While media attention remained firmly on the worst UK storm five years and the start of the phone-hacking trial this week, there were still a number of interesting SME stories to be found between the lines…
Joley Kirby, SME Procurement Manager, Fujitsu UK & Ireland, @FujitsuSMELady, shares the most important stories for the sector this week, as well as some stand-out advice pieces.
- According to the Department for Business, Innovation and Skills, the number of private sector businesses in the UK has reached 4.9 million, eclipsing the record levels of 2012. The best news, though, is that most of these companies are SMEs. Altogether, Britain’s SMEs employ 14.4 million people, with a combined turnover of almost £1.6 trillion against a combined turnover of all UK businesses of £3.3 trillion. All of which goes some way to explaining why SMEs are so vital to Britain’s economic recovery.
- Yet, despite reports that lending to SMEs was at an all-time high earlier this month, new reports suggest that banks are still reluctant to lend to these growth drivers. One of the main barriers to SME lending remains the difficulty for banks to gauge whether SMEs have the capacity to repay debt.
- Kathryn Parsons, founder of digital training firm Decoded, spoke to The Telegraph this week about the importance of CTOs to SMEs. Highlighting the importance of technology for every business, Parsons argued that only SMEs who embrace the CTO and ensure they have talented, experienced technology board members will be able to plan for their future business and send a positive message to their customers, employees and investors.
What was the key news for your business this week? Is your business finding it hard to get a loan from the bank? Let us know by commenting below, or tweet us @Fujitsu_UK