Cost of doing business hub: Enterprise Nation's new resource for small business support
Posted: Tue 10th Jan 2023
Enterprise Nation has launched its Cost of doing business hub, a one-stop-shop for entrepreneurs to access resources, support and advice to help guide them through the current financial hardship facing the country in 2023 and beyond.
With record inflation, rising energy costs, supply chain issues and reduced customer spending all challenging the UK and Ireland, businesses will be severely tested in their ability to stay afloat and survive.
As a result, quick and easy access to the right support, right now, is imperative. And there's no better place for entrepreneurs to find all the resources they need than Enterprise Nation's new Cost of doing business hub.
The challenges small businesses are facing
Enterprise Nation data shows that rising prices are having a negative impact on 78% of businesses. Yet only 35% of SMEs in the UK have taken the decision to raise their prices – which would increase the burden on the consumer.
Consequently, almost two-thirds of all small businesses in the UK have swallowed this extra cost themselves – a hit many can ill afford. Of those firms that did raise prices, almost half (46%) expected their profitability to be down in the next year.
Another mounting problem for business owners is late payment. Enterprise Nation's Small Business Barometer for the third quarter of 2022 found a whopping 31% of businesses are still not paid on time, which is the last thing any business owner needs during a financial crisis.
How Enterprise Nation can help
Enterprise Nation is committed to guiding businesses through the current period of financial hardship.
First, keeping cash flow under control is crucial. The Cost of doing business hub has a range of guides and resources aimed at managing rising costs and keeping a lid on outgoings wherever possible. These resources range from blog posts and news stories to on-demand webinars.
This daily flow of events, webinars and other content also includes practical advice from Enterprise Nation's community of expert advisers on the other everyday challenges relating to the cost of doing business.
In times of crisis, establishing support networks is crucial. The many local meet-ups on offer, as well as the wealth of advisers and mentors ready to connect with you at a moment's notice, will give you a great platform to air your concerns and discuss challenges with peers.
What Enterprise Nation is asking for
As well as providing support directly, Enterprise Nation is also an active voice as a representative of small businesses to both the government and the media.
With potentially many millions of small businesses facing unimaginable hardship in 2023, Enterprise Nation is asking for three key things:
A solution to late payment: One-third of small businesses are dealing with late payments from customers. We're working hard to make sure the government find a good solution to this that helps small firms.
Increase spending: We're encouraging the government to spend a higher proportion of its procurement budget directly with small businesses.
Become cheerleaders: SMEs are at their most confident when they know the government is giving them its full support. Let's make the UK the best place to start and grow a business!
Emma Jones, CBE, founder of Enterprise Nation: "The cost of living crisis isn't going anywhere soon. We know businesses have been swallowing some of the extra costs by working longer hours and taking fewer breaks, but this inevitably means lower margins and an inability to plan for the future.
"The idea of this hub is to bring together ideas, resources and expertise as well as all the latest news and tips to help our resilient small business community grapple with the road ahead. We hope this will help businesses feel better supported and have a place they can turn to in order to find the aid and the information they need. You are not alone!"