• 54% have been forced to take out a loan as a result of missing and delayed payments 

• 62% contend that delayed and unpredictable cashflow is the biggest challenge their business currently faces

• 35% claimed that payments take between two and three days to reach their business

European small and medium enterprises (SMEs) are suffering from significant payment issues, but lack a thorough understanding of the processes involved, new research from Banking-as-a-Service (BaaS) provider Vodeno has revealed.

The company commissioned an independent survey among 2,004 senior decision-makers in SMEs across the UK (504), Belgium (500), France (500) and the Netherlands (500). It found that just 37% of respondents understand what a payment rail is and how it works.

Only 10% of SMEs said that payments are processed instantly, while 11% said that the process happens within the hour. Most commonly, (35%) international payments take between two and three days to reach SMEs, with 11% waiting between four and six days, and 4% waiting between one and two weeks.

The long processing times for payments is causing major problems.

More than half (52%) of the SMEs surveyed have failed to meet commitments due to slow payment processing, while even more (54%) have been forced to take out a loan as a result of missing payments that caused a disruption to cash flow.

According to Vodeno’s research, the majority (62%) reported that delayed and unpredictable cashflow is the biggest challenge their business currently faces. The same number (62%) said that costly foreign exchange rate fluctuations contribute to a significant drain on their resources.

Looking ahead, the vast majority (68%) intend to adopt real-time payment processing capabilities in the next 12 months, with 62% saying their SME must urgently modernise its payment processing capabilities.

Tom Bentley, CCO of Vodeno, said: “Long settlement times, delayed transactions and a lack of transparency in the payments space can cause headaches for businesses – particularly small and medium enterprises (SMEs) who typically have fewer reserves to draw upon when disruptions occur. Our research shows that these organisations rank missing payments amongst their most significant challenges, with many taking drastic measures to stay afloat.
 
“In the current macroeconomic climate, cash flow can mean the difference between survival and insolvency, and unpredictable payment processing is the single biggest disruption to business operations. Banking-as-a-Service (BaaS) offers new innovations, better solutions, and the ability to make real-time payments a reality for more businesses.
 
“At Vodeno, our technology automatically identifies the most appropriate payment rail for any given transaction, offering the most cost effective and fastest settlement to our clients.”

You can learn more about the research here.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Majority Of European SMEs Relying On Loans Due To Slow And Missing Payments appeared first on OpenBusinessCouncil Directory.

• They are an important growth driver for the world economy with greater employment opportunities and sustainable prosperity.

• Digitalisation is one of the key levers to pull to ensure that SMEs achieve this potential.

• Openbusinesscouncil provides a business and trade directory, digital identity certification, and marketplace for SMEs. Its directory, resources, and marketplace help businesses connect with each other to enhance their respective digital transformations and improve their outreach. 

Small and Medium Enterprises (SMEs) are defined as non-subsidiary, independent firms which employ fewer than a given number of employees. There are approximately 400 million SMEs globally, forming the very backbone of the world economy. They are the main source of job creation, accounting for over 95% of companies and 60-70% of employment across the world.

While their growth and potential are enormous, a vast majority of these businesses face complex and often insurmountable challenges: a lack of business connections, limited awareness of digital tools and best practices, limited staff, lack of timely information, poor funding, and economies of scale.

During the pandemic, the world realised that digital ways of working, contactless interactions, and augmented and autonomous operations enable a high degree of business continuity. Around 90% of the world’s businesses and SMEs do not even have a website or digital profile and lack financial support. And even if they do, they pay for their digital footprint significantly to the service providers, and more importantly, have poor or no social media engagement.

Data from World Bank and OECD states that online platforms are central to the digital transition of the society, and provide important channels for growth. With digital transformation platforms, SMEs can improve their productivity, lower operational costs, access business intelligence services, and generate economies of scale and of scope.

SMEs face challenges when operating on online platforms. Lack of digital skills and non-adaptive business models are frequent barriers. Achieving digital transformation and realising the benefits requires a collective push across the whole society and industries. There is, thus, a global effort to now leverage the potentials that lie at the bedrock of digitalisation- to raise industry productivity, upskill employees, uptake new work practices, and create regional new hubs for entrepreneurship and innovation.

Building a 4IR-ready platform: The openbusinesscouncil Solution

Openbusinesscouncil is a global business digital certification directory and marketplace working with business networks, governments, tech ecosystems, and leading universities and organisations. It allows businesses to grow, find trusted clients and partners, find the necessary digital transformation, and finance international trade.

Openbusinesscouncil allows the businesses to:

• certify themselves in a global leading digital directory,

• list their company, people, products, and website for maximum visibility and trust,

• access, and do business with verified businesses,

• grow their business in a global trade corridor between chambers of commerce and governments,

• access to financial solutions, trade finance, and tools for their business with the likes of Mastercard.

With its recent release, openbusinesscouncil brings forth to its global audience that the platform uses Fourth Industrial Revolution (known as 4IR) technologies, like blockchain, Artificial Intelligence to create an environment of transparency and trust, leveraging businesses to grow and get certified securely and efficiently with the maximum rewards – both short and long term.

Openbusinesscouncil is a platform to grow, empower and digitally transform businesses. Join the revolution where openbusinesscouncil opens doors to a thriving business economy- one that fosters sustainable growth and competitiveness.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post A Digital Certification Directory & Marketplace Created For Business: openbusinesscouncil appeared first on OpenBusinessCouncil Directory.

A new report reveals SME owners across the country are calling for more government funding to help businesses go green this year (87%), as over a third state their customers care about what their business is doing for the environment along with their own employees (24%).

The annual 2022 business challenges report carried out by card payments specialist takepayments Limited, surveyed SME business owners and decision-makers across the UK to discover the current small business landscape for the year ahead.

While the report findings reveal coronavirus restrictions as the biggest concern for small business owners for the year ahead (27%), around one in four (22%)  state environment and sustainability challenges as the biggest concern for their business (22%), second to coronavirus.

This is due to a number of factors including worries of changing policies in relation to the environment (27%), concerns over customer demands for more sustainable products and processes (10%) as more than a fifth (18%) of business owners state they have noticed their customers caring more about sustainability over the past year, as well as pressures around sustainability and green initiatives in general (29%).

The full findings of the Business Challenges report are available to view here. 

As two fifths (39%) of business owners state they are passionate about making their business more sustainable, lack of funding (37%) and the costs to implement more sustainable practices and measures (34%) to their business was revealed as the biggest barriers to becoming more environmentally sustainable.

In fact, one quarter (24%) of small business owners state they see environmental issues negatively impacting their business’s finances in 2022.

With the financial implications in mind, it comes as no surprise that an impressive 87% think the government needs to offer more financial incentives for businesses to go green, as one in four believes implementing sustainable practices will positively impact the bottom line for their business and a third (33%) say that becoming more sustainable will give their business a competitive advantage.

Sandra Rowley at takepayments limited said: “It’s evident from our findings that small business owners need extra financial support from the government to keep up with the increasing customer demands for sustainable products and processes.  
Despite the lack of financial support to make those bigger changes to their business, small businesses owners plan on making small changes this year to become more sustainable as one in five (22%) state they will use local and sustainable materials this year, as well as looking into ways to make their workplace more fuel-efficient (18%) with switches such as automatic lights and insulations as well as plans to cut down on the amount of waste their business produces (18%). ”  

For further information on the challenges facing UK small businesses read the 2022 report. 

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post 22% SMEs See Environment And Sustainability As Biggest Concern For Business This Year appeared first on OpenBusinessCouncil Directory.

2021 has been a real test of resilience for SMEs. Added to the existing challenge of COVID have been new disruptive factors, including a supply chain crisis, which led to an increase in demand for working capital, as well as rising inflation and labour costs, all reducing their ability to generate economic growth.

Whilst government-backed schemes such as the Bounce Back Loans Scheme (BBLS) and Recovery Loan Scheme (RLS) have provided a lifeline for small and medium-sized businesses (SMEs) facing significant liquidity pressures, SMEs need a plan in place to avoid these challenges becoming a structural issue which will stifle their future growth and imperil their survival.

Whilst the UK economy is currently on track to be the fastest-growing economy in the G7, there are five key areas of risk which need to be managed by SMEs to ensure they can capitalise on and contribute to economic growth in 2022.

1. Inflation

The UK Government has announced that CPI inflation could hit 5% in 2022, driven principally by increasing energy costs, as the economy demonstrates fundamental symptoms of heating up. Supply chain issues have been more prevalent than ever as shortages of labour, skills, energy and raw materials add to the escalating list of headwinds that SMEs face heading into 2022. SMEs will also need to be able to distinguish between temporary and permanent inflation – with some areas impacted by inflation such a labour costs being potentially irreversible.

The rising costs of goods and utilities, coupled with a tightening of the labour market and subsequent wage inflation, will result in unprecedented demand for working capital and SMEs will need to ensure they have sufficient liquidity provisions to operate in this inflationary environment. Increased inflation will also force businesses to scrutinise their internal pricing models and decide whether they can sustain margins with higher input prices or choose to pass down the cost to consumers.

2. Interest Rates

Following the sequence of lockdowns in the UK, small business owners are finally experiencing a resurgence in demand for goods and services, with many seeking credit to meet this growth in demand. The governor of the Bank of England, Andrew Bailey, has however, indicated that the recent jump in inflation will necessitate an interest rate rise which will disproportionately affect small businesses reliant on funding in their early stages of growth.

With a rate hike on the horizon and the cost of borrowing set to increase, SMEs would be well-advised to take stock of their current capital structure and if appropriate, access fixed term, fixed rate loans to prevent exposure to an increasingly volatile lending market.

3. Recruitment

Adding to the number of plates that SMEs must spin in 2022, is the increasingly challenging task of retaining and recruiting skilled staff. The pandemic has radically changed the working environment, fostering new challenges and responsibilities for business owners to contend with. The workforce is becoming increasingly transient, demonstrated most prevalently in the last year and a half, with SMEs having to adapt and recruit from a wider talent pool as the era of cheap labour comes to an end.

A tightening of the labour market putting upward pressures on wages, compounded by a lack of skilled labour due to the ramifications of Brexit, is having a further negative impact on firms’ working capital. Moving into the new year, SMEs will have to diligently balance the need to attract skilled staff through financial incentives whilst ensuring they have sufficient working capital to continue operations.

Visit Exams4sure.com for professional certification exam questions answers.

4. Technology

The necessity of businesses to digitalise has seldom been as pressing. UK firms are faced with a crippling supply chain crisis, with major retailers’ stock levels at their lowest since 1983.

Digitalisation and the use of AI can support SME integration into global markets by lowering transaction costs and those associated with transport and border restrictions. It also supports innovation and allows firms to compile data and analyse their own operations in new ways, enhancing performance.

Yet despite the benefits and opportunities that digital technologies bring, many SMEs continue to lag in adoption. Indeed, many face a financing gap in the advancement of technology. If firms are serious about leveraging fintech and innovation to streamline operations, the role that alternative and traditional lenders play in the provision of much needed credit should not be overlooked.

5. Green Transition

During the COP26 Conference, over half of the UK’s largest businesses committed to moving to net zero by 2050, with a considerable number of SMEs pledging to take part in the UN’s Race to Zero. Environmental awareness amongst consumers and employees alike is swiftly becoming non-negotiable, meaning that firms who are not investing in sustainability credentials risk falling behind their counterparts.

SMEs face significant barriers to entry in the transition to the new economy including a lack of funds but also by way of established business models and access to critical technology. Firms need to address how they can leverage public and private investment to reduce their carbon footprint and become more resource efficient, demonstrating their commitment to the green transition.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post 5 Key Challenges Facing SMEs In 2022 appeared first on OpenBusinessCouncil Directory.

As a result of the pandemic, SMBs are investing increasingly more time and money in their digital transformation efforts. While some implemented digital capabilities for the first time as a matter of survival, others accelerated their journey to cloud adoption in order to remain nimble in light of ongoing disruption.

As businesses look to adjust to the rapidly changing environment, Tech Amigos Director -Architecture Roddy Herries reveals these circumstances can offer small and mid-size companies opportunities to win business – if they can find the right strategy for it.

“Larger businesses typically benefit by having more time and resources to invest in their digital transformation projects. Over time, these businesses gain more experience, they develop greater maturity in understanding their requirements and their teams grow more competent in delivering and operating cloud-native solutions and microservice architectures.

“SMBs need to become smarter and more realistic concerning digital adoption by following a well-trodden path where possible, implementing proven and tested patterns. The transformation journey should be focused and based on well-defined objectives, but also must be adaptable to the changing priorities that may arise during the course of the initiative”.

Cloud solutions provide significant benefits to companies of all sizes, however, a recent study conducted by IBM highlights that less than 10 per cent of organisations believe their existing IT infrastructure is fully prepared to address the proliferation of cloud computing, mobile devices, social media, and data analytics.

Roddy also highlights – “The decision to invest in cloud as part of your digital transformation should be driven by business needs and challenges at hand, although it seems increasingly hard for businesses to stay competitive without embracing cloud technologies. In almost all cases, the adoption of cloud technology enables your digital transformation to move at a faster pace with minimal capital expenditure compared to traditional on-premises strategies.
“In addition, cloud adoption together with great automation offers operational efficiencies and reduction of OPEX costs, freeing up cash for investment in activities that matter to the business and its customers. Digital transformation is not optional anymore for SMBs to remain competitive and cloud adoption is the cornerstone for any such transformation.

“IT infrastructure only becomes agile with automation. Automation unlocks many benefits and is a key investment that will repay you multiple times over through improved security, reduced time-to-market of new features, improved quality, enablement of innovation and reduced operational cost savings. An agile infrastructure setup with automation supports the “fail-fast, fail-often” approach to iterative experimentation and that’s fuel to the fire of continuously delivering new, high-quality software to your customers”.

Roddy concluded: “Digital transformation projects require a mosaic of skills. Getting the right skills and high-level talent together to deliver success is hard for all organisations, regardless of size. Tech Amigos can lead or augment your digital transformation project and we can help you up-skill and train your own team.

“SMBs can benefit from our collaborative approach as it allows us to identify and add value where it is most needed by the client. We offer reliable and secure patterns for CI/CD tooling and deploying to cloud environments, enabling faster delivery of SMBs digital transformation projects.”

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Surviving To Thriving: The Digital Transformation Of SMBs appeared first on OpenBusinessCouncil Directory.

Carbon Brief has carried out a new survey, finding out that the UK’s greenhouse gas emissions in 2020 would be 51% lower than in 1990. Although this is encouraging news, much more will be required to achieve our target of net zero emissions by 2050.

While we are all aware of Covid’s catastrophic impact on UK companies, the following economic recovery provides an opportunity to rebuild our economy more sustainably.

As we carefully emerge from the current lockdown here in the UK, the SME community must now join together to work on the post-covid recovery alongside our goal to become net zero to guarantee progression continues so that we can shatter the 2050 target – or, better still, accomplish it ahead of schedule.

Why are Small and Medium Enterprises vital for Net Zero?

The UK government has put in place the announcement of the world’s most ambitious climate change target: a 78% reduction in emissions by 2035 compared to 1990 levels.

Along with large corporations and individual consumers, SMEs directly enable the UK to meet these innovative new carbon reduction targets. Here’s why, as a business owner, you should jump on board right away if you haven’t already.

The figures and the financial perspective

In London, SMEs account for 97 percent of the economy and are solely responsible for a quarter of UK emissions. Despite, 25% seemingly being small in comparison to the large businesses that contribute more, the UK will naturally fail to reach its climate targets if these emissions are not reduced.

Going green can also be beneficial to your company’s financial line. According to research, the SME community can save £3 billion by implementing basic energy-saving measures.

Customer demands are rising and becoming more sophisticated

Being low or zero carbon in a company is fast becoming a need rather than an option. Customers are committing their allegiance to companies that embrace environmentally friendly methods, goods, and services. You are possibly opting out of future trading if you do not commit to net zero.

According to the Research made by Data Time: 80% of UK customers now describe themselves as “environmentally friendly,” and 82 percent say they reflect “environmentally friendly” labeling when making purchasing decisions. A further 59% said they intentionally avoid certain types of packaging.

How Can SMEs Begin to Achieve Net Zero?

1. Measure your contribution

The first step is to use simple measurement equipment to track your carbon outputs. After determining what your company provides, you may begin to identify areas for development before implementing a plan for achieving your objectives.

Additionally, by offering flexible working alternatives to your workers can help minimize carbon-emitting commutes while improving overall productivity and motivation.

2. Opt for sustainable infrastructure

Air conditioning equipment emit a significant amount of CO2. Where possible, use open windows and fans, and keep your workspace’s heating and cooling equipment in good working order.

Purchase goods manufactured from sustainable materials from providers with a low or carbon-neutral supply chain while decorating your space.

3. Recycle and reuse

Recycling is a very simple process. Invest in recycled plastic and materials, install recycling bins, and, where possible, restrict single-use plastics.

By providing vegan and vegetarian food alternatives, you may even urge your staff to reduce their own personal greenhouse gas emissions.

4. Join net zero initiatives

There are lots of initiatives out there that have been set up to help organizations achieve net-zero. Take the Mayor of London’s Business Climate Challenge, for example.

Emissions from heating and powering commercial and industrial buildings account for 36% of London’s total carbon footprint. With this in mind, Sadiq Khan, the Mayor of London, has unveiled a new initiative to assist companies in the capital in meeting London’s objective of attaining net-zero carbon emissions by 2030.

Many SMEs have already shown interest in participating in the trial.

We are here to assist the growth of your firm and help you achieve cash flow headroom while the country emerges from the coronavirus shutdown. If your firm requires funding to help it recover, find out what you could be qualified for now.

Case Studies: BP and Ford taking the lead

BP Impact in fighting for Net Zero

Bernard Looney, BP’s CEO, first declared the increased commitment in February 2020. In particular, the business intends to achieve net-zero emissions across its operations and manufacturing by 2050 or sooner and reduce the carbon intensity of the items it sells by half within the same time frame.

The firm stated that it will take a variety of steps to reach its new objectives, including considerably expanding its investment in low-carbon energy sources, decreasing oil and gas output by 40% by 2030, and installing methane-reduction technology.

Ford’s fight for less Greenhouse Gas emissions

The famous American manufacturer and the world’s third-largest automaker by market share Ford declared a ground-breaking commitment to net-zero emissions by 2050 in June 2020. Notably, the firm stated that it was working on developing science-based objectives for its Scope 1, 2, and 3 emissions.

Ford plans to invest $11.5 billion through 2022 to electrify its nameplate vehicles, build North America’s greatest public charging network, and power all of its production plants with renewable energy by 2035 to fulfill its new objective.

Ultimately, it appears that the battle to achieve Net Zero for both small and medium-sized businesses and large companies is being waged in the United Kingdom. As a result of SMEs accounting for 97 percent of the UK economy, 25 percent of which are responsible for greenhouse gas emissions, it seems that they will play a vital role in achieving net-zero emissions, and with 80 percent of customers considering themselves to be environmentally friendly, it suggests that we are getting closer to this reality. Large corporations are also attempting to achieve this goal; Ford and BP’s substantial expenditures in more eco-sustainable techniques demonstrate that the world is progressing.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Why is it Critical for UK Companies and SMEs to Go Net Zero? appeared first on OpenBusinessCouncil Directory.

The hashtag ‘#smallbusiness’ currently has 25 billion views on TikTok. This has resulted in small business owners looking to use the platform to elevate their brands to capitalise on the opportunity to reach new audiences. A common way to do this is to buy TikTok followers. 

The finance experts at money.co.uk have investigated which business sector is currently doing the best on TikTok. The team reviewed the top performing videos under #smallbusiness, noting down the number of likes and the industry the business belonged to. You can get TikTok followers to grow your account on this platform, and this allowed them to rank the business sectors in terms of popularity from highest to lowest.

Key Points

• The beauty industry is the most popular #smallbusiness industry on TikTok with a total of 61,792,300 likes from the videos analysed.
• The fashion industry is the second most popular with 50,424,500 likes.
• Just behind in third is the jewellery industry with 49,893,000 likes.

Top 10 most popular business industries on TikTok:

Money.co.uk can reveal that the most popular #smallbusiness industry booming on TikTok is the beauty industry with a total of 61,792,300 likes amid the most popular videos. From cosmetics such as homemade lip gloss to ASMR packaging clips, the beauty industry is certainly proving popular on TikTok.

Coming second on the list of the most popular small businesses on TikTok is the fashion industry with 50,424,500 likes. Streetwear, printed logo shirts and activewear were all heavily featured in the most popular small business videos.

Jewellery comes third with a total of 49,893,000 TikTok likes. The most popular videos included homemade necklaces, rings, and earrings.

A common way to do this is to buy TikTok followers.

The art industry is fourth on the list of most popular small businesses on TikTok. Paintings, canvases, and graphic design videos received 43,543,000 total likes.

Completing the top five is the home decoration and accessories industry with a total of 27,103,700 likes.

Methodology

1. Money.co.uk trawled through the #smallbusiness page on TikTok to identify the most popular videos under the hashtag.
2. In order of popularity, 235 of the most popular videos were analysed, noting down the number of likes the video had and which industry the business belonged to.
3. This enabled them to rank the industries from highest to lowest based on popularity.
4. The data was gathered on 06/05/21 and is accurate as of then.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post The Most Popular SMEs Industries Booming On TikTok appeared first on OpenBusinessCouncil Directory.

UK economic growth forecast is full of optimism

Huge growth in consumer confidence, new business generation rates, and hiring plans leave small businesses integral as economy flourishes

. 19% of UK workers who work at a small business have won previously inaccessible, large clients and grown as a business through Covid (3,687,000)

. Two thirds (66%) of Brits say that their trust in small businesses and service providers has grown during the pandemic (29,607,000)

Today, EY Item Club have announced upgraded economic forecasts for the UK following a stronger start to 2021 than expected, predicting the fastest growth the nation has seen since WWII. Throughout the pandemic, small businesses have had to be agile, adapting to working from home, the need for flexible working, and taking advantage of the opportunities the pandemic and our increasingly digital age have presented. The success of small businesses as a result of this, along with their position employing three fifths of the UK’s workforce and a growth rate three times that of any other business type pre-pandemic positions them as integral to this rapid growth we have seen thus far.

Small businesses play a crucial role

This confidence in and on the part of small businesses and firms is further supported by research from Theta Global Advisors, a consultancy and accounting disruptor showing small business success during Covid-19. Research from Theta shows that small businesses that were nimble enough to adapt throughout lockdown saw tangible success, with 19% of small businesses having won previously inaccessible large clients and growing exponentially as a result. 

Furthermore, consumer confidence in small businesses and service providers has increased dramatically, and more than a fifth (22%) of decision makers in this sphere are now looking to hire more employees and consultants this year to keep up with and continue the business growth trajectory they have seen since the pandemic began.  Thus, despite the initial setbacks we saw at the beginning of the pandemic, we can see not only that SMEs are confident as we go forward, but how they have excelled during Covid-19. Their success has resulted in both consumer confidence and industry confidence, providing for the UK’s economic recovery at a rate far beyond economist expectations, rivalling the success the UK saw as we came out of WWII.

Key stats:

·         66% of Brits say that their trust in small businesses and service providers has grown during the pandemic (29,607,000)

·         More than a fifth (22%) of decision makers are looking to hire more employees or consultants this year in order to grow (2,561,000)

·         19% of UK workers at small businesses have won previously inaccessible, large clients and grown as a business throughout Covid-19 (3,687,000)

(nationally representative research carried out across a body of 2100 respondents, in full compliance with British Polling Council guidelines)

Chris Biggs, Partner at Theta Global Advisors – a consultancy and accounting disruptor – comments on the unprecedented success of small businesses in the last year and how this has seen 2021 exceed expectations for the UK’s economic recovery as a result:

“With companies adopting new policies and a substantial number of SMEs planning to expand in 2021, it seems that as we saw over Covid-19, 2021 is an optimum time to be a small business. New business generation rates are at the highest they have ever been for many small businesses across a variety of industries, and this is proving to have significant impacts on the UK’s economic recovery, boosting it beyond expectations.

To small businesses, this is great news, with increased public support and new, large clients allowing them to change the landscape and culture in their industries previously dictated by corporate giants. This unprecedented growth and influence comes at an opportune time for the UK economy as we return to a degree of normalcy. With SMEs accounting for three fifths of employment in the UK, their success is having ripple effects, employing more staff and giving our economy a much-needed boost.

In our concerns for what the future looks like for businesses with lockdowns, returning to offices, and economic recovery, we must not forget the success, innovation and resilience of small businesses in the UK. We need to continue to support these SMEs on their current growth trajectory, as the public have been doing more and more over lockdown. Our support of small businesses and their own confidence in their ability to grow is helping to see unemployment rates fall, and will be crucial in our return to a degree of normalcy and continuing our current trajectory of economic recovery.”

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post SMEs At The Centre Of UK’s Fastest Economic Growth Since WWII appeared first on OpenBusinessCouncil Directory.

· 85% of UK SMEs consider innovation an important part of Covid-19 recovery, yet less than a fifth (15%) strongly agree the Government is doing enough to support it

· Nearly a quarter (22%) of respondents have never claimed R&D tax credits, despite being aware they exist

· One fifth of SMEs said they had no strategy in place to track their IP

Just 15% of UK SMEs think the Government is creating an economic environment in which they are encouraged to innovate, according to new research by GovGrant, the R&D and IP specialists. This is despite the fact that over three quarters of these businesses consider innovation to be important for recovery from Covid-19, reaffirming the disconnect between businesses and the Government support schemes available.

The survey collected the views of over 500 SME decision-makers across seven different sectors. The findings show that whilst 85% of respondents acknowledged the importance of innovation, just 26% felt their current activity was highly innovative.

Luke Hamm, CEO, GovGrant, comments:

“Despite the Government’s R&D Roadmap outlining its commitment to R&D and innovation, our research shows the need for further support when it comes to recognising innovative activity. SMEs urgently need clarity and a common definition of innovation that transcends sectors, geography and generations if we’re going to plug the gap between the support that’s available and how SMEs make use of it. This is particularly true when it comes to IP.”

This might be the result of confusion around the definition of innovation, with respondents split across three different definitions – 42% of respondents said they viewed innovation as tiny and continual changes that happen daily, with the rest saying that it either happened rarely (but made a considerable impact) or occurred sporadically. This disconnect may well be the reason that many SMEs are failing to claim valuable tax credits for their R&D, with nearly a quarter stating they had never done so.

GovGrant’s research also revealed that 43% of UK SMEs do not have anyone in charge of the commercialisation of intellectual property and innovation at Board level. As a result, only a quarter of respondents (24%) thought the main purpose of a patent was to add commercial value, and one fifth said they had no strategy in place to track their IP.

Luke Hamm concludes:

“Innovation has never been more important for creating a resilient and productive economy post Covid-19, especially with Brexit and the end of the transition period also fast approaching. We need to be taking intellectual property much more seriously. The Government must do more to improve awareness and accessibility of its support schemes, including the Patent Box, if SMEs are going to invest in their R&D and thrive. We urgently need to review the patent process and make it attractive on the global stage.”

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Three Quarters Of UK SMEs Think Innovation Is Important For Recovery From COVID-19 appeared first on OpenBusinessCouncil Directory.

New research commissioned by MBH Corporation plc, reveals that 43% of SME owners and senior managers think government support for SMEs during the COVID-19 crisis has been good or excellent.  Four out of ten (40%) describe its support as average and just 17% as poor. MBH is a UK headquartered listed diversified investment holding company that acquires successful, strong-performing small to medium enterprises across multiple geographies and sectors.

Part of the support provided by Government to SMEs has been for new loan schemes. Of the SME owners and senior managers interviewed by MBH Corporation, 38% said that their businesses took out loans offered by the Government.  Only 24% said they found the process for doing this hard, and 11% said they borrowed over £50,000. 4% borrowed over £100,000.

In terms of when they plan to pay this back, 18% said within a year, and a further 18% said between one and two years.  Only 3% said they anticipate it will take them over five years to do this, with 17% said they don’t ever expect to pay it back.  Many businesses plan to repay these loans quickly because they are optimistic about their future.  Indeed, MBH Corporation’s research reveals that 57% of those businesses that expect to make a loss this year anticipate they will be back in profit within 24 months.

In terms of the actions companies plan to take over the next 12 months because of the COVID-19 crisis, 27% expect to make redundancies.  One in four anticipate having a recruitment freeze, while 13% say they will ask staff to take a pay cut.  Some 7% don’t expect to survive and 13% anticipate closing part of their business.  Some 6% anticipate they will have to sell their businesses.

Callum Laing, CEO of MBH Corporation plc: “Whilst there is no sugar coating for the effect the COVID-19 crisis has had on the small business ecosystem, it is pleasing to see how many were able to leverage off the government support and are positive about the way forward.  Optimisim is an inherent trait of most small business owners and we’re seeing some incredible innovation as companies pivot to serve their clients best in these fluid times.

“We know that for many small business owners there have been many sleepless nights and tough conversations had over the past 6 months, but there are also plenty of businesses out there, not just in big tech, that have been able to find an angle and thrive during these fluid times.  Many of the big companies of tomorrow will be ones that are really finding their feet today.”

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Strong Support From SMEs For UK Government COVID-19 Support Scheme appeared first on OpenBusinessCouncil Directory.