Heard about Small Business Saturday?

Apples

Small Business Saturday has been taking place on the first Saturday in December since 2013. The campaign provides free training workshops, celebrates small business successes, and encourages consumers to support small businesses in their community by ‘shopping local’. Although it focuses on one day, the aim is to change mindsets so people choose small businesses all year round.

This year’s figures are not yet announced, but on Small Business Saturday in 2015, customers spent £623m with small businesses – an increase of 24% on the previous year. #SmallBizSatUK trended at number one all day, with over 100,000 tweets sent, reaching over 25 million people. And over 75% of local council supported the campaign, for example, by providing free parking.

100 small businesses were highlighted in the 100 days running up to this year’s event on 3 December. They attended receptions at Downing Street and The Treasury Drum with the Chancellor of the Exchequer, and benefited from exposure on social media and in the local press.

One of the featured businesses in 2016 was Haven’t Stopped Dancing Yet! – a pop-up disco for people who love soul, funk and disco music from the 70s and 80s. Founded in 2010, they have performed in South East London and Birmingham, with vinyl DJs, dance line-ups, retro sweets and fancy dress prizes. Ad agency, JWT, called them a “trailblazer” for targeting the under-served 50-something market.

Spice Kitchen in Walsall is a mother-and-son team producing home-ground spices and spice mixes sold online via Etsy and Not On The High Street. They were also finalists in the Guardian Small Business Showcase competition, won a Great Taste Award in 2015 for their garam masala, and received the BBC Producers’ Bursary Award 2015 for up-and-coming food producers. The owners say customers love the products, and the fact that they are a family-run business.

Marvel Plumbing was one of the first businesses to be highlighted in 2016, and organised a fun event on Small Business Saturday to bring other businesses together and expose them to the local community. The company has grown from one man-and-van in 2012 to eight vans and four full-time office staff. They have also been asked to write and deliver part of the gas course for Southgate and Barnet College, so training future gas engineers to meet their high standards.

Small Business Saturday is a non-commercial initiative headed by Director Michelle Ovens MBE. It covers all types of small business, and is free to join. The campaign is supported by high-profile sponsors including American Express, Federation of Small Business, and Vistaprint.

This year, they have even launched a free cookbook containing recipes inspired by small businesses.

Find out more at smallbusinesssaturdayuk.com

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

What the Autumn statement means for your business

Autumn

Chancellor, Philip Hammond, has delivered his first Autumn statement. Most announcements came as no surprise, with core messages about continuity of financial stability and control of public spending.

The statement was considered and concise, which is encouraging at a time of uncertainty. However, business groups interviewed by the Guardian didn’t consider the statement bold enough, and were disappointed that it didn’t tackle business rates or provide support following the Brexit vote.

Here are some of the headlines:

Impact on business

To reinforce Britain’s competitiveness while negotiating Brexit, Hammond confirmed he will stick to the business tax roadmap that was announced in March, with Corporation tax reducing to 17% and a reduction to business rates worth £6.7bn.

Funding

In an effort to boost the long-term economy and reduce the ‘productivity gap’, £23bn is going into a new National Productivity Investment Fund, including:

  • £7.2bn to tackle congestion and transport
  • £7.bn to support house-building (including £3bn Home Builders Fund to unlock finance for over 200,000 homes)
  • £4.7bn towards science and innovation
  • £2bn to accelerate construction on public sector land
  • £1.1bn for local infrastructure
  • Over £1bn for digital infrastructure (to encourage the private sector to roll out more full-fibre broadband and support trials of 5G mobile telecoms. What’s more, full-fibre infrastructure will benefit from 100% business rates relief for five years from April 2017.)
  • £27m development funding for the Cambridge-Oxford growth corridor (as recommended by the National Infrastructure Commission)

To make Britain the ‘go to’ place for science and innovation, these sectors will also benefit from an extra £2bn of funding per year for business research and development.

£400m is being invested into Venture Capital Funds from the British Business Bank, to:

  • Unlock up to £1bn of investment in innovative firms planning to scale up
  • Review to identify barriers to access to long-term finance for growing firms
  • Funding from the Department for International Trade for FinTech specialists

Benefits in kind reformed

Tax will become payable by employees who sacrifice salary to receive ‘benefits in kind’, except:

  • Cycle to work scheme
  • Ultra-low emission cars
  • Pension savings
  • Childcare

HMRC expects to gain approximately £2m through this measure.

Economic forecasts downgraded

As a result of the EU Referendum decision, economic growth is predicted to be 2.4% lower than previously expected. Here are the revised OBR forecasts:

  • 2016: 2.1%
  • 2017: 1.4%
  • 2018: 1.7%

Borrowing increased

Hammond made a distinction between borrowing to cover the deficit and borrowing to invest, and at £122bn, Government borrowing will increase significantly.

New fiscal rules

To protect against bumps during Brexit, Hammond announced three new rules:

  1. Cyclically adjusted borrowing to fall below 2% by the end of this Parliament, and public finances to return to balance as early as possible during the next Parliament
  2. Public sector net debt to fall as a share of GDP by 2020
  3. Welfare spending to be capped

Just About Managing (JAM)

Due to the state of the economy, Hammond avoided this phrase coined by Theresa May, but did announce:

  • Freeze in fuel duty
  • Offset the rising cost of foreign holidays
  • Ban on letting fees being charged to tenants
  • Income tax threshold rising to £12,500
  • Higher rate threshold rising to £50,000
  • Minimum wage rising to £7.50 (in 2017)
  • Possibility of removing the pensions triple-lock (after 2020)

Budget moved to Autumn

To allow time for tax changes to be made in advance of the tax year, the Budget is moving to Autumn. That means no more Autumn Statements – from 2018, there will be a Spring Statement instead. At least that means major changes will only happen once a year.

If legal hurdles are overcome and Article 50 is triggered at the end of March 2017, the final Spring Budget will be a significant measure of the nation’s fiscal position.

Going forward

Although there are many challenges and changes to the economic climate, the Government is committed to boosting business in the UK.

Philip Hammond said: “My priority is to ensure that Britain remains the number one destination for business – creating the investment, the jobs and the prosperity to protect our long-term future.”

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

Big Data, Small Data and SMEs

Data is vital to strategy and insight in the business world today, and in the future. But what exactly are Big Data and small data, and how are they useful to small business?

What is Big Data?

Big Data refers to massive sets of “raw” data (numbers, letters, symbols) that are too large or complex to store in traditional processing applications. What makes Big Data a massive challenge is how to organise, interpret and utilise this deluge of “chaotic” information most effectively – without this it is of little value.

The term, “Big Data”, was actually coined the 1990’s, and is different to other data because it has certain features – known as the three Vs:

  • Volume on an unprecedented scale, and this is increasing continuously. The global technological per-capita capacity to keep information doubles every 40 months. Since 2012, 2.5 Exabyte of data is generated every day;
  • Velocity – the speed in which it comes in;
  • Variety – the range of sources it comes from. Data is gathered from a myriad of sources: mobile devices, cameras, software, microphones, wireless networks, remote sensing, radio-frequency identification readers – and the cheaper and more accessible these become, the more data there is.

Big data is associated with large companies, however, in many cases it could equally benefit SME’s, simply due to the agile nature of these types of businesses. Even the most potent insights are valueless if your business cannot act on them in a timely fashion. Smaller businesses have this advantage, being suited to act on data-derived insights with speed and efficiency.

In the online gaming industry, for example, SME’s are already running Big Data technology within their enterprise without even thinking about it as such. Bookmaker WinUnited has put in place a MongoDB open source non-relational database from 10gen to bring its gambling products together and help it to better update betting odds in real time. This allows them to service customers and update their information as it happens – essential qualities that define this industry.

By running Big Data through a hosted service such as MetaMarkets, the small business can benefit from immediate insight – which needs to be acted upon, and used timeously to be of value. If SMEs collaborate with a channel partner, such as Splunk, they can take advantage of some of the most effective methods to gain necessary data insight, while gaining a deep level of industry expertise. This ensures the business maximises revenues, is able to strategize and develop new products as the market feedback reflects consumer needs. It all depends on how much the SME has to spend and why what the purpose of the data is for.

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Data is useless if one is not able to interpret it, and use it effectively.

Small Data is the new Big Thing for SME’s

Small data is data that one can comprehend easily. In a way, it’s the old “data” – much more accessible, understandable and actionable for everyday tasks than Big Data. Small data is essentially what will shape our future, because where Big Data is all about predicting the future by sifting through millions of data points, small data is really all about the causation of the data, the reason behind the actions – why things happen.

Customer behaviour insight

Small Data is invaluable in SME Marketing, Client Relations and Customer Retention fields, because it clearly and quickly shows trends in product preferences which can help decipher consumer thought processes. This information is used by these departments to predict what products will be popular, how to drive sales in their target market, and gain customer loyalty by delivering to the needs of the consumer, in the right place at the right time, in the right packaging. Small data can also help to indicate where the company should be developing new product and drive their branding strategy, and therefore increase profits while lowering risk.

Even small data sets from CRM platforms, social media or email marketing programmes can also provide much-needed insight to help businesses understand customer behaviour patterns and showcase trends. Google Analytics offers free data analysis. Hootsuite, Sprout Social’s Sprout Insights, Salesforce Marketing Cloud and Moz Analytics are a few tools to consider which offer great insight into social media behaviour – all aids in helping to understand the client, hone the product delivery and gain insight into product suitability.

Learn about your SME, and gain foresight

Many companies simply want to do better analysis with the data they already have. If one’s company has been operating for a year or more, there is a likelihood that a ton of big data exists in the company records. Information from sales ledgers in various forms such as Excel or QuickBooks provide data sets and interpretable statistics to cross-reference with other information in the company provided by the Marketing and CRM departments, for example. By learning about the way in which your company behaves, one can start to predict trends and prevent potentially damaging scenarios from occurring.

Use data to gain a competitive edge

Barclays provides a free service to SMEs, whereby the business can review their market positioning – which includes a downloadable report based on your postcode, constituency or the region the company operates in. The report includes a breakdown of consumer spending in your region; income and age bands of spending growth; turnover of businesses, analysis of the largest sectors, and commentary on the broader economic situation and impacts on small business. This can be extremely useful in terms of marketing and product development, for example.

Xero, the SME cloud-based accounting platform provider, recently launched Xero Signals, giving small business access to an unprecedented level of data, launching initially for New Zealand, with more countries due to follow. It claims to represent a true signal of the state of the country’s small business economy, based on aggregated data from almost 10,000 businesses. This is incredible industry knowledge if your sector is involved in finance, for example, where cutting edge tools are essential.

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Trend spotting. Data is essential to gain insight, gain foresight and maximise profits in business of any size these days.

In the very beginning, most young SME’s probably just need a good quality CRM system, (Hubspot, Salesforce) or ERP (such as Oracle or Sage) if it’s bigger or more complex, and a proper customer contact strategy. Don’t be fooled into spending vast amounts on over-specced software and data-systems providing which are unnecessarily complicated for one’s small company. Upscale as you grow – your needs will change – but it is essential to take advantage of small data to drive strategy and profit in today’s business world.

A word of advice: An SME needs to understand clearly what it’s objectives are (i.e. to understand competitors / geographies or customers or increase prospect pipeline or sales etc) before launching into data analytics, because otherwise the process can become incredibly confusing and complicated – and fascinating – and one can waste valuable time searching and gaining very little.

At the end of the day, the aim of data is to enable companies to make clearer business decisions and plan for the future – and this is definitely possible using both Big Data and small data for SMEs. It all depends on what the purpose of using the data is, and whether you have a budget. Both are incredibly valuable and essential tools to have in business today. Always remember though: it’s not what knowledge and information one has, it’s what you do with it that counts.

What are your experiences using new FinTech products? We would love to hear from you, please post your comments or or get in touch via our website: Akoni

About Felicia Meyerowitz: I am passionate about technology and innovations in financial services adding value to Small and Mid-size business in a practical way. I work as a co-founder at Akoni, aiming to bring innovation to the key asset within all enterprises – cash. Follow me on @Feliciatedx.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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Inspiring Women in Tech Series #3: Eileen Burbidge, MBE

Eileen Burbidge (@eileentso) has a knack for being in the right place at the right time. “I saw really smart people get nothing but others who hit the jackpot — even though they weren’t that hard-working but because they had timed it right. One of my guiding principles now is that the best you can do is try to increase your exposure to luck and recognise lucky options.”

One can be presented with opportunities, but securing them is another talent altogether. Describing herself as an “accidental venture capitalist”, Ms Burbidge credits her progress with being naturally curious and adventurous, her workaholic tendencies, good communication skills and quick thinking.

Her Chinese parents (her father was an engineer and her mother worked in finance) instilled in her a tough work ethic from an early age. In an article by Ben Rooney, Eileen says that she couldn’t see what the big fuss about Tiger Moms was. She laughs now, but said that she thought that was how everyone was raised. “My parents had this view that they had to work much harder than non-immigrants. They impressed the same view upon us as kids. ‘You are not going to get the breaks when anyone looks at you,’ they would say, ‘so you have to prove that you belong there.’

In the US, for Burbidge, the fact that she was a woman was secondary to the fact that she was ethnically different. “I have had more to prove, and more to overcome, looking Chinese, than I have for being female. I grew up thinking that if I were white, I could do whatever I wanted. I thought white girls had it easy. It never even occurred to me that white girls would say they were disadvantaged.

As one can imagine, Burbidge is passionate about being a great example of how women can thrive in the tech world. She says that women should use the fact that they are a minority to their advantage  – “being conspicuous can be an opportunity to stand out“, and revels in memories about when she has been in meetings as a token female and has ended up flooring the men around the table with her intelligent contributions. She has said many times that being a woman has not been a hinderance to her in this field, and that in fact it is an industry where you can create whoever you want to be behind the computer screen.

Eileen-Burbidge

Burbidge studied computer science at the University of Illinois, “before it was trendy”, and started her career in San Francisco working for a telecoms company. This was the start of the tech boom in Silicon Valley and she rode the tech boom wave, becoming Market Development Manager at Apple Computer. Between 1996 and 2003, Burbidge lived the life, likening the atmosphere in Silicon Valley to Wall Street in the 70’s. She moved across to London in 2004, thinking that gaining international experience would be a good idea, expecting to return to the US after 2 years. Lucky for London, she stayed. “It’s so much more fulfilling to work in tech in the UK because it is earlier in its life cycle and you can shape it more.

Her career path took her to iconic tech companies which were relatively new – Skype, Yahoo and Ambient Sound Investments. She went on to co-found White Bear Yard with Stefan Glaenzer and Robert Dighero, who became her partners at Passion Capital, a leading early-stage technology and internet VC firm, which was launched in 2011.

Apart from working at Passion Captial, Eileen acts as board director for DueDil, Digital Shadows, wireWAX, Lulu and other portfolio companies. When assessing potential startups to invest in, her criteria for possible  are rather interesting: be friendly to the receptionist. Relationships are important. People are your company. How you treat people is vital. Burbidge looks for dedicated individuals who are willing to put in the hours and the passion required to make a success of their ideas.

The London tech scene has exploded, with the digital economy growing a third faster than the UK economy as a whole. Earlier this year, the Tech City cluster of businesses reported that 1.56 million people were employed in digital companies in the UK, with 328,000 of those in London.Digital is already 10 per cent of UK GDP and it is forecast to be 15 per cent in 2017… (It’s) the sector with the greatest job creation compared to the national average and we have 10 times as much venture financing coming into London tech as we had five years ago…. it’s fantastic that the Government has recognised it — economic growth is consistent with its mantra as a government but also in terms of job creation.” 

Listen to Eileen Burbidge being interviewed by TechCrunch here:

Despite the Brexit vote, Burbidge remains positive. The UK, and London “remains the biggest tech centre in Europe and continues to attract the best talent and companies from all over the world. These are attractive factors for any investor and there will be plenty of opportunities for investment in the coming months and years ahead,” she responded to a recent report by the investment database Pitchbook for London & Partners, the promotional body for the London Mayor’s office.

With the passionate-about-tech Eileen Burbidge here as Chair of TechCity UK, as HM Treasury’s Special Envoy for FinTech and Tech Ambassador for the Mayor of London.our official Tech Ambassador – are we surprised the message for UK’s tech scene’s future is a bright one?

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

 Featured photograph by Techworld.com

 

 

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