Home » Small business news roundup-07th May 2021

Small business news roundup-07th May 2021

2020 named ‘Year of the Start-up’ with record 770,000 UK businesses created

A huge 770,000 new businesses were created in 2020, with the majority of these being online businesses.

Starting a business is an exciting time but the learning curve can be huge, fortunately we are here to offer a helping hand and support.

Here are some of our key tools that can help if you have just started a business:

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No full-time return to the office for over a million

 Almost all of the 50 UK’s biggest employers questioned by the BBC have said they do not plan to bring staff back to the office full-time.

Some 43 of the firms said they would embrace a mix of home and office working, with staff encouraged to work from home two to three days a week.

With the shift in working style, many businesses that rely on the footfall from office workers are worried business will drop off.

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UK economy set to grow at fastest rate in more than 70 years

The UK economy will enjoy its fastest growth in more than 70 years in 2021 as Covid-19 restrictions are lifted, according to the Bank of England.

The economy is expected to expand by 7.25% this year, with extra government spending helping to limit job losses.

Even with this level of growth it is thought that this will only return the economy back to pre-covid numbers.

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SMEs plan to invest in the coming months as restrictions ease

SMEs intend to invest £150,000, on average, in the near future as lockdown easing sparks a growth in optimism.

A survey suggests 61% of SME businesses are planning to increase their work force in the coming months to support the new shopping boom.

Although there is success on the horizon SME businesses are still in debt from COVID loans issued last year.

The survey suggested that 39% of businesses don’t know how much they owe or how they are going to pay it back, admitting they need cash flow support.

To learn more why investing in your business is a great idea at the moment read our blog: Is it a bird is it a plane no it’s super deduction.  

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