Business leaders across various sectors have endorsed the UK Government’s new Small Business Plan, which offers the most comprehensive support package for small businesses in a generation.
Important measures include faster payments, easier access to finance, reduced red tape, and the launch of a new Business Growth Service aimed at helping small businesses thrive and grow internationally.
Addressing Late Payments
The UK Government’s Small Business Plan prioritizes tackling late payments, a persistent issue that affects cash flow and growth for many small enterprises.
By introducing legislation to enforce payment within 60 days, the plan aims to alleviate financial pressures on small businesses. This initiative is expected to improve their ability to invest and hire more staff.
Support for Entrepreneurs
- The plan reduces administrative burdens by 25%, making it easier for entrepreneurs to navigate regulations.
- A new Business Growth Service will provide streamlined advice and support on a national platform.
- Improved access to finance is particularly targeted at underrepresented entrepreneurs.
- Modernized licensing and planning rules will benefit hospitality venues and high streets across the UK.
Industry Leaders’ Perspectives
Leaders from various sectors have praised the plan’s focus on practical support.
Terry Corby, Founder and CEO, Good Business Pays, said:
“This is what we have been waiting for. The legislative changes the government are planning to tackle our late payment culture are a game-changer. It is no longer seen as good business practice to be making your suppliers wait for a long time to get paid.
At Good Business Pays we have been asking for legislative action for five years and it’s great to see these changes to unfair practices being set out in laws.”
Anthony Impey MBE, CEO of Be the Business, said:
“A strategic approach is essential to unlock the huge potential of small and medium-sized businesses, and it’s key to driving the country’s productivity and growth. The Small Business Plan is an important step in achieving this.”
Niall Mackenzie, Acas Chief Executive, said:
“These new measures will help give small businesses the support they need to tackle obstacles to success. At Acas, we know from experience that harmonious businesses are more productive.
We also know from our service interaction with small businesses how much support we can give business owners to manage their employment issues and fulfil their potential.”
Nicki Clark, Chief Executive of UMi, said:
“At UMi, we see first-hand the incredible impact small businesses have, but also the challenges they face on a day-to-day basis.
This Small Business Plan, including the launch of the Business Growth Service, is a positive step towards making it easier for small businesses to find and access the support and finance they need to survive and thrive.”
International Implications
The UK’s move to enforce stringent late payment laws positions it as a leader among G7 nations in creating a fair business environment.
This could enhance its attractiveness as an investment destination post-Brexit. The emphasis on digital adoption aligns with global trends towards digital economies, potentially boosting competitiveness.
Additional Reading
The Takeway
The UK’s Small Business Plan represents a significant step towards addressing long-standing challenges faced by SMEs.
By focusing on timely payments, reducing bureaucracy, and enhancing access to finance, this initiative promises substantial benefits for entrepreneurs across various sectors. Its success will depend on effective implementation and ongoing collaboration with industry stakeholders.
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Sources: UK Government, FSB, Department for Business and Trade, and Make UK.
Prepared by Ivan Alexander Golden, Founder of THX News™, an independent news organization delivering timely insights from global official sources. Combines AI-analyzed research with human-edited accuracy and context.
