Spring 2025 THE ESSAY: FROM TRUMP TO EMBRACING AI, THOUGHT LEADERS HAVE THEIR SAY
They’re ambitious, female - and younger than at any time
Meet the Next Generation Executive stress
REVEALED: the sacrifices that keep small businesses alive
4 Windfall winners
The £37bn accrued from business sales in the past 12 months 6 Executive stress
The health issues facing SME owners who are unable to take a break
8 Women take the reigns
The rise in female entrepreneurs among GenZ and Millennials 13 Staying the course
AAT president Michael Steed on ensuring corporate longevity 14 The essay
Six business leaders share their thoughts on topics of the day 20 Appointments
Who’s hiring who, who’s going where - and when
EDITOR’S LETTER
Watching the entrepreneurs who step out of the lift in search of funding in the Dragons Den, one gets a feeling that lightbulb moments can truly lead to riches.
And those upstarts who run around haplessly to catch Lord Sugar’s eye in the Apprentice, may well give the impression that it’s all about bartering, buzzwords and boundless energy.
Even the restaurants Gordon Ramsey revitalises - albeit bankrolled by a TV production company - seem to thrive after a few simple tweaks involving a kitchen clean-up and ditching the microwave.
But the reality is far different and those who do make it big, often do so at great personal expense in what are often very competitive markets. While we are the first to celebrate entrepreneurial success, we also recognise the strains of selfsacrifice and the toll it can take on lifestyles and, ultimately, personal health.
Two features in this issue address exactly that. In the first we delve into the findings of several surveys that point to the fact that a worrying number of small business owners are unable take days off, let alone enjoy a family holiday.
While in another, inspired by last week’s International Women’s Day and looking at the remarkable success stories behind a new generation of female business owners, we were aware that the spectre of struggle, and in this case, barriers, are never far away.
Success is something we covet, applaud and admire. But we do so in the knowledge that it doesn’t come easily.
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Cashing in
£33bn windfall for bosses who sold up
Entrepreneurs made £182.7 billion from selling their businesses in the past five years, according to latest HMRC data.
It shows that last year’s figure was £33.5bn in the last year alone, down slightly from the £36.7billion they made in 2023.
And experts at Bowmore Financial Planning say they expect a rush in the number of entrepreneurs selling before capital gains tax rates increases April –from 20 per cent to 24 per cent for higher rate taxpayers.
The rate paid under Business Asset Disposal Relief will also rise from 10 to 14 per cent, further incentivising owners to sell before April.
CEO Mark Incledon said: “The increase in CGT is going to hit older entrepreneurs the hardest. It will affect how much they make from selling their business to fund their retirement.
“A lot of entrepreneurs use the proceeds of the sale of their business to fund their retirement so an increase to the CGT rate is going to leave them with far less. That is a particular worry for those who have kept investing in their business throughout their life rather than taking more money out to put in a private pension.”
He said there was also a danger that increased capital gains tax would deter those aspiring to set up new businesses. Among those who sold for multi-
million-pound sums were Joanna Jensen’s kids’ toiletry business, bought by listed soap maker PZ Cussons for £36.8m in 2022. Another was Michael Ginzo and Sami Bouremoum’s office supply kit for remote workers which was bought for an estimated £77.05m in 2024 to US payroll and HR technology company, Deel.
More than four in ten entrepreneurs exit in order to prioritise wellbeing and family, according to new research that highlights the emotional toll of running a business in the current climate.
Current market conditions also play a leading role with 65 per cent selling up sooner than they had wanted due to the fear of tax rises.
And one in five said they received offers they “couldn’t refuse”, often resulting in hasty decisions and heightened uncertainty.
More than half told researchers they experienced anxiety during the exit period, noting that this was nearly twice as likely in women compared to men.
Dragons’ Den panellist Touker Suleyman was quick to acknowledge the need to recognise the emotional impact,
“It’s not just about numbers. It’s about recognising the personal and emotional aspects of change”
saying: “Throughout my entrepreneurial journey, I’ve learned that the most valuable advice is from people who understand the human side of running a business.
“It’s not just about numbers or strategy; it’s about recognising the personal and emotional aspects of change. Having access to friends and advisers who can empathise with these challenges and provide support are invaluable.”
The findings were contained new report from private and commercial bank, Arbuthnot Latham, ‘Beyond the Balance Sheet’. Throughout, one thing was clear: planning ahead significantly eased the transition to life after exit.
Among those surveyed, 61% felt completely or “mostly” prepared for life post-exit. In contrast, the 39% who said they felt only somewhat prepared reported grappling with feelings of aimlessness and uncertainty as they adjusted to the loss of structure and identity their business once provided.
Kevin Barrett, Head of Private and Commercial Banking at Arbuthnot Latham, said: “Professional financial advisers were ranked as the most valuable source of support during the exit experience, along with lawyers. This confirms what we already felt strongly about, the need for a human and personal service, focused on supporting entrepreneurs across both their business and personal wealth.”
No time to take a sick day... No support even if you do... No time for even a day off...
No wonder your staff want health insurance
Studies reveal the pressures of running a small business in 2025
The sheer level of the pressures many small businesses are facing have been highlighted by two shock surveys that found many are working through periods of illness and unable to even think about taking holidays.
In the words of one, it’s potentially pushing them to the brink of burnout.
Researchers found that more than three-quarters of SME leaders don’t take sick days because of financial pressures and a lack of formal workplace support.
After speaking to 1,086 of them, they discovered the many challenges facing the sector – including long working hours, rising costs, and the burden of
responsibility without the safety nets enjoyed by larger organisations.
And worst all, nearly half told researchers working on behalf of FreeAgent that running their business has negatively impacted their mental and physical health, with nearly half getting close to exhaustion due to their work. A fifth said they worked an average of 48-64 hours a week, high above the standard working hours in the UK.
“Throughout my entrepreneurial journey, I’ve learned that the most valuable advice is from people who understand the human side of running a business”
Another factor contributing to mental health issues appears to be the lack of support they receive whilst building their businesses – with many saying they do not have a strong professional support system to turn to, leaving them to navigate the pressures of running a business alone.
For some smaller micro-businesses, the absence of formal protections such as sick leave and pensions, adds
to this strain – and a third of survey respondents said they would like to see the government introduce more statutory protections, such as pensions and sick leave.
Without better support for business owners, economic growth may be at risk, with over a quarter admitting they are worried that burnout and mental health challenges would challenge their ability to succeed over the next year.
Help is at hand
FreeAgent Chief Accountant Emily Coltman said: “Our research certainly paints a concerning picture about the mental health struggles and support issues that small businesses are facing in the UK.
“While there are some steps that they can take – such as investing in technology to help their businesses become more efficient and betterorganised, or taking advantage of local small business organisations or entrepreneurial resources – there’s clearly more that needs to be done to ease the burden on SMEs.
“These survey findings on burnout and mental health highlight the key challenges for business owners that are still to be met, including easing the tax burden on SMEs, simplifying the overall tax system and providing more resources to help people manage their businesses more effectively.
“It’s important that the government keeps the SME community front and centre when devising its business policies, so that small business owners are given the tools they need to thrive.”
Separate research from InsureandGo revealed that a significant portion of the UK’s 5.51 million small business owners are missing out on holidays to keep their businesses running, highlighting the challenges of maintaining a healthy work-life balance.
At a time when Novuna Business Finance data reveals that the percentage of small businesses predicting growth for the three months ahead has fallen back to 33 per cent - with 82 per cent claiming business worries keep them awake at night – the insurers explored whether small business owners were able
BOSSES GO PUBLIC ON GOING PRIVATE
Rising NHS waiting times are fuelling concerns among employers. IHPN polling shows that more than half worry delays could lead to increased sickness absence rates and a similar number fear prolonged absences or permanent exits due to health issues. As a result, seven in ten now offer private healthcare benefits such as PMI, occupational health services, or Employee Assistance Programmes (EAPs), with many planning to enhance these provisions in the next 12 months. The best-used services were doctor consultations (45%), diagnostic tests (45%), and GP appointments (34%).
to look after their health and wellbeing by having decent family breaks or a holiday abroad.
Their data found that more than one in three entrepreneurs have not been able to take a proper two-week holiday, citing financial constraints and operational challenges as major barriers.
Even a short escape is a luxury for many. A staggering 18 per cent admitted they haven’t taken an overseas holiday for years, while nearly one in four have opted for shorter breaks, squeezing in a long weekend or a quick city trip to minimise time away from work.
Even staying within the UK doesn’t seem to ease the pressure, with some feeling they must remain constantly available, many business owners choosing to holiday in the UK so they can return to work quickly if needed. Shockingly, seven per cent don’t take holidays at all—sending their families away while they remain at home to oversee business operations.
Health a priority
Garry Nelson, Head of Corporate Affairs said: “Small business owners are the backbone of the UK economy, but outside work they are parents and partners like everyone else – and it is great concern that business pressures seem to be preventing them from enjoying holidays with their families.
“Our research suggests many small business owners could be running on empty, sacrificing their own well-being for the sake of their businesses – and this is not sustainable. Taking time away from work is not just beneficial for well-being, it’s also important for long-term business success.”
Given all of this, it comes as no surprise to learn that the traditional New Year surge in job searches was marked this year by a surge in interest in private health insurance.
The Independent Healthcare Providers Network has evidence that more than half of respondents to one of their own studies are more likely to apply for jobs offering private medical insurance, reflecting a growing demand for this as a benefit amid mounting NHS pressures.
“We understand the value of a truly stress-free holiday to helping manage a healthy work-life balance – and we work hard to make it easy for customers to get the right cover so they can go abroad without the doubt, knowing they’re protected while they’re away.”
The appeal was particularly pronounced among younger people, with more than six in ten 18–24-yearolds and a similar number of 25–34-yearolds considering it a key factor in their employment decisions.
IHPN David Hare, Chief Executive said: “The start of the year sees a spike in job searches as people reassess their career priorities. For many, private health insurance is a dealbreaker, particularly among younger generations who place high value on accessible and timely healthcare options.
“Employers are recognising that access to private healthcare is essential— not just for attracting and retaining talent but also for ensuring workplace productivity. Faster, more accessible healthcare is a critical tool in today’s competitive job market.”
CLeft, Emily Coltman: concerning picture emerging Right, Garry Nelson: firms running on empty
cAmelia Peckham: moving on to a new career meant ‘flipping the narrative’
Business 2025: meet the next-gen trailblazers
Amelia Peckham was only 19 when an accident put her on the road to success, making her an early member of a growing group of Generation Z female entrepreneurs
Amelia Peckham’s life changed dramatically when a quad bike accident left her with a spinal injury at only 19. She was paralysed from her waist down, and dreading a future in which she would be dependent on mobility aids, she began to investigate how best to navigate life with a disability.
She quickly came to the conclusion that there had to be an alternative to what she saw as dusty, grey, uncomfortable and unsafe crutches and walking sticks. In other words, a gap in the market for something with exceptional functionality and design to support long term medical use without clicking, slipping, snapping, or compromising on style.
With the help of her mother Clare, she co-founded Cool Crutches in 2006 and over the next 20 years, revolutionised the mobility aid market, not only creating a fast-growing business but a community of people living with disabilities focused on what they can do, with confidence and style.
Amassing a following of more than 140,000 people like her, Amelia now campaigns on behalf of the disabled community working alongside big businesses such as Lloyds Bank, Shopify and Meta as well as supporting the government-backed initiative in The Lilac Review with Small Business Britain.
She explained the business idea came about by chance and that the initial plan was no more than to simply “design something that I could use so I could try to learn to walk and regain some independence - but also so we could take them back into physio where there were 20 of us all navigating life-altering diagnoses or injuries and clanking around with grey hospital crutches - and hating it”.
The initial reaction? “Honestly, it
was incredible, the first five years was predominantly word of mouth and the reviews were - and still are - the driving force. In all honesty, it was life changing for me physically as well as mentally.
“Physically our crutches were the only reason I was upright and putting one foot in front of the other but mentally they completely changed my life.”
“By flipping the narrative around disability and mobility aids from what I’d lost, couldn’t do and would never do - to what I had, could do and could use meant I no longer had to fill my day answering ‘can you feel your feet, can you wiggle your toes, will you ever live alone/date/get married/have children’.
“In an instant people stopped asking about what I’d lost and started asking where we were with the business, what stage was the product at, feedback and sales. It became an entirely different story physically as well as mentally.
And there are many more like her. In fact, there has rarely been a better time for
cTracy Lynn: I’m building an empire and proving success has no limits
women to go into business, an assertion supported by recent data that suggests Gen Z and millennial women are more likely than any previous generation to want to start their own enterprise.
A little over and a little under six in ten of both generations have expressed such an interest, compared with a mere 37 per cent of so-called Gen X and 24 per cent of Baby Boomers.
And the motivations? A desire to earn more money was the main driver but so too were other factors such as the desire for a better work-life balance and wanting to pursue their passion.
People like Amelia aside, the key areas of focus for Gen X entrepreneurs were cosmetics or beauty and childcare, while Millennials tended to favour online selling and food and drink industries.
These were the findings of a survey commissioned by Mastercard ahead of International Women’s Day last week: one that also highlighted the fact that there are still barriers in place for existing and would-be female entrepreneurs.
Women who have already founded
a business are more likely than men to say that it’s hard to balance caring for dependents with work, that they struggle to switch off from work on holiday, and that they don’t have a good work-life balance.
And women are also less likely than men to say they feel confident with general business-related skills – particularly areas such as financial decision making, networking and public speaking. This ids a sentiment that extends into running their own company. Risk of failure and lack of confidence are the most cited barriers for women when it comes to setting up their own business when compared with men.
Payal Dalal, Executive Vice President, Global Programmes, Mastercard Centre for Inclusive Growth, described the findings as “interesting and encouraging”, adding: “It is good for women, good for business, and good for the UK economy.
“We know that starting your own business is one of the hardest things you can do and it is important that we understand where the challenges lie and address them through tailored and accessible initiatives.”
Another positive is that when it comes to coping mechanisms, the health support experts at RedArc report that women are likely to utilise support for their emotional and mental health for
“I
grew up with very little and knew from a young age that I wanted to be my own boss and start my own business”
a third longer than men. In terms of actual time, its data shows this equates to an average of four months for women and three months for men.
They believe this debunks the myth that women do not prioritise their own mental health. It also shows that they understand that, often, with multiple responsibilities, maintaining sound and stable mental health is a necessity, and they’ll seek support for it if needed.
Christine Husbands, commercial director, said: “Women are often thought to be better able to discuss their emotional wellbeing with friends, but there is a risk that they ‘soldier on’ rather than seek professional care. It’s heartening to see women being open, and accepting this type of support, which can be hugely beneficial during challenging times or immense pressure or stress.”
While there are positives to be taken from this data, RedArc’s experience also shows that women tend to initially present with more emotional distress, anxiety or depression. This is mirrored in findings from The Mental Health
Foundation1 and something that RedArc conjectures is because many feel the need to keep going until they reach breaking point.
Due to the complexity of needs with which women present, this may also account for the requirement for longerterm, more intensive support than men make use of.
One person who knows all about stress is Riannon Palmer, 28. She was working in a busy PR agency when the pandemic hit. Like many companies, the agency put a significant number on furlough for over a year. Riannon and her few colleagues remaining worked intense hours to keep up with the huge workload.
Her breaking point came when she started having panic attacks. Her mental health saw a huge decline, and she decided there had to be a better way. Looking for a better type of PR agency, she couldn’t find a place she wanted to work at, and in May 2021, Lem-uhn was born.
Riannon never thought she’d start her own company. She’d not seen young female entrepreneurs and believes this lack of representation made her think it wasn’t possible. Her parents simultaneously thought it was risky. Growing up, she didn’t know anyone who had made the leap and started a company. She is passionate about increasing the representation of positive female entrepreneurial role models. Riannon also believes young people need to be taught that no matter their gender, they can achieve anything they set their sights on.
One beneficiary of the Mastercard funding was artist Zara Street who started her positive lifestyle brand Keep It Bright aged 15, from the bedroom of her home in Manchester with, in her words, “pretty much nothing but a dream”.
Zara, now 33, has seen her idea of spreading uplifting messages through clothing, jewellery and art, go from strength-to-strength, winning awards as well as having her designs worn by A-listers such as Ariana Grande, Miley Cyrus and Ed Sheeran.
“I grew up with very little and knew from a young age that I wanted to be
a Alison Riley: ‘There is nothing like knowing that you have paid the bills off your own steam
my own boss and start my own business – to turn my passion for creativity and positive thinking into something others can benefit from.
Nichola Bates, Head of Global Accelerators and Innovation Programs at Boeing said last weekend’s International Women’s Day should be seen “as a rallying point to reinforce commitments, drive systemic change, and ensure that no girl grows up in a world where her rights are an afterthought”.
She added: “When more women work, economies grow – it is estimated that closing the gender gap could give the global economy a $7 trillion boost. However, with women still earning less than men on average and shouldering more unpaid care work, progress remains stalled.”
If there any need for further confirmation, it came this week from Small Business Britain who, with Starling Bank, conducted research
which showed that women who start their own businesses report a significant boost in confidence, resilience, and selfbelief despite many feeling the stress of “entrepreneurial load”.
The research, gathered from 1,000 female entrepreneurs including the
likes of Tracy Lynn,Managing Director of Spark Creatives a Cheshire-based events company.
Her verdict: “Being a female business owner has given me everything I ever dreamed of and more —financial freedom, unshakable confidence, true happiness, and the flexibility to design mine and my family’s life on my own terms.
“I’m not just running businesses; I’m proud to say I’m building an empire and proving that success has no limits, something that was instilled in me from a child and I’m now living day to day and I’m not afraid to say it,”
Alison Riley, owner of Bridal Reloved Caistor which sells “pre-loved” wedding dresses in Lincolnshire, said: “There is nothing like knowing that you have earned a wage and paid the bills off your own steam. Also, as a working Mum the flexibility means that I haven’t missed any of my child’s school events and performances which is priceless.”
CNichola Bates: “When more women work, economies grow. Closing the gender gap could give the global economy a $7 trillion boost
How to avoid being in the 50 per cent
With registered company insolvencies 13 per cent higher in November 2024 than the month before, and almost 20 per cent of small businesses failing in their first year and half within three years, it’s a feat for SMEs to survive the early years.
Usually, the reason a small business needs to fold is financial. Michael Steed, President of AAT (Association of Accounting Technicians), shares why SMEs should stress-test their numbers before launching, the most common warning signs, and what they can do if they end up in financial trouble
Small businesses often face a tale of two stories – on one hand, you hear of start-ups reaching inspirational success levels and on the other you hear of those that fail within the first few years. In fact, this happens to half of all small businesses within three years.
The business and economic landscape is challenging. There have been significant shifts on the high street with DIY retailer Homebase announcing it was going into administration in November, and earlier in 2024 The Body Shop, Ted Baker and Carpetright also reported difficulties.
It may sound surprising, but cash is more important than profit when it comes to a business surviving or not.
Northern Rock is a good example. When it collapsed, it had been profitable, but it had run out of cash. Understanding that profit is not the same as cash, is incredibly important.
As a small business owner, particularly in the early years where money will be
leaner, the focus should be on simply having cash in the bank.
Small business owners aren’t accountants
The fact is, business owners usually haven’t got accounting qualifications, often can’t interpret a profit and loss account or balance sheet and may have never seen a cash flow statement before. Therefore, they can’t necessarily spot the warning signs of financial trouble like an accountant can. The sad reality is that some of the small businesses that close would have been salvageable, if only they had someone who had spotted the signs of trouble and taken action early on.
Seeing your business fold, having poured time, energy, money and many late nights into it, can feel like a very lonely position to be in. However, the road of a business owner doesn’t need to be trodden alone.
As accountants, who know all too well the influence that finances have on a business’ ability to survive, we want to
walk alongside small business owners and help alert them when we can see financial trouble coming.
Half of the battle is knowing what to look out for. Think of it like a car; if a warning light comes on, you don’t sit and wait for the problem to materialiseyou get it fixed at the garage.
Stress
test the numbers in your business before launching
You can have a great business idea but if the numbers don’t add up it will inevitably fail as you will simply run out of money at some point. Before you launch, stress test the business with someone who understand numbers. They will be able to go over your business plan, pricing, cash-flow forecasts and growth strategy before you start and pinpoint areas of financial weakness.
The two most common warning signs
The two most common signs that your business is heading for financial trouble are: you can’t afford to pay yourself anymore and you’re borrowing money in order to keep operating.
Sacrificing your own salary, or drawings, to paper over the cracks can sometimes work, as long as it’s just a short-term solution. However, if the business isn’t generating enough cash long-term to enable you to take a salary, or drawings, or you’re borrowing money to keep it afloat, it isn’t sustainable. You can’t survive forever without a personal wage and borrowing cash just compounds the problem. You’re keeping your business afloat with false money; money that isn’t yours.
Communication is key
As a business owner, you’ll have people who either owe you money or you owe money to. Communicating with both of these groups is key, to ensure you keep your
cash flow healthy and your debts cleared. If you can’t pay an invoice on time, don’t shy away from talking to creditors (people you owe money to). Agreeing new payment terms or setting up a payment plan is all entirely possible and could give you the breathing space you need.
Equally, you need to chase debtors (people who owe you money). Cash problems in small businesses are often driven by not getting paid on time and unfortunately this is a common issue.
The Federation of Small Businesses reports that 52% of small businesses experience late payments every quarter, so set aside time each month to chase up invoices and make sure you have received money owed to you, on time.
You’re in trouble – what can you do
If you do find yourself in financial trouble, there are things that can be done. First, seek advice as early as possible. There will be various options available to you such as reorganising the debt, arranging a new loan or securing funding.
Cost cutting may need to be done, whether that’s reducing staff headcount, moving office space or changing operating hours to reduce overheads. Additionally, you may need to have conversations with HMRC if you know you will be unable to pay your VAT or tax on time.
As I’ve said, prevention is better than cure. If you don’t maintain your car properly, it will eventually break down. It’s exactly the same with a business. As early as you can, engage a qualified and licensed accountant; one you know you can trust.
Accountants should play a far bigger role in a small business than just being the person that fills out your tax return for you. Experienced accountants, who have a broad understanding of how businesses work, can be business advisers as well.
They can look at your business like a Rubik’s cube, from every angle. Having experts who know what to look out for, and can steer you away from any impending dangers, will be instrumental in your business’ survival.
To access the free Small Business Survival eBook please visit informi.co.uk/10steps
The Essay
‘Business owners should prepare for sudden shifts in market dynamics’
UDouglas
Grant on the challenges and opportunities of Trumponomics
nder a second Trump presidency, SMEs are tackling shifts in global economic policies. Trumponomics, defined by protectionist trade policies, deregulation, and assertive geopolitical stances, could significantly impact the business landscape for UK companies.
Navigating an already complex post-Brexit economy, small firms must be ready to adapt to changes ranging from trade barriers and currency fluctuations to investment opportunities and supply chain adjustments.
It’s worth looking at how the challenges and opportunities could present themselves under a resurgence of Trump’s economic agenda for UK SMEs.
Firstly, Trump’s “America First” policy prioritises domestic manufacturing and economic growth, which could lead to heightened tariffs and protectionist measures. For those exporting to the US, this could increase costs and regulatory challenges, impacting competitiveness. Any renegotiation of trade agreements may create uncertainty for firms reliant on US partnerships.
However, if the UK faces higher
tariffs, it could align more with other affected nations, fostering increased trade outside the US and China. This shift could be beneficial for SMEs by opening new markets and trading partnerships. To capitalise on these opportunities, they should monitor trade negotiations, remain flexible in market strategies, and be mindful of currency movements and regulatory changes.
Trump’s history of deregulation could increase domestic competition in the US, complicating market entry for UK businesses. Additionally, his unpredictable policymaking might cause market volatility, influencing
“The number of visitors continues to rise and with it the opportunity for small businesses to flourish”
exchange rates and investor confidence.
Business owners should prepare for sudden shifts in market dynamics that could disrupt financial planning and investment strategies. On the positive side, Trump’s commitment to reducing corporate taxes and deregulation could benefit UK firms with US operations by lowering costs and easing market entry barriers. SMEs should stay informed about potential tax reforms and adjust their financial strategies accordingly. If US economic policies strengthen the dollar, UK businesses may face
higher import costs, affecting supply chains and profitability. Although a stronger dollar could boost UK exports, this advantage might be offset by increased trade barriers. SMEs should implement currency hedging strategies to manage exchange rate risks.
Conversely, if new trading blocs emerge due to US protectionism, currency dynamics could stabilise within these groups. This could reduce currency volatility and provide a more predictable trading environment. SMEs should monitor currency movements in these markets and explore new partnerships or acquisitions to capitalise on increased trade flows.
Additionally, a return to Trump’s assertive foreign policy could heighten geopolitical tensions, especially with China and the EU, potentially disrupting global supply chains. And changes in NATO dynamics and global alliances could impact UK firms operating in multiple regions.
However, escalating US-China tensions might prompt American companies to diversify supply chains, creating opportunities for UK suppliers. SMEs with competitive pricing and reliable alternatives could benefit from increased demand. To seize these opportunities, businesses should build agile supply chain networks and invest in logistics infrastructure.
Trump’s history of deregulation could increase domestic competition
in the US, complicating market entry for UK businesses. Additionally, his unpredictable policymaking might cause market volatility, influencing exchange rates and investor confidence.
Business owners should prepare for sudden shifts in market dynamics that could disrupt financial planning and investment strategies. On the positive side, Trump’s commitment to reducing corporate taxes and deregulation could benefit UK firms with US operations by lowering costs and easing market entry barriers. SMEs should stay informed about potential tax reforms and adjust their financial strategies accordingly.
If US economic policies strengthen the dollar, UK businesses may face higher import costs, affecting supply chains and profitability. Although a stronger dollar could boost UK exports, this advantage might be offset by increased trade barriers. SMEs should implement currency hedging strategies to manage exchange rate risks.
Conversely, if new trading blocs emerge due to US protectionism, currency dynamics could stabilise within these groups. This could reduce currency volatility and provide a more predictable trading environment. SMEs should monitor currency movements in these markets and explore new partnerships or acquisitions to capitalise on increased trade flows.
Additionally, a return to Trump’s
assertive foreign policy could heighten geopolitical tensions, especially with China and the EU, potentially disrupting global supply chains. And changes in NATO dynamics and global alliances could impact UK firms operating in multiple regions.
However, escalating US-China tensions might prompt American companies to diversify supply chains, creating opportunities for UK suppliers. SMEs with competitive pricing and reliable alternatives could benefit from increased demand. To seize these opportunities, businesses should build agile supply chain networks and invest in logistics infrastructure.
Additionally, a return to Trump’s assertive foreign policy could heighten geopolitical tensions, especially with China and the EU, potentially disrupting global supply chains. And changes in NATO dynamics and global alliances could impact UK firms operating in multiple regions.
However, escalating US-China tensions might prompt American companies to diversify supply chains, creating opportunities for UK pricing and reliable alternatives could benefit from increased demand.
Stricter US immigration policies could limit UK businesses’ expansion in the US or hinder talent mobility. SMEs with international growth ambitions should explore alternative markets or remote working solutions to maintain access to global talent. Nevertheless, if the US economy
grows under Trump’s economic agenda, demand for international services, especially financial, legal, and tech solutions, could rise. UK firms specialising in these areas may benefit from this demand as US companies expand globally. Scaling digital and consulting services could be a strategic move for UK SMEs. While Trumponomics poses challenges, it also presents opportunities for adaptable and innovative UK SMEs. A shift towards increased trade among nations affected by US protectionism could benefit UK businesses, particularly within Europe. This would require awareness of currency movements, potential deregulation, and changes in labour mobility.
By strategically navigating trade barriers, leveraging investment opportunities, and enhancing supply chain resilience, SMEs can position themselves for growth. Digital transformation and agile business models will be crucial for thriving in an evolving global economy.
To succeed, UK SMEs must engage in proactive planning, maintain strategic foresight, and embrace emerging opportunities. Although the future may be uncertain, the right strategies can help UK businesses not only withstand challenges but also emerge stronger and more competitive on the global stage.
Douglas Grant is Managing Director at Manx Financial Group
‘For
so many mobile users, trust in data sharing is fragile’
Nicholas Rossman examines consumer doubts over datause and security
Over the past four years, I’ve had the privilege of delving into the Mobile Ecosystem Forum’s (MEF’s) annual Consumer Trust Studies, witnessing first hand the dynamic shifts in user attitudes and behaviours.
The 2024 study reveals that the Global Trust Index, at 55 per cent, is down one percentage point in like-for-like markets since 2023. While this might seem moderate, it underscores a concerning reality: for nearly half of mobile users worldwide, trust in data sharing is fragile. Delving deeper, we see that ‘awareness’ emerges as the strongest pillar of this index. This suggests that users are increasingly cognisant of how their data is being utilised.
However, this awareness isn’t translating into a strong sense of ‘control’ or complete faith in the ‘safeguards’ in place. It’s a clear signal that while users are more informed, they still yearn for greater control and assurance regarding their data’s security.
The 2021 study also echoes this sentiment, highlighting a significant gap between user expectations and the perceived performance of organisations in safeguarding data privacy and security.
The pandemic has undeniably accelerated the adoption of mobile services, transforming smartphones into indispensable tools for everything from remote work and online education to entertainment and social connection.
The 2022 study revealed a significant increase in mobile phone
usage due to the pandemic, particularly in emerging markets like South Africa, Brazil, India, and China. This surge in usage has, however, been accompanied by heightened concerns about data sharing and privacy.
As our mobile usage patterns evolve, so do the threats we face. The MEF studies have consistently tracked the prevalence of various data harms, from unsolicited messages and phishing attempts to account hacking and identity theft. While some harms, such as unauthorised credit card use, have seen a slight decline, others, such as fraudulent texts and emails, have witnessed a worrying increase. This underscores the ever-present nature of cyber threats and the need for constant vigilance.
In response to these threats, users are increasingly taking steps to protect their data. The 2023 study shows a rise in the adoption of various protective measures, including
changing privacy settings, enabling multi-factor authentication, and using password managers.
However, the effectiveness of these actions remains a concern. Many users still feel vulnerable despite their efforts, highlighting the need for more comprehensive and user-friendly data protection solutions.
Regulation and education are pivotal in shaping the future of mobile trust. Robust data protection laws, like GDPR and LGPD, can empower users and hold organisations accountable. However, their success hinges on effective implementation and enforcement.
Additionally, promoting digital literacy and educating users about data privacy risks and best practices are crucial in enabling them to make informed decisions and protect themselves in the digital realm.
The journey towards a more trustworthy mobile ecosystem is ongoing. It requires a concerted effort from all stakeholders, includingIndustry: Companies need to prioritise transparency, user control, and data security in their practices and product designs.
Regulators: Governments need to enact and enforce robust data protection laws that safeguard user rights and hold organisations accountable.
Users: Individuals need to be proactive in protecting their data, educating themselves about privacy risks, and demanding greater transparency and control from the companies they interact with. By working together, we can create a mobile ecosystem that fosters trust, empowers users, and enables the responsible and ethical use of data.
Nicholas Rossman is the Anti-Fraud Programme Director at MEF
‘What can we learn from Musk’s DOGE findings?’
Steve Paul says companies can pay a high price for financial blind spots
After The Department of Government Efficiency (DOGE) revealed that nearly $4.7 trillion in federal payments are ‘almost impossible’ to trace due to tracking code issues, it begs the question: how can one of the world’s most well-funded institutions struggle to keep track of its own spending?
If even a government treasury can lose track of its finances, what does that mean for SMEs operating with far fewer resources?
DOGE, a newly formed advisory body created by Donald Trump and led by Elon Musk, has been tasked with modernising IT systems to improve efficiency and eliminate unnecessary spending.
Within just two months of the team’s appointment, they claim to have uncovered $4.7 trillion in untraceable federal payments missing a crucial tracking code. If that is confirmed, these funds would be impossible to trace back to their sources, highlighting the very real risks that financial mismanagement can pose to organisations of any size.
For business owners and finance managers, it’s a stark reminder that without clear visibility over spending, financial control can unravel fast. From inefficiencies and fraud to operational instability, poor financial oversight can lead to serious consequences.
For SMEs, financial oversight is often more than just a regulatory concern, it’s a matter of survival. While large corporations may have buffers against mismanagement, smaller businesses operate with narrower
margins and less room for error. The risks of poor spend management can manifest in several ways.
For example, unchecked spending can lead to cash flow shortages, preventing businesses from covering essential costs such as payroll, rent, or supplier payments. A lack of visibility means businesses might unknowingly overspend in nonessential areas, jeopardising their ability to meet critical obligations.
Beyond daily operations, cash flow is what allows businesses to grow. Accurate cash flow forecasting is essential for predicting future finances, but its reliability depends on precise financial tracking. If you don’t have a clear picture of where money is coming from and where it’s going, gaining real control over your cash flow becomes nearly impossible.
Then there is fraud and misuse of funds. With SMEs accounting for 99.9% of the UK’s business population, their ability to combat fraud isn’t just crucial for individual businesses, it’s essential for the stability of the entire UK economy.
The absence of clear spending
oversight makes it easier for fraudulent activities to go undetected. Whether it’s employee misuse, supplier fraud, or accounting errors, a lack of transparency in financial operations increases the likelihood of funds being misallocated. By tracking every payment coming in and out of the business, owners and their finance teams can quickly identify potential fraudulent transactions instead of letting them go unchecked. Financial mismanagement doesn’t just affect the bottom line, it can erode trust among investors, employees, and customers. While financial management can feel daunting to SMEs, particularly those with limited resources, it is vital to maintain the health of a business. When businesses fail to account for their spending, they risk damaging their credibility, which can have long-term consequences for growth and stability.
And for businesses operating in regulated industries, failing to maintain financial oversight can lead to legal consequences, including fines and sanctions.
Even for businesses that are not operating in strict regulatory environments, tax discrepancies and unaccounted expenses can invite scrutiny from authorities. What’s more, financial credentials and positive compliance are often viewed by potential investors, new clients, and even prospective employees as contributors to a business’s success. Whatever DOGE’s findings, they have revealed an important truth: financial mismanagement is not just a problem for large institutions, it’s a risk for any organisation, regardless of size.
Steve Paul is Deputy CFO at Equals Money
‘Democratising AI for small business needs big business’
Chris Sims on what small firms need to do to fully embrace AI
Ongoing discussions among industry leaders about AI, including those from the recent Paris summit, have the potential to democratise AI and inspire larger enterprises to actively support SMEs in adopting it, levelling the playing field and driving innovation.
SMEs account for 99 per cent of UK businesses, so if we’re serious about using AI to power up our economy, they need to be embracing it with the same fervour seen by larger enterprises. And yet, according to BT research, one in five small firms still see themselves as “analogue first”, with further research listing AI as one of their top concerns. There is clearly huge growth potential in the sector. A digital-first approach is important for these businesses to thrive, but big businesses must lay the foundations for success through knowledge sharing, training and, at least in BT’s case, connectivity.
There is trepidation around the technology, however, with smaller companies less likely to take the plunge.
A recent study from Be the Business showed that while a third of SMEs use AI from time to time, half haven’t used it for their business at all, and two in five have no current plans to introduce or expand AI tools in the future.
There are many reasons why smaller companies are reluctant to fully engage – and most are far more rooted in concerns around collaboration and engagement. At BT’s and Be The Business Productivity Collective Community event last month, we heard a diverse group of SME leaders raise concerns that AI adoption would lead to a “brain drain” of their workforce.
There was anxiety around staff becoming so reliant on advanced tools they would be impacted by outages like those we’ve seen at Open AI and DeepSeek recently. Another commonly cited fear was that the regular use of AI could create reputational risks for their business, particularly if relied upon to create written content around sensitive or social issues.
Being unable to train employees sufficiently or hire the right talent to use AI effectively was also a concern. Unlike larger corporations with dedicated resources for AI education and recruitment, SMEs may lack the budget and time to kickstart these
operations confidently.
In a similar way, choosing and implementing the appropriate AI solution for their business’s specific needs can be overwhelming. Indeed, seamless integration with existing systems and ways of working can deter them from adopting AI altogether.
Considerations around GDPR and protecting their customer’s data was also noted as a barrier to AI adoption. AI requires a vast amount of data and the implications of using this on a large scale, when there are hefty fines for breaches or misuse can be daunting. SMEs are the engine room of our economy.
They bring agility, innovation, and a nuanced understanding of their markets to the table. Their ability to adapt quickly and think outside the box gives them a competitive edge, but when it comes to AI, many need support in cutting through the hype to uncover practical applications that drive real value.
Digital skill initiatives are crucial in fostering AI literacy, ensuring employees can leverage artificial intelligence as an important productivity tool. BT recognises that providing free digital skills programmes goes a long way in upskilling workforces, and have already provided this to 1.2m small businesses to date.
Crucially, larger businesses have a role to play — whether through mentorship, training, or collaboration. Companies further along in the adoption of AI must also make themselves heard, sharing advice and guidance from learned experience. This is key to giving SMEs the confidence to roll out AI, using it to improve customer service, empower their workforce and increase productivity.
Chris Sims is Chief Commercial Officer – Business at BT
‘Get out there now if you want to win government contracts’
Maggie Berry on what the new Procurement Act means for SMEs
With the Procurement Act 2023 coming into force last month, small businesses could be forgiven for thinking that new opportunities will simply start to flow in.
Much has been made of the ‘shake-up’ procurement rules and how a fresh approach to awarding contracts is going to effectively wave through a significant in increase in spending with SMEs.
The legislation will see the simplification of the bidding process, an automatic system that means businesses need to only upload their details once and save it, and more transparency around tenders that are available.
Contracts will also now be awarded by a new test that the Government hopes will maximise spend through creating social value and community benefits through the new ‘most advantageous tender’ test, replacing the ‘most economically advantageous tender’.
SMEs are already operating in the heart of their own communities and naturally reflect the environment they operate in. While once this might have gone unrecognised, it now gives them a competitive advantage.
This is all positive news - but my experience of working in the SME inclusive sourcing sector for over a decade has taught me that the groundwork is only just starting and for all the rhetoric, profound change is not going to happen overnight. The legislation go-live date is the start of the next step in the journey to increasing government spend with SMEs.
We now need to set about building and curating a dynamic and healthy
pipeline of SMEs that are ready to supply all the right products and services and that can meet all the criteria to successfully sell into the public sector.
And we also need procurement professionals and economic buyers to be open and willing to buy differently and have the confidence to buy from an SME.
Another key element is going to be visibility. To get involved, SMEs will need easy visibility on what those opportunities are. There’s also going to be much more openness about what is being purchased, what stage the business is at and the broader bidding pipeline - so preparing ahead and being ready will be crucial.
A good option is for small firms to work indirectly on government contracts via their strategic tier one suppliers. This type of experience helps small firms learn and develop systems that can lead to direct supplier status further down the line.
From experience I know the real gap for the government and its strategic suppliers is that they don’t always know where to find the SMEs with the right skills.
This will be a key part of my work with Enterprise Nation – helping SMEs
to be ready and to ensure buyers know where they are.
But there are some practical steps SMEs can take now to prepare for the opportunities that are coming:
• Be ready and prepared for the long haul – it can take several attempts to win business via large tier one suppliers or directly within the public sector.
• Understand the bid cycle and framework for your product or service.
• If you’re completing a tender document or preparing for a pitch, consider the client’s culture and values.
• Be visible as a potential future supplier - know your industry sector; get involved with relevant networks and trade bodies.
• Make sure your social media and web presence are exceptional; that they clearly explain your expertise and what your SME successfully delivers.
The new legislation means SMEs will also need to think about their commitment to carbon reduction if the contract has this requirement.
Maggie Berry OBE, is Enterprise Nation’s supplier diversity champion
‘To embed GDPR principles you need to simplify the message’
Kevin Gaskell on the importance of jargon-free training
Compliance training is a key part of modern workplace education, especially when it applies to regulations such as GDPR. Yet, despite its importance, compliance training often struggles to engage employees due to overly technical jargon that alienates rather than engages.
To secure employee buy-in and embed GDPR principles effectively, we must simplify the message and make it resonate. Here’s how:
Data breaches represent one of the greatest risks to organisations today, and often, human error is the root cause. Whether it’s sending an email to the wrong recipient, using weak passwords, or falling for phishing scams, mistakes happen when employees lack clear guidance. These aren’t isolated incidents –they’re preventable failures stemming from a gap in understanding.
This is where jargon-laden compliance training falls short. Employees can’t act on what they don’t understand. By removing unnecessary complexity and focusing on practical, relatable instructions, we empower employees to handle personal data with confidence and precision.
Simplified training bridges the gap between abstract regulation and daily tasks, reducing the risk of breaches and safeguarding the organisation’s future.
GDPR mandates that organisations provide training to employees who handle personal data. This isn’t just about ticking a box – it’s about equipping your team with the knowledge to navigate the nuances of compliance. Employees must grasp concepts such as data minimisation, lawful processing, and the rights of individuals whose data they manage. Without clear and ongoing education, organisations risk fines, reputational damage, and a breakdown of trust. But here’s the key: compliance isn’t about bombarding employees with dense policy documents. It’s about connecting the dots between what the law requires and what employees need to do. Proper training ensures that every team member, regardless of their role, can apply GDPR principles confidently. It demonstrates leadership’s commitment to compliance and instils a shared sense of responsibility.
Leadership engagement is the linchpin of successful compliance training. When leaders champion clear and accessible education, they set the tone for the organisation.
It’s a simple truth: if leaders don’t take training seriously, neither will employees. After issuing a £4.4 million
fine to the Interserve Group in 2022, the ICO stated the “biggest cyber risk is complacency, not hackers”.
Leaders must champion the importance of data security, avoiding complacency at every level, and ensure that adequate resources are allocated to training initiatives.
When leaders model appropriate compliance steps, like using strong passwords and securing sensitive files, they show employees that these principles matter. This visibility and accountability reinforce the message that GDPR compliance is a collective effort.
The benefits of jargon-free training can be summarised as improved understanding, greater engagement, increased accountability and better retention
Complex jargon can overwhelm and alienate learners, reducing retention. Simple, digestible language helps employees remember what they’ve learned and apply it consistently. It’s about ensuring that knowledge sticks.
Conclusion: jargon-free compliance training isn’t just nice to have – it’s imperative. Simplifying the message helps employees connect the dots between regulations and their roles, fostering a culture of accountability and vigilance.
When leaders prioritise clear, actionable training and model compliant behaviour, they inspire employees to follow suit.
This isn’t just about avoiding fines or ticking boxes. It’s about protecting your organisation’s reputation, safeguarding customer trust, and empowering your team to excel. By investing in jargonfree training, you turn compliance from an obligation into an opportunity for growth and resilience.
Kevin
Gaskell is a former CEO of Porsche, Lamborghini, and BMW
Appointments
Freight role for ex-Commons chief
Logistics UK has strengthened its policy team by appointing a new Head of Road Freight and English Regions Policy. Maddi Solloway-Price joins from the House of Commons where she was a Chief of Staff, having also previously spent five years working as a Regional Campaign Manager.
Leading on-road freight and English regional policy, she will be responsible for working with members to develop “asks” of government in these critical areas to ensure logistics is at the forefront of the growth agenda and the government’s policy development across the nation.
“I’m joining Logistics UK at a critical – and exciting – time for the organisation, which I’m looking forward to,” she said. “It will be my job to make sure that our members can continue to influence how roads policy is shaped with a significant share of voice,” she said.
UK Deputy Director – Policy Michelle
Gardner said, “Creating a new role focusing on road and regional policy reflects the importance of these two areas for our members and the UK’s supply chains. Eighty per cent of UK freight travels on roads at some point on its journey to the end user and, to drive growth across the whole economy, a regional perspective is essential. Maddi’s experience of parliament and campaigning will be invaluable when representing our members’ views across government and with key stakeholders, and we are delighted that she has joined our growing team.”
Development role for Cruiziat
Pulse Cashflow Finance has announced the appointment of Adrien Cruiziat to the role of Business Development Manager. He has spent the past five years at Blue Compass Management Partners LLP where he played a pivotal role in managing deal origination across diverse markets, including the UK, US, and Latin America.
Pulse Cashflow Finance provide UK businesses with access to funding solutions that will help firms continue to drive forward their plans. His appointment comes during what is a challenging time for the business sector. With sluggish economic conditions exaggerated by the recent increase in National Employer Insurance and Minimum Wage levels business owners need the support of reliable financial partners they can trust.
He said: “UK businesses are facing an uncertain time and ensuring they have strong funding lines in place is crucial to the health of their business. I’m looking forward to building productive working relationships with financial advisors and their clients to deliver commercial and pragmatic solutions to our clients.”
Blair joins BGF leadership team
Growth capital investor BGF has appointed Rosaleen Blair to its Board as Non-Executive Director.
A recognised industry leader, Blair has been instrumental in transforming the recruitment industry. As the founder, former CEO and now Chair of AMS (Alexander Mann Solutions), she successfully built the company into a global outsourcing leader in talent acquisition and management services. She successfully navigated AMS through multiple economic cycles, as well as four private equity relationships. She is the Chair of FTSE-listed Kaison Group PLC.
The news of her appointment follows BGF’s £25 million commitment to the Invest in Women Taskforce, which has secured £250 million of funding to support female entrepreneurs and female-led businesses across the UK.
Chair Ian Livingston (Lord Livingston of Parkhead) said: “Her exceptional track record in leading and scaling businesses is aligned with BGF’s mission to unlock potential and foster growth in our portfolio companies. Rosaleen’s insights and expertise will be crucial as we continue to evolve and expand our impact.”
FDM’s Hester joins Diversity Council
Oliver Hester, Head of Public Sector Services at FDM Group, has been appointed to techUK’s Diversity Council to champion and drive inclusivity across the technology sector.
The Council unites senior leaders who are committed to tackling skills shortages, promoting diversity, and driving initiatives that ensure equal opportunities in the tech sector.
With over a decade of experience in the industry, Hester has extensive expertise in public sector services and digital transformation training. As a key figure at FDM Group, he has played a pivotal role in expanding access to tech careers while fostering an inclusive culture. Since joining in 2014, Hester has led initiatives that have placed over 3,000 consultants in the public sector, with more than 400 transitioning into permanent civil service roles.
He said: “Addressing the digital skills gap requires industry-wide collaboration, and I look forward to working alongside other council members to create impactful initiatives that empower underrepresented talent.
“As the UK tech sector evolves, ensuring diverse talent is supported and empowered remains a key priority, and I’m excited to help drive actionable solutions for a more inclusive and skilled workforce.”
Kerrigan to Support SYTECH Strategic Growth
Following a recent restructure, SYTECH, a multi-disciplinary consultancy, has further enhanced its leadership team and expertise with the appointment of John Kerrigan as Non-Executive Director.
His career spans nearly three decades, including co-founding Heron Group, operating as CEO and taking up the mantle of SVP at PAREXEL International, with a history of leading growth in the UK and US.
His track record also details a decorated timeline of growing international businesses and leading consultancy and technical service provision for more than 30 blue-chip clients.
Edgar Blazier, founder of SYTECH, commented: “We felt that it was the right time to bring in somebody of John’s magnitude. His experience and skillset in senior strategic leadership, board oversight and growth, both nationally and overseas, will further strengthen the SYTECH team as we guide the company into its next era. The whole team is looking forward to working with John and we welcome him with open arms.”
ICG announce Board Change
Robin Lawther has been appointed as a Non-Executive Director of the Intermediate Capital Group. She will
join the Board on November 1 2025. Lawther holds a number of current roles. She is an Independent NonExecutive Director at Standard Chartered PLC, an Independent Non-Executive Director at Ashurst LLP, and a Global Advisory Board Member at Aon PLC. She also spent more than 20 years at JPMorgan Chase in a number of senior roles in Investment Banking in both North America and Europe.
ICG chair William Rucker said: “She has significant experience of the financial services industry spanning both sides of the Atlantic and has knowledge of a broad spectrum of the market. Her expertise and perspective across a range of business areas and geographies will be of great value to ICG and I look forward to her joining us.”
Riley set for Quantexa board
Decision intelligence experts Quantexa Solutions have announced the appointment of Stuart Riley to its board. Riley, who currently serves as Group Chief Information Officer at HSBC and as a member of its Group Operating Committee, will replace current board member Colin Bell. With 30 years of experience in business and technology strategy, he will play a pivotal role in providing governance and strategic oversight. As Group CIO at HSBC, Riley leads the bank’s global technology strategy, driving customer-focused digital solutions. He also currently serves as an advisor to Hivenet, a distributed cloud company providing computer storage, and as a member of BP’s Digital Advisory Council.
Prior to HSBC, Riley served as Co-Chief Information Officer at Citi, where he spearheaded artificial intelligence initiatives and oversaw global technology and infrastructure. He also previously worked in senior technology roles at Deutsche Bank and was a partner at a technology consulting firm.
