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4 Mar 2024

The British Book Awards has announced its shortlist for Independent Bookshop of the Year. 

4 Mar 2024

The ACT is happy to confirm the date for Local Bike Shop Day 2024 as Saturday 4 May, the weekend of the early May Bank Holiday.

4 Mar 2024

Research by global fintech company SumUp has revealed the best cities in the UK for independent businesses.

21 Feb 2024

The latest quarterly State of the Industry survey from the National Hair & Beauty Federation (NHBF) shows that the recovery of the sector was slow and steady through 2023 and into January...

21 Feb 2024

The UK has voted for its favourite pun-based shop name, and 'Sew It Seams' - a clothing alteration store in Belfast - has been awarded the top spot. 

21 Feb 2024

Businesses in the Devon town of Ottery St Mary have praised their local council for initiatives designed to help support them and boost trade.

19 Feb 2024

A new ranking of the most popular independent coffee shops in the world has put three UK cafes in the top 10.

19 Feb 2024

Older people could be the financial shot in the arm needed for Britain’s high street, according to research commissioned by the University of Stirling. 

8 Feb 2024

The ACS (the Association of Convenience Stores) has celebrated the crucial role that rural shops play in thousands of communities across the UK in its 2024 Rural Shop Report.

8 Feb 2024

New research reveals that Apple Pay and contactless payments have overtaken cash payments by a landslide as our favourite ways to pay in-store.

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Eight in Ten Small Businesses Taking Positive Steps to Strengthen Their Enterprises in 2024

Posted on in Business News

Eight in ten small business owners (81%) are planning to develop their companies in 2024, according to new research from Novuna Business Finance. The research shows that over a third (33%) are focusing on new initiatives to increase income, whilst a fifth (20%) are looking to reduce their fixed costs.

Positive graph

With around nine in ten small businesses (89%) saying that they still feel the pressures from the cost-of-living crisis, there is an emphasis on increasing business income and sales this year across all sectors. Small businesses in the media and marketing sector were the most likely to say they are looking at new ways to improve their income and sales (52%), followed by small businesses in retail (42%) and IT and telecoms (40%).

 Nationally, the top five initiatives small business owners are focusing on to secure growth include: 

  • Increasing new business income/ sales – 33%
  • Reducing fixed costs – 20%
  • Diversifying the business, offering new service lines/ products – 18%
  • Planning ahead with business budgeting – 18%
  • Building up financial reserves – 17%

Across the UK, small businesses in the North East of England are the most likely to be prioritising particular strategies to strengthen their enterprise (89%), followed by small businesses in London (86%), and the South East (84%).

Rather than recruiting new employees, one in four (25%) hospitality and leisure businesses and over a fifth (23%) of manufacturing businesses are spending time investing in the people who already work at the company in the year ahead.

Top strategies used by small businesses to become stronger in 2024:

  • Increasing new business income/ sales – 33%
  • Reducing fixed costs – 20%
  • Diversifying the business, offering new service lines/ products – 18%
  • Planning ahead with business budgeting – 18%
  • Building up financial reserves – 17%
  • Advertising online to increase awareness or sales 14%
  • Spending time investing in the people that already work at the company – 13%
  • Invest more money in marketing the business to raise awareness of our brand and services – 11%
  • Expanding into new geographical markets – 10%
  • Not applicable – my business is not planning to prioritise anything in particular to make our business stronger – 19%

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