Credit and Finance, News and Insight
Advantages of the business owner
Are you proud, inspired or feel fortunate to own your own business? A survey by AXA PPP Healthcare has revealed 70 per cent of 500 small businesses are. In addition 58 per cent said they appreciated the flexibility that comes with running their own business and 37 per cent said they enjoyed greater freedom with more business owners multi-tasking on a regular basis(1). It’s great to see SME owners thriving as a result of having autonomy and having their own business. Coming into work feeling inspired and raring to go is a great motivator and helps boost productivity and creativity. So what are the advantages that a small business owner can benefit from?
Advancement in technology
The development of technology has made it easier for us to do business, communicate and grow on a large scale more efficiently. The internet has allowed us to reach a wider audience that we previously weren’t able to reach physically with channels such as email marketing, social media and mobile phone applications. This can help free up resource and time whilst opening your business up to national and international markets. Online services such as The Cloud allows business owners to manage their business’ back office tasks from wherever they are, instead of having to shuffle through piles of paperwork or not being able to access your files on the go when you need to. POS (point of sale) and the rise of contactless payments allow retailers to accept payments more easily and quickly
Better access to finance
With the government recognising that SMEs are the backbone of the UK economy, more and more measures are being put in place to help SMEs succeed. Take for example, the Small and Medium Sized Business (Finance Platforms) Regulations 2015 which was set up to help businesses turned down for finance by big banks to be offered a referral to a designated, online finance platform. New data sharing rules allows trade credit providers who agree to share their sales ledger to be sent to banks and finance providers which could help 50,000 small businesses to receive a recommended credit limit for the first time.
Ease of resource access
The World Wide Web means that accessing information is easier than it has ever been before. You can conduct second hand research to find out about suppliers, competition, placement of your products/services and marketing information. There are lots of other useful resources available with how-to guides, podcasts and videos which provide advice from organisations or influential individuals who can share their expertise with you. It’s easier now to access information with the click of a button from your computer than it has been before.
Ability to be personalised and flexible
Small businesses are a lot more agile than larger corporations and can adapt more quickly to the changing environment as they have less procedures and processes in place. This will help you to stay ahead of the market place as you can make swift and immediate responses, a great asset to have in such a volatile economy. It also gives you the opportunity to deliver exceptional customer service as you’ll be serving in a smaller area which means you can get to know your customers more personally to develop long-term and on-going relationships.
So what does this all mean? This means the opportunities and resources for you to become a business owner are becoming more readily available. Advancements in resourcing and technology with better access to finance make starting your own business and being a business owner easier than it has been before. So if you’re sat reading this, with a great business idea wondering when it’s the best time to get started, now may just be it.