The Federation of Small Businesses (FSB) has released its Small Business Index survey for the third quarter of 2016, which is a benchmark for small business confidence in the UK. While the survey reports that small businesses are facing some headwinds, such as rising costs and uncertainty surrounding Brexit, it also points towards encouraging signs of growth.
Khaos Control Cloud, multichannel ERP software, offers users unrivalled ease of use on any device anywhere with an internet connection, meaning significant productivity gains for small businesses. This will give them an edge over competitors weathering the challenges of today and seizing the opportunities of the future.
The FSB small business confidence survey states that companies were already concerned about rising costs, such as from the National Living Wage and auto enrolment, at the start of 2016 and that Brexit has added to their worries. The Wholesale and Retail sectors have experienced particularly sharp declines in small business confidence.
However, the weaker pound and a cooling of fears about the health of major economies like China, has provided a shot in the arm for exports. The survey found that a net balance of 12% of businesses reported increases in what they sold abroad, this following two quarters of decline. Looking to the quarter ahead, a net balance of 17.9% of businesses expect their exports to grow. Britain, outside the EU, can also agree new free trade deals, which will help drive export growth further.
Khaos Control Cloud helps make exporting easy, integrating leading online retailers, such as Amazon and eBay from Q1 2017, and payment methods. Not only can customers access your product(s) worldwide, but currency conversion needn’t be a hassle. Because Khaos Control Cloud isn’t tied to a physical location, you can keep an eye on what you’re exporting wherever there’s an internet connection – even on your phone.
Hiring is also strong. Unemployment is now at its lowest in over a decade, and on the back of two quarters of declines, the survey reported a net balance of 7% of small businesses increased their headcount.
Availability of credit has continued to improve – the FSB’s measurements of both elements are at their highest levels since the FSB’s records began.
Why not invest in Khaos Control Cloud, and reap the benefits of a simplified cloud ERP?
Overall, the share of small businesses aspiring to grow in the year ahead increased to 55.3%, meaning more are now looking to expand than at any time since the end of 2015. This is probably the most reassuring stat within the FSB's update from my perspective. Brexit and the US Presidential Election result continue to reverberate around the world, impacting us here in the UK both directly and indirectly. However, to mis-quote Stan Lee, with great upheaval also comes great opportunity. The coming months and years will throw up opportunities for companies that are prepared and a flexible, mobile business management solution like Khaos Control Cloud will allow your small business to forge ahead. Still not sure about how we can help? Sign up for a free trial today and experience the difference we can make for yourself.
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