Clearview Midlands September 2013 - Issue 142

businessnews RISE OF THE HOME BUSINESS OWNER According to new ONS analysis from Direct Line for Business (“DL4B”), there are currently 2.5 million home business owners now operating across the UK, representing 52 per cent of the total number of UK small businesses and eight per cent of the UK’s total workforce. The analysis highlights an evolving UK workforce, which has developed in a challenging and uncertain economic environment. Millions of people are choosing to take control of their future, achieving a better work-life balance and turning a potential hobby into a career by using an increasingly digital, mobile and flexible business landscape. Men are more than twice as likely as women to run their own business from home, with 1.7 million male home business owners across the country, compared to around 818,000 female home business owners. Jazz Gakhal, Head of Direct Line for Business commented: “Selfemployment has been on the rise for several years and our research now shows that a great number of these people work for themselves from home. Once an individual has taken the decision to set up a home business, it is crucial that he/she fully appreciates their responsibilities as a business owner and ensures that adequate protection is in place should anything happen to threaten what he/she has worked so hard to achieve.” The research showed that when asked about how these home business owners prioritised key actions when they first became operational, sorting tax arrangements and organising insurance ranked 6th and 8th. ‘Currently 2.5 million home business owners now operating across the UK’ www.directlineforbusiness.co.uk BUSINESSES REPORT INCREASE IN ABSENCE DURING RECENT HEATWAVE Almost a third of UK firms have noticed a spike in absence rates during the recent warm weather, research has revealed. The study commissioned by PMI Health Group revealed 30% of firms have seen more staff call in sick since the start of summer. However, 54% of those questioned admit they still do not operate flexible working policies that staff are able to utilise at short notice. “It is perhaps unsurprising to find the recent heatwave has had an effect on absence but the survey results highlight the need for businesses to understand whether this is caused by illness or lifestyle,” says PMI Health Group Director Mike Blake. “This means employers need to be increasingly flexible in their approach to working hours and benefits packages. “Flexible shift patterns will allow employees to fulfil their required hours without feeling their worklife balance is compromised, while holistic wellbeing schemes can work on improving workplace morale. Initiatives such as cycle-towork schemes, discounted gym membership and even on-site fitness classes can be offered to staff as a means for improving their overall health and wellbeing. Source: Business Link, www.blmforum.net LENDING SCHEME POINTS TO POSITIVE SIGNS FOR SME GROWTH Small and medium sized businesses are benefiting from increasing use of a government finance scheme by banks to improve availability of finance. New figures show lending through the Enterprise Finance Guarantee (EFG) scheme for the second quarter of 2013 reached £84 million, the highest since March 2011. Meanwhile, the EFG trade credit scheme, launched in April, has already helped over 1,500 small business customers of Screwfix and B&Q owner Kingfisher by enabling increased total credit limits of over £10 million. EFG is a demand-led scheme that allows banks to lend to SMEs who would otherwise not receive credit, by providing the banks with a government guarantee for 75 per cent of the loan value. Since May 2010, over 12,400 SMEs have been offered EFG loans with a total value in excess of £1.2 billion. It has enabled Kingfisher’s Screwfix and TradePoint businesses to offer credit facilities or higher credit limits to trade businesses that might otherwise fall just outside the companies’ credit criteria. Business Minister Michael Fallon said: “Access to finance remains a crucial issue for SMEs and while I welcome the increased EFG lending by the banks, it is only scratching the surface of the problem. We have made the EFG scheme more flexible and easier for banks to use, and we are taking action to improve competition in the SME lending market through the business bank.” ‘The highest since March 2011’ 66 SEP 2013 To read more, visit www.clearview-uk.com

Clearview Midlands September 2013 - Issue 142 | Page 66