Emma Jones CBE asks Kwasi Kwarteng to signal support for small businesses with targeted measures
Emma Jones CBE is the founder and CEO of small business network and business support provider Enterprise Nation.
She says Chancellor Kwasi Kwarteng must make it clear that the government will support small businesses…
All eyes will be on the chancellor on Friday when he delivers what promises to be a seismic ‘fiscal event’, complete with tax cuts and a landmark energy bailout.
While the government’s mantra is growth, cuts and bailouts of any magnitude are not going to bring the radical change in pace and productivity that we need. What small businesses need is a radical growth plan.
The Chancellor will be well aware that even minimal budgets have the capacity to make early promises, set expectations and the direction of travel.
With over £30bn in tax cuts under consideration, the path for expansion must be a steep upward curve creating the conditions for short and long term expansion.
He will also know that supporting start-ups and small businesses is the sustainability of the economy. With rising costs for all industries, this community is most at risk and is already struggling to thrive.
The government must recognize that allowing this to continue unabated is a risk to innovation and the economy.
During this decade of change, including the deeply moving final farewell to the Queen after seven decades of loving service providing a heartwarming backdrop of reliable continuity, the government has the opportunity not only to offer the necessary financial support, but to usher in a new era. where small business owners have the space to grow.
So, in addition to the National Insurance, VAT, Income and Corporation Tax reforms that we are expecting, we would like the Chancellor to look at some of our ideas on what small businesses need to ensure the growth.
1. Make it clear that the government supports small businesses
Excluding an online sales tax at this point could help demonstrate support for small businesses.
The tax may be directed at large platforms, but an unintended consequence will be that the burden will be shifted to thousands of small businesses using platforms to trade, increasing the already skyrocketing cost of doing business.
We would like to see the government support businesses as well as households. According to our latest barometer, 44% of small businesses are now started as a side business and operate from home, putting additional pressure on consumers’ energy bills.
The publication of the long-awaited entrepreneurship strategy to recognize the positive rise of start-ups and reflect how government policies in areas ranging from finance to housing can create the positive conditions for starting a business from home, would also demonstrate that the government supports small businesses.
2. Trigger an export boom
Small businesses have suspended international trade for too long.
It’s time to export and go global, and the government can enable that by reintroducing programs like Tradeshow Access and launching export vouchers that allow small businesses to get advice from an export specialist. export with matching funding of their own.
This would help create a culture where overseas expansion is an achievable goal.
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If you would like to ask your business to participate, email us at firstname.lastname@example.org with Entrepreneur Academy at the beginning of the subject line and give us a few brief details about your business, any existing website or social media presence, and what you would like to achieve, in no more than 600 words.
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3. Sort once and for all late payments
Around 65% of small business invoices were paid by the end of May, according to research by Intuit, with an average of £22,700 per business unpaid.
The government must make it easier for the Small Business Commissioner to tackle large businesses that delay payment and make clearer recommendations to small businesses to ensure they charge with transparent terms and charge interest to those who pay late.
Cash flow is vital for small businesses if they want to avoid taking out costly and unnecessary financing, using it to fund their growth.
4. Increase government spending on small businesses
Our Access All Areas: Government report found that despite an ambition to spend 25% of its procurement budget directly with small businesses, the government has so far only managed to spend 10%.
Leveraging technology by connecting government tier 1 suppliers to suitable contractors would be helpful, but so would removing the bureaucracy that makes access to life-changing contracts disproportionately difficult. for small businesses.
It’s the nimble small businesses that will inject new ideas and innovation into contracts.
5. Maintain continuity and build skills
It may not sound radical, but providing certainty and reliability is vital for the business world.
Cutting and changing business support programs has become the new norm. This creates confusion and can cause business owners to disengage as they cannot complete the programs for which they are eligible.
Sometimes maintaining and improving existing initiatives such as Help to Grow that provide access to learning, experienced mentors and digital expertise should be maintained as they are just beginning to gain traction.
Helping the unemployed to become self-employed could also support the desire to increase the skills that small businesses need. Unemployment is expected to rise, but there is no dedicated program to support the transition from unemployment to self-employment since the New Business Allowance program was scrapped.
The Department for Work and Pensions should consider revising the self-employment targets for the Restart scheme, so that the focus is rebalanced from finding jobs to people to helping people create their own.
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