relevant target audiences.

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inding the most effective ways to market products to a target audience in the current economic climate can be a challenge for smaller firms. While the social media space can be crowded and budgets tight, turning to traditional and trusted brands to advertise products could prove a safer option for SMEs.

WRITTEN BY Andrew Horvath Head of Precision Digital Marketing, Publicis Media

WRITTEN BY Mark Nicholls

Paid for by Publicis Media

Good return on investment for SMEs Many UK SMEs are currently operating against a background of increasing uncertainty.

However, he believes digital advertising represents an opportunity for them to reach new audiences and grow.

Internet Advertising Bureau (IAB) research shows that 60% of UK SMEs currently use paid digital advertising; of those, Advertising platform reaching relevant audiences 63% say it provides a good return on investment. Reaching Head of Precision Digital Marketing new customers, generating sales and its at Publicis Media, Andrew Horvath, speed and flexibility are cited as main believes a great opportunity lies in strengths.

Research shows that communicating online with audiences “Whether a massive multinational 60% of UK SMEs of the traditional and established business or a small to medium enterprise, news and magazine brands that are especially in times when people are currently use paid also regularly seen on the shelves of struggling, you have to cut through the digital advertising; newsagents. noise and make your brand, services and One option is through AdGuru, an products sing to people. That is what of those, 63% say it online self-service advertising platform AdGuru is about — communicating with provides a good return more people at a lower cost.” offering pay-as-you-go access to a traditional and relevant marketplace. on investment.

Designed to help SMEs grow with no ad Fast and easy-to-use platform agency retainer fees, the digital solution Horvath says AdGuru has been stripped is provided by advertising giant Publicis Media, which works down to simple steps where users can choose a channel, add with major international brands. in targeting for audiences and drill down to local areas or go Horvath says: “It brings what we do for Samsung, Visa, Fiat UK-wide. “Monitoring our campaign was straightforward, and other massive companies to SMEs and gives them access and help was always on hand if we had questions,” reveals to what the ‘big guys’ have.” While Meta and Instagram have one customer. “The results indicate our ads were reaching numerous SMEs advertising on them, not everyone accesses the right audience, and our overall experience with AdGuru social media, notes Horvath, explaining it’s about allowing was excellent.”

SMEs to market themselves online with quality UK news and lifestyle magazine brands.

Programme helping UK SMEs to secure funding for innovative solutions

secure further funding to validate their technology — and to ensure that the product is ready to take to the market.

Launched in 2022 and funded by the UK Government, a programme is helping SMEs to secure funding so that validated innovative solutions can be scaled up.

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Brunel University London helps each business target a particular funder.

In the final phase, businesses submit R&I funding proposals with a higher chance of securing funding.

Turning ideas into expertise In the initial phase, the RIEm team assesses the innovation capacity and needs of the SMEs. Then, they help participants to develop an R&I plan.

In the third phase, the team mentors the business to draft an organisationspecific R&I concept note for funding.

Edward Kole, Founder of Katlas Technology and featured on National Centre for University and Business (NCUB) says: “RIEm helped me in crafting an application that has got an award of £50,000 from Innovate UK. I highly recommend the programme.”

With a cohort-based approach,

Leading SMEs to success The programme helped Stix Mindfulness validate its health solutions and sell products.

Liam Murphy, Cofounder of Stix Mindfulness says: “The programme helped support my confidence in grant writing. We were successful with the first application.”

The programme allows SMEs to engage with world-class R&I experts and investors to secure funding.

Businesses have access to the university resources and expertise to test and validate their innovation for scaling up.

Research experts from the University support SMEs to optimise their innovative products and services and

he Research, Innovate and Emerge (RIEm) programme at Brunel University London helps ambitious SMEs to translate their research and innovation (R&I) into fundable projects, so their solution can be taken to the market.

WRITTEN BY Dr Michael Joseph RIEm Programme Lead, Brunel University London

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Find out more at adguru.uk

Support securing funding The programme’s unique customerfocused approach, combined with one-to-one mentoring support, has helped businesses submit funding applications with a total of over £7 million since its launch. They have secured around £900,000 from public and private funders.

Due to the success of the programme, West London Business (a regional body) shortlisted RIEm for its 2024 award in the ‘Incubator/Coworking Space’ category. The programme has helped 48 SMEs, mostly from London and South East England.

The programme’s success has taken it international to India and helped 10 Indian-established businesses to develop partnerships with UK SMEs. Professor Geoff Rodgers, Pro Vice Chancellor for Enterprise and Employment, says: “The RIEm programme is helping businesses secure funding for innovation and collaborate with research experts.

Brunel University London views RIEm as a key component of its SME research and innovation engagement strategy.”

The University is now inviting SMEs to apply for the next RIEm edition.

Find out more at brunel.ac.uk/riem

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What larger businesses should consider insupporting SME growth With data showing that the number of firms going bust in the UK in 2023 is set to be the highest it has been since 2009, larger businesses should consider what support they can offer to SMEs.

T WRITTEN BY Amanda Anderson Head of Operations, Place & Small Business at Business in the Community

he majority of businesses in the UK are SMEs, employing three-fifths of the workforce. Business collaboration is vital to creating a fairer and greener world, which is why it is so important for larger businesses to support SMEs with the resources and guidance they need to help build a better world to live and work in.

owners in Bradford, Coventry and Rochdale — giving them the necessary skills to grow their businesses.

Larger businesses can help to address the digital skills gap among SMEs by helping them network so that they learn from one another.

Mental health and financial worries With over half of SME owners having experienced poor mental health in the past year, it is more Contributing to the community important than ever for larger businesses to consider Larger businesses should review the diversity of SME owners when creating their community their supply chains and the opportunities presented wellbeing response. to SMEs in local communities, to Almost half of SME owners say help those most disadvantaged. financial worries are the main This can be done by engaging in Larger businesses reason for their poor mental communities, holding ‘meet the should support SMEs health, with over half of SMEs buyer’ events, understanding reporting late payments in 2022. challenges SMEs face and with upskilling, That’s why larger businesses ensuring procurement processes providing free and must ensure they are paying their are clear and transparent. suppliers on time. accessible mentoring Accelerating sustainability journeys and essential skills Access to mentoring and skills Supporting SMEs with climate training action is essential. About 9 in 10 training.

Larger businesses should support SMEs recognise the importance SMEs with upskilling, providing of sustainability, yet only 4 in free and accessible mentoring and essential skills 10 have set targets to reach net zero. To encourage training, so everyone has access to the skills they greener practices amongst SMEs, larger businesses need. In 2021, it was reported that 17% of SMEs should support them in their transition to net zero, lacked basic digital skills, and 20% lacked the so no one gets left behind. By tailoring support advanced digital skills needed to operate. accordingly, all businesses can get to where they That’s why Business in the Community worked with need to be.

NatWest Group to provide free masterclasses to SME

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Bank points out why we need SMEs — and how to encourage them The banking sector has a pivotal role to play in supporting small businesses.

S INTERVIEW WITH Elyn Corfield CEO, Business and Commercial Banking, Lloyds Banking Group

WRITTEN BY Mark Nicholls

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MEs are the lifeblood of the UK economy, accounting for three-fifths of UK private sector employment. Lloyds Banking Group’s CEO of Business and Commercial Banking, Elyn Corfield, points to the pivotal role of the banking sector in offering relevant support — whether with core services or helping SMEs develop strategic growth plans.

Yet, opportunities for business leaders from Black and ethnic communities, support for disabled entrepreneurs and help for women to grow their businesses are often not easily accessible.

Supporting a diverse customer base She emphasises the need for banks to have an affinity with their diverse customer base when providing services and expertise. Research highlights many of the challenges faced by underrepresented groups in business.

Expanding access through people with lived experiences The studies found, for example, that 84% of people with disabilities, 75% of women and 74% of Black business founders felt they did not have equal access to opportunities. “Our purpose is ‘Helping Britain prosper,’” says Corfield. “But that only happens when all businesses have those same opportunities to succeed.

“It is not one-size-fits-all. It’s about working with trusted partners to ensure we can create confidence around what small businesses need.” The bank’s Black Business Advisory Committee steers its Black Entrepreneurs programme; it works with the Black Business Network to canvass 1,000 Black entrepreneurs through the ‘Black. British. In Business and Proud’ reports; and offers bespoke leadership and development with Foundervine.

“What we are also seeing is that under-represented groups are keen that the support that comes to them is from someone who understands their culture or lived experience,” she adds.

Discrimination towards disabled entrepreneurs Further research indicated that 37% of disabled entrepreneurs feel there is discrimination against them while 33% said they followed an entrepreneurial route out of necessity. Additional data shows the cost of living for a disabled person can be around £570 higher than for non-disabled people — monthly.

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Shani Gabbidon, iUVO Skincare. Image provided by Lloyds Banking Group

“Running a small business is hard,” Corfield adds.

“For a disabled entrepreneur, that journey is more important in terms of quality of life and living.” The ‘Disability and Entrepreneurship’ report, produced in partnership with Small Business Britain, found that 60% of disabled entrepreneurs received no support when starting their business; 70% lacked appropriate role models; and 84% feel they do not have equal access to opportunities.

Maximising growth opportunities The bank’s support for SMEs spans transactional banking through to expert guidance on more complex issues, as well as networking; mentoring and education; leadership and digital skills; supporting building trading performance.

Corfield acknowledges that with SMEs making up over 99% of the business population and contributing half the private sector turnover (£2.4 trillion), their role in helping the UK meet net zero by 2050 is crucial. However, helping businesses to capitalise on growth opportunities from consumers wanting to be more sustainable should go hand in hand with reducing their own carbon emissions.

Small business case study Shani Gabbidon joined her family’s firm iUVO Skincare, which sells a range of natural and organic vegan-certified skincare products directly to consumers, when her mother became ill.

Surprised at how much there was to think about in running a business, she says: “My advice is to talk to as many other people as you can — customers and other businesspeople you meet at trade fairs. Tap into all the help that’s available. Lloyds Bank has been amazing in the support they’ve given me as I develop iUVO’s future growth plans.”

An architect by profession, Shani took part in the Level Up accelerator, which is part of the Foundervine Immerse initiative with the Bank. With such support, more aspiring entrepreneurs will have a route to take their businesses to the next level.

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How a love of baking shared on social media became an ecommerce empire Scaling up at pace, from a hobby on Instagram into a full-on bespoke baking business, Steph Giordano wanted to give her customers the best buying experience and have a payments platform ready for whatever the future brings.

Steph Giordano Founder and Creative Director, Baked by Steph

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aked by Steph started as a complete happy accident for me,” says Steph Giordano, founder and creative director of Baked by Steph.

“I’ve always absolutely loved baking and started an Instagram account back in 2018. It really was just for my mum and friends to keep track of my hobby. But before I knew it, I had a few thousand followers in just a couple of weeks. Then I got a really big inquiry from a corporate client, and that’s the point at which I knew this could be a full-time career.”

That leap of faith was in 2019. Demand grew exponentially during the pandemic and today, Belfast-born Steph has a team of 16 creating more than 1,000 personalised cookies, cakes and macarons every day.

Selling online and over the phone, business is thriving – whether it’s the cheeky messages to loved ones spelt out in biscuit form, which saw many of Steph’s early creations go viral on Instagram, or one-off designs for weddings, birthdays, press launches and corporate events for wellknown household brands.

Ingredients for success “Our relationship with Elavon came about when we decided to scale up and build ourselves a new website,” says Steph.

Elavon provides Baked by Steph with an ecommerce solution that brings all the business’ platforms together.

It also fully integrates with the website to make secure payments easy for Steph’s team and their customers, whatever currency they’re paying in.

Customers can also pay over the phone or through a link shared securely by email or text message. Money goes into Baked by Steph’s account the very next day, helping with cash flow, while Elavon’s online reporting tools allow the business to keep track of every sale and transaction.

Scan to watch Steph Giordano talk about why working with Elavon was a no-brainer.

“Elavon was able to talk me through the entire process, show me forecasting and numbers … making it easy for me to make a decision which, as a business owner, is what I’m always looking for. I don’t have time to research everything in depth. Elavon kept us right, every step of the way. That was fantastic for me and my team in terms of learning how to use this new platform and making sure we understood everything.

“At the end of the day, when you’re talking about money, as a small business, it’s so important we get everything right,” adds Steph.

“Not only have we found the reporting process of our website sales much easier, but we’ve also found the reconciliation side of things for our bookkeeper much easier as well. We get next-day payments, which really helps with our cash flow.”

Spread paid for by Elavon Europe

Sweet all around “Building this whole ecommerce website and finding the right partner, it was really important to find a solution that facilitated an easy checkout process. It ultimately makes our customers’ lives easier, so they can get the end product a lot faster,” says Steph.

“It allows me much more time to focus on what I love, which is decorating the cookies and baking cakes.”

Elavon Financial Services DAC. Registered in Ireland with Companies Registration Office. The liability of the member is limited.

United Kingdom branch registered in England and Wales under the number BR022122. Elavon Financial Services DAC, trading as Elavon Merchant Services, is a credit institution authorised and regulated by the Central Bank of Ireland. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

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Top tips to stop fraudsters from targeting your ecommerce site Brian Kinsella Senior Regional Fraud Manager, Elavon

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Carding is the process where stolen or cloned card details are used to make a small online purchase, to test if a card is valid and active.

ften, a piece of automated software will try to make potentially thousands of small transactions until one is successful. Those details can then be used for larger fraud elsewhere. If it later turns out that the larger fraud was carried out because of carding on your site, you could find yourself exposed to reputation and legal implications.

You could also face additional fees for excessive authorisations and declines from card brands.

How to stop fraud There are many ways you can protect your business from fraudulent carding activity.

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Why SMEs are vulnerable Brian Kinsella, Senior Regional Fraud Manager at Elavon, says: “We often see the types of businesses that fall victim to carding attacks are small companies that may not have invested heavily in website security.

“By taking a few simple, low-cost steps, you can prevent your business from falling foul of carding and any card fees for excessive declines.”

What are the main reasons people shop online?

James King Head of Professional Services, Elavon

Offering an excellent delivery experience is key to ecommerce, research by payment experts Elavon has shown.

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hen more than 1,000 UK adults were questioned, two-thirds (66%) of those who answered said that free returns, labels and packaging would encourage them to shop online. Respondents were also keen for returns collected from their house (39%) and a wider range of delivery slots (28%).

Value of an efficient logistics strategy James King, Head of Professional Services at Elavon, says: “This really underlines how important it is for you, as an ecommerce business, to develop an excellent relationship with a delivery firm.

“We also see younger shoppers keen for sameday delivery, while a sizeable minority of all shoppers also like that availability. It’s something to consider to help you compete with the High Street or gain an edge over your competitors.

“We know people are tightening their belts because of the economic situation, so you’ve got to work even harder to win over customers.”

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Well-designed websites will win customers The research by Elavon also shows the importance of the design and writing on your website. Almost a third (30%) of shoppers said more detailed descriptions would encourage them to shop online, and more than a quarter (28%) said better images would motivate them to shop online.

Understanding what your customers want and need gives you an edge. “At Elavon, we continue to research and add to our already considerable expertise, so we understand how best to help you, our customers and our partners.

“Combine that knowledge with your own experience, coupled with the data you can pull from our payments packages, and you’ve got a winning combination,” insists James.

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Having a good ‘captcha’ test on your website could frustrate carding attempts. A ‘captcha’ is a way to tell the difference between a human and a robot.

3-D Secure is the umbrella name for Visa Secure and Mastercard SecureCode, which have been introduced to add extra security for online shopping. By adding 3-D Secure to your ecommerce, you can fully authenticate the cardholder. While 3-D Secure cannot and does not eliminate chargebacks, it does vastly reduce the incidence of fraud.

Removing the copy-and-paste function on your payments page makes it harder for an automated script to test transactions.

Ask your payments gateway provider about other fraud-management products they have available, to identify and block attacks.

Delivery is key for online shopping Yonder: Online survey of 1,103 adults in the UK in March 2023 Q: Which, if any, of the following would encourage you to shop online?

Want free returns 66% Reliable delivery 61% Same-day delivery 42%

To see the full research, scan the QR code.

Research was conducted for Elavon

by Yonder, a founding member of the British Polling Council and abides by its rules.

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Helping SMEs move forward on their net zero journey The Government should demonstrate commitment and consistency in its net zero plans.

SMEs are the lifeblood of the UK economy and play a crucial role in the country’s transition to net zero.

However, they need help and certainty from Government to navigate their journey.

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here are many trailblazing companies already innovating and making a real difference. However, our research shows that many small firms simply don’t understand what net zero means for them.

Awareness is slowly increasing, but there’s still lots of work to do.

SMEs confused about government targets Our survey in August, carried out alongside Lloyds Bank, showed that 9 out of 10 companies are confused about the impact of the Government’s 2050 targets for their business.

A lack of understanding is holding them back.

WRITTEN BY Alex Veitch Director of Policy and Insight, the British Chambers of Commerce

Three ways to support SMEs Three key changes are needed to help businesses hit net zero. Firstly, the Government should review its support and advice to SMEs. It has a vital role to play in informing business, signposting advice and support, as well as providing incentives when circumstances allow.

An SME Net-Zero Industrial Strategy could offer one means

Most firms are using new technology or adopting greener policies, even if their understanding of reaching targets is incomplete.

of achieving this as a clear, single point of reference. Net zero transition requirements for SMEs have to be realistic, achievable and properly articulated.

Secondly, larger businesses and institutions must continue to drive behaviour change in their supply chains. Peer-topeer knowledge sharing is a powerful tool. There are many examples of positive business cases; SMEs should look for examples and see how acting on energy and sustainability can help win business and reduce costs.

Finally, the Government should demonstrate commitment and consistency in its net zero plans. SMEs want to address the changing climate but cannot plan for future investment if the sands keep shifting — as they did with the Prime Minister’s announcements in September.

SMEs investing in net zero Despite the challenges in the path to net zero for SMEs, there are some positive signs. Our data shows most firms are using new technology or adopting greener policies, even if their understanding of reaching targets is incomplete.

More than two-thirds of SMEs (69%) told us they have installed LED lighting and more than a third (34%) are investing in greener vehicles. Just under a third (30%) are using solar panels. These are encouraging statistics, but we need to use them as a springboard to accelerate the SME net zero journey. A long-term Government strategy that doesn’t change and is clearly explained to companies is the way forward.

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New manufacturing approaches for SMEs to digitalise and achieve net zero

Image provided by AMRC

two weeks to a matter of days, so we could offer reduced lead times when estimating for new business."

Working with industry and academia, plus data scientists, the team aids firms in lowering emissions for net zero goals by analysing energyuse data. However, a recent British Business Bank survey found that 53% of SMEs were ‘not yet ready’ to prioritise decarbonisation.

A world-leading manufacturing research centre is helping small and medium enterprises through digital transformation and their journey towards net zero carbon emissions.

INTERVIEW WITH Shirley Harrison SME Engagement Manager, AMRC

INTERVIEW WITH Melissa Conlon, Commercial Director, AMRC North West facility

WRITTEN BY Mark Nicholls

A

s SMEs prioritise rising costs and global competition, achieving net zero has become less prominent. However, industry experts

recommend investing in technology and reviewing processes as a dual solution — benefiting both the company and the environment.

Manufacturing challenges in reaching net zero The University of Sheffield Advanced Manufacturing Research Centre (AMRC), and its regional centres in Lancashire and north Wales, conduct research to de-risk and deliver practical industry applications. As part of the High Value Manufacturing Catapult, they also offer support in areas such as advanced connectivity; robotics and automation; and manufacturing information systems to firms big and small seeking expertise and advice.

AMRC SME engagement manager, Shirley Harrison, says: “Big issues for SMEs are attracting and retaining skilled staff, the cost of raw materials, energy bills and remaining globally competitive.” Other challenges include digital transformation, decarbonisation and supply chain resilience.

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Helping SMEs with technology uptake As a chartered mechanical engineer, Harrison guides small businesses with knowledge of emerging technologies and changing production techniques in manufacturing. “By adopting new technologies, businesses can help themselves become more competitive; they can automate processes and have less reliance on traditional manual processes and increase capacity,” she explains.

Advising on new, efficient techniques In one example, process optimisation techniques were suggested to a SME whose precision engineered components were in particularly high demand. Before investing in new capital equipment, the firm wanted to explore the possibility of increasing capacity and reducing energy costs by using current facilities more effectively.

By taking a machining science approach, the centre was able to demonstrate to the SME how operational steps can be reduced from six to two — minimising the expensive and energy-intensive process.

After receiving support from the centre, the company said: "It was great to challenge our conventional wisdom of how we've always done things.

The AMRC's ideas have the potential to reduce production time from

Finding suitable sustainability strategies The AMRC's £20 million purposebuilt Low Carbon Smart Building Demonstrator, based in its North West facility, is fitted with 25+ low carbon technologies that can be showcased to SMEs in a real-life demonstrator scenario. It also has a 10-step plan and funding to help companies decarbonise.

Commercial Director at AMRC North West, Professor Melissa Conlon, says: “We can help manufacturers to understand the impact of these low carbon technologies in their own facilities, and potentially adopt those that will make the biggest impact and assist with their journey to zero carbon manufacturing.”

The facility has specialist expertise in robotics automation and has a 5G Factory of the Future open-access testbed, which supports SMEs in digital manufacturing through the Rapid Digital Assist Programme (RADAR) project. It deals with firms on a commercial basis but, since 2019, has secured £9 million to work with 400+ Lancashire SMEs, primarily through the European Regional Development Fund (ERDF).

Benefits for businesses and local economies An initial programme helped 207 Lancashire-based manufacturing SMEs adopt new technologies and processes with bespoke solutions. “An independent summative assessment calculated the net economic impact and concluded that, for every pound invested in delivering the project, £4.52 was generated,” says Conlon.

The programme supported 22 new businesses and 113 new-to-market products. It also created 156 new jobs with a net economic impact of £23.5 million. A second two-year programme supported 201 manufacturers — creating 236 jobs and generating £15.90 for the local economy from every £1 invested.

One company receiving RADAR support described it as a ‘gamechanger’ for their business, saying it is “providing invaluable access to software engineers and cutting-edge technologies that were previously beyond our reach as a small company.”

Find out more at amrc.co.uk

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Five reasons SMEs are taking climate action Being part of the climate action solution can be a motivation in its own right. However, several other factors are also driving small and medium-sized enterprises (SMEs) to take action now. They include these five vital reasons.

WRITTEN BY Vishnu Nair Head of Operations, Zeigo Activate

1. It makes strong business sense Often, what’s good for the climate (and for reducing a company’s emissions footprint) is also good for the business bottom line. Nowadays, ‘green’ interventions like energy efficiency upgrades, renewable energy procurement and fleet electrification have speedy returns on investment (ROIs), translate into substantial cost savings and are cheaper than business as usual. They also insulate SMEs from the costs of climate inaction, which will be addressed in other parts of this article, such as transition risk and physical risk.

2. Business-to-business (B2B) customers are asking for it For SMEs whose customers include large corporations, there is a very good chance those bigger companies have sustainability and climaterelated goals, including emissions-reduction targets and possibly net-zero targets. For example, according to the Net Zero Stocktake 2022, as of June 2022, more than one-third of the world’s 2,000 largest publicly traded companies had net-zero targets — a more than 50% increase since December 2020.

Such companies are increasingly looking down into their supply chains — to SMEs — to make their decarbonisation efforts comprehensive. This is also known as Scope 3 decarbonisation. Regardless of what it’s called, SMEs need to respond with decarbonisation efforts of their own.

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3. It reduces physical risk Physical risk refers to the changing climate’s direct impact on business facilities and operations. Think coastal and inland flooding, wildfires, increased frequency and severity of severe storms such as hurricanes, drought and other changes to the climate that could negatively influence a company’s factories, offices, staff, services, products, upstream suppliers and/or downstream customers.

For example, if the impacts of the climate crisis risk making power grid blackouts more common, that could be highly disruptive for an SME. This makes strategy, such as installing on-site solar paired with battery energy storage, much more than a sustainability initiative that reduces a company’s emissions footprint. It also becomes a strategic business initiative that bolsters resilience and supports business continuity — even in the face of challenging, climate-induced events like severe storms and wildfires.

To this end, the London School of Economics and Political Science cautions that SMEs are ‘locking in’ future physical climate risks by not taking climate action today. Further, aside from the obvious direct impacts of adverse events, failing to take climate action leaves SMEs exposed to heightened liability and higher insurance costs. As the Harvard Business Review noted in August 2022: ‘As climate risk grows, so will costs for small businesses.’

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4. It reduces transition risk Transition risk refers to the way nonphysical, climate-related changes can impact businesses.

This can include new or updated national, regional or local policies; issues related to regulatory and code compliance; market reforms; and/or accounting and reporting requirements.

For example, in January 2023, the EU’s Corporate Sustainability Reporting Directive came into effect.

It updates rules about the sustainability information that companies have to report and applies to large companies as well as listed SMEs. Because the directive also addresses value chain due diligence, other SMEs should also be prepared to provide emissions accounting documentation for their larger customers that are required to report under the directive.

Meanwhile, in March 2023, the EU released its proposed Green Claims Directive on making and justifying environmental claims — governing both companies’ claims about their own sustainability efforts as well as those associated with their products or services.

Across the pond in the United States, the U.S. Securities and Exchange Commission (U.S. SEC) is on its way to issuing climate-related financial disclosure requirements for READ MORE AT BUSINESSANDINDUSTRY.CO.UK

companies. The exact timing and final nature of the requirements remain a question, but in a recent survey of 300 corporate executives at U.S. public companies with revenues above $500 million, 98% of respondents said that they may not wait until the SEC regulations come into effect to initiate climate disclosures.

after study confirms that sustainable businesses do a far superior job attracting and retaining top talent as employees. Part of that attractiveness comes down to elevating a company’s brand reputation for being ‘green,’ paired with actions that authentically live up to the promise.

This same brand reputation issue likewise translates into two forms of competitive advantage: 1. For business-to-consumer (B2C) SMEs, sustainability and climate efforts translate to heightened consumer demand and stronger business growth.

For example, joint market research by McKinsey & Co. and NielsenIQ, published in February 2023, found that products making ESG-related claims averaged 40% higher cumulative growth over the past five-year period versus products that made no such claims.

2. For B2B SMEs, sustainability and climate efforts translate to competitive advantage compared to other companies in their market that find themselves on the wrong side of a ‘brown discount.’ As more and more large corporations place sustainability requirements on their suppliers, not taking climate action puts SMEs at a business disadvantage.

To this end, the London School of Economics and Political Science cautions that SMEs are ‘locking in’ future physical climate risks by not taking climate action today.

Although the U.S. SEC requirements may not directly target SMEs, similar to the EU directives, there will likely be a ‘trickle-down’ effect from SMEs’ large corporate customers.

5. It bolsters brand reputation and makes SMEs more competitive Finally, climate action supports less tangible, but still material, aspects of a business. For starters, study

The time for small and medium-sized businesses to take climate action is now. Take the first step in reducing your carbon emissions with Zeigo Activate.

Visit our website at Zeigo.com/ climate-action to explore our key features and learn more about our intuitive software.

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Why SMEs’ role in the digital economy should not be underestimated Combined with our strong academic and research institutions, the UK produces many impactful startups every year and since 2000 has created almost 400 high-growth startups.

S WRITTEN BY Julian David, CEO, techUK

tartups face significant obstacles as they begin to scale, with domestic capital much scarcer for small companies looking to grow their business to the next stage.

SME scale-up gap in the UK It is no surprise that hundreds of lost high-growth businesses have exited the UK market to secure growth elsewhere, and the UK has developed a significant scale-up gap estimated at £15 billion a year.

This is exacerbated further when considering companies based outside London and the South East. techUK’s Local Digital Index for 2023 showed everything — from equity finance and venture capital in tech to R&D spending and R&D tax credits — were all lower outside London and the South East.

Opportunities in other UK regions There are significant numbers of digital jobs, companies and investment opportunities in the North of England, Scotland and Northern Ireland. However, they are not as well-known and easily accessed, impeding the growth of the regional economies.

This scale-up gap not only threatens the UK’s position as a science and technology superpower but has detrimental impacts on the UK’s wider economic growth and competitiveness.

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This is why, ahead of the Autumn Statement, techUK led a coalition of tech businesses, think tanks and trade associations. It urged the Chancellor to take bold steps in supporting SMEs through a simple digital adoption incentive scheme.

We have also called on the Government to begin a sixmonth ‘Scale-up Sprint’ — bringing together investors, businesses, Government and regulators over a six-month period to identify potential new investment products and vehicles as well as the regulatory changes that could be used to support them.

Fostering an engaged SME network techUK is taking action now to support our members with their scale-up ambitions. Across 21 workstreams, our expert teams help our members achieve their business objectives, giving them the inside track and access to the industries important to them.

Through initiatives such as the Cyber SME Forum, we facilitate hundreds of meetings and events, creating opportunities for members to meet customers, suppliers and regulators, as well as build partnerships with their peers in the sector.

By engaging with the Government in addressing these challenges and supporting SMEs across the membership, we can fix the UK’s broken scale-up economy so that British firms have the opportunity to become global champions.

If you’d like to find out more about becoming a techUK member, contact us through techuk.org

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Only 54% of UK businesses that will be impacted by the 2025 PSTN Switch-off are aware of the discontinuation.

Simple communications upgrade will help SMEs transform operations

©/TM Aardman Animations Ltd. All rights reserved.

The PSTN Switch-off is something every business owner in the UK must be aware of, so take the time to read this essential information.

Article written and paid for by Gamma

T

he imminent Public Switched Telephone Network (PSTN) Switch-off in the UK presents a unique opportunity for small and medium-sized enterprises (SMEs) to embrace and benefit from this landmark change — transitioning and transforming their communication strategies. However, a lot of SMEs have no idea what it is. So, what is it, and what’s changing?

Mandatory upgrade for all businesses The PSTN is the traditional telephone network used in the UK for over a century, connecting most communication devices. It’s set to shut down in December 2025. By then, every phone line in the UK will have switched to a fully digital network using Internet Protocol (IP) over fibre cabling.

This change will impact voice services as well as other devices that rely on the PSTN such as payment terminals, alarm systems and many others — and may require broadband upgrades. On top of that, most SMEs are unaware this is happening.

With this in mind, Gamma reached out to Academy Award-winning studio, Aardman, and their iconic animated character ‘Morph’ to find a unique way of raising awareness of the PSTN Switch-off. The character points out the opportunity for SMEs to transform themselves for the future.

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Transformative communication opportunity for SMEs Gamma wants to spread the word that opportunity is knocking. Yes, the PSTN Switch-off is a mandatory change for all of us in the UK — but it’s also a chance to leapfrog into a future-proofed communication ecosystem.

By taking this chance to transition to full-fibre broadband and cloud-based solutions, SMEs can not only enhance their operational efficiencies but also unlock new potential for growth and customer engagement. The transition to new systems can transform the customer experience, bringing about epic customer experiences (CX) for everyone interacting with a business. So, where does Morph come into spreading the word of this transformational opportunity?

Getting the big message across with Morph Morph, created by Peter Lord and David Sproxton, is one of multi-awardwinning animation studio Aardman’s pioneering and simplest masterpieces.

This clay character, recognised for his slapstick comedy prowess, employs alternative methods to convey messages, aptly reflecting the essence of the big Switch-off campaign.

Morph’s speciality lies in his ability to convey messages in an uncomplicated, relatable manner. His history, spanning over 40 years and marking appearances in popular TV programmes ensures that he resonates with multiple generations, especially business owners and decision-makers.

Spreading the word with a roadmap to the future Helping SMEs with the roadmap for that journey is a big part of why we’re running this awareness campaign with Morph. Creating an effective transition plan is critical, and a lot of SMEs don’t even know they should be thinking about this. So, we’re here — with Morph’s help — to spread the word and lend a helping hand to ensure everyone, who needs to be, is aware.

Gamma’s ethos of ‘communications with a conscience’ resonates deeply with this drive to do the right thing by our industry. Morph, a character who simplifies and entertains, is the perfect face for this campaign to guide SMEs through a pivotal change with empathy and support. It’s about making sure SMEs are aware of this opportunity to step into the future.

Innovate to communicate with PTSN Switch-off The PSTN Switch-off is coming and, for SMEs, it’s a huge opportunity to future-proof their businesses. With Morph leading the way, this journey can be less daunting and more of an exciting opportunity to embrace change. It’s about adapting to new technologies, yes, but it’s also about innovating the way we communicate and operate in a rapidly evolving digital world — just like Morph.

Scan the QR code to find out more

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Navigating the cash flow crisis Small business owners are being kept awake by cash flow worries.

Adopting digital tools can give them better insights into their finances to plan ahead for the future.

T WRITTEN BY Jo Copestake UK Sales Director, Xero

Paid for by Xero

he last 12 months have presented several economic challenges for small businesses.

From high inflation, supply chain shortages and slow demand growth all weighing heavily on owners’ minds. In fact, Xero’s ‘Money Matters’ study revealed that half of owners worry about their financial future, with nearly three-quarters (72%) admitting they’ve had cash flow issues in the last 12 months.

Beyond the financial impact of having poor cash flow – with 41% of owners sacrificing their own salaries, and 34% using personal funds to keep their business afloat – there is also the impact on owners’ personal lives to consider. For instance, 82% of owners are affected by stress, 80% by anxiety, and 60% have trouble sleeping. It is no surprise therefore that managing cash flow has become a top priority for small businessess. So, what can you do to help manage this challenge in your small business?

Stay on top of late payments Late payments, or ‘unapproved debt’, as Xero prefers to call it, can be incredibly harmful to small businesses and their cash flow. Unfortunately, it is something happening all too often, with small businesses waiting the longest time in three years for late payments according to Xero’s Small Business Index. Not only does it affect cash flow, sometimes preventing businesses from paying their staff, it also distracts owners from being able to focus on growth, as more time is spent chasing payments.

However, despite the burden of chasing payments, few small businesses currently use accounting software to track their incoming finances. Sanjay Aggarwal, co-founder of small business the Spice Kitchen admits: “At first, I saw it as a huge cost to get support with my accounts, but once I got over that, it freed me up to focus on growing the business.”

By using apps such as Chaser that integrate with your accounting software, small businesses can automate the process of managing their invoices.

Software takes the strain away by setting reminders of when payments are due, chasing customers for payments and generating invoices automatically.

Plan ahead for success Developing financial plans can help businesses prepare for slower periods during the year.

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For instance, the majority of owners have raised their prices in the last year, while a third of them have reduced overheads and lowered marketing spend to overcome cash flow constraints in response to economic conditions. Just 8% however, are using cash flow forecasting tools to help them plan ahead These tools can help protect businesses from poor cash flow, and can help owners react to real-time changes in their financial position and forecast their future sales and expenses to create an accurate budget. For example, if actual revenue was not as high as forecast in one month, the plan can be adapted alongside your accountant or bookkeeper to ensure you remain profitable in the future.

Don’t be put off by software Many small business owners put their inertia around digital tools to a perceived lack of relevance, while a quarter prefer to manage payments using traditional methods (26%) or don’t think enough of their customers use digital payment methods to make adoption worthwhile.

Yet as Aggarwal points out, “One of the turning points was acknowledging that the way we were doing our accounting was inefficient and wasn’t really proper accounting.” Aggarwal adds, “Now all our sales channels like Shopify and Amazon are integrated with Xero, providing real-time insights into our transactions. This has helped us to streamline the accounting process and provide deeper insights into how we operate.”

By embracing digital tools as your ally, you can set up your small business for success to navigate the toughest times, and put yourself in the best position to expand and grow.

Xero provides cloud-based accounting software for small businesses. For more information on how digital tools can help you better manage cash flow, scan the QR code to access the Xero cash flow hub.

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