Local Marketing Tips for SMEs

While a variety of new businesses and SMEs nowadays look to promote themselves on the global market place, many primarily want to attract local customers. Reaching potential customers in your area could be the difference between success and failure.

Local Online Marketing

There is a lot you can do online to promote your business to a local audience. Search engines, such as Google, tailor their results to reflect the area you are in. For example, if you want to find a painter and decorator nearby, a search will deliver those results. Making sure your digital marketing reflects your location is key if you want to take advantage of this.

The good news is that local SEO is simple to implement and can make sure you stand out from the crowd when it comes to these kinds of searches.

• Keywords: First and foremost, creating a strong local online presence is including local areas in your website content. That can include your main site but also means developing specific landing pages for particular locations in and around your catchment area
• Add Your Business to Google Maps: When you do a local search for a service or business, you get the usual search results but also a Google map of choices close by. Watch the video below to learn how to claim your business on Google

• Build Your Local Social Media Following: Being more focused on your social media engagement can also make a big difference. Encourage local people to follow you by including links on your promotional literature and in your shop or store. You should also join social media groups and engage with users. Not everyone will follow you but the more you can attract local fans and followers, the greater your reach will be
• Create Content for a Local Audience: It depends on what your business is, but the more you can produce content that is specifically aimed at your local audience the better. This can be done, for instance, by producing a regular blog, something that can also improve your standing on search engine rankings

Local Offline Marketing

While digital marketing certainly gets you noticed, so can those traditional offline methods of reaching an audience. This is particularly pertinent for those looking to create an impact locally and there are number of different approaches that have been shown to work.

• Word of Mouth: It’s one of the most powerful marketing tools out there. If you do a good job, then people are going to recommend you. For example, if you’re a builder and have fixed someone’s roof, make sure you leave a couple of business cards or a flyer when you finally finish. People should be pleased to pass your details on if you have done a good job
• Advertorials: You can do them online as well but they can also have an impact when used in hardcopy. Most local areas have their own newspaper and they’re read by a lot more people that you think. They’re also a lot cheaper nowadays to do – if you have a great news story you can often get it included for free
• Sponsoring Local Events: A little time and effort can make a big difference and sponsoring is one such endeavour you should seriously consider. If you have a local football or cricket team, there’s a festival being planned or some other event, investing in sponsorship can get your company name in front of lots of local people
• Print Media: We often forget about print media but it’s quite cheap to get nowadays particularly with many companies offering low-cost Print on Demand services. While you have to wait for people to come to your site online, you can improve visibility by printing out promotional literature and posting it through their letter boxes. This is no longer a prime marketing asset for other businesses and has been shown to produce a good response, especially if you target the right people
• Networking: Another way that you can improve the visibility and reputation of your business is by networking with other business owners in your area. Most local communities have these kinds of events – they’re great for spreading the word but also learning new tricks and getting the support you need

Mix and Match Your Offline and Online

One thing that many businesses fail to do is make sure that they have an integrated marketing strategy. If you are producing hardcopy promotional literature, then including a link to your website and social media accounts is important. The more you can get these two sides of the marketing coin working together the better you’ll be able to attract a local audience.

We often spend too much time nowadays trying to get our online marketing on track without understanding that offline has its merits as well. Particularly in a local situation, it is just as powerful and can help you reach those people who might not own a computer or smartphone but who would still like to use your service or buy your product.

What is a Company Registration Number and Where Can I Find it?            

When you form either a limited company or limited liability partnership (LLP) you will be assigned a company registration number or CRN. This is provided by Companies House when you initially register and remains the same for as long as your company is in operation, even if you elect to change the name.

The CRN consists of either a unique sequence of 8 numbers or two letters followed by six numbers. The number is created sequentially by Companies House and depends on where you are incorporating your business:

• If you have registered a limited company in England or Wales, your company registration number will begin with a number
• The CRN for companies in Scotland is slightly different as it begins with SC
• If you are registering a limited liability partnership, your number will start with OC in England and Wales, and SO in Scotland
• There are also several other prefixes for different types of entity and for other jurisdictions

Your CRN is included on your incorporation certificate when you get the paperwork from Companies House after successful registration. If you don’t have it to hand you can go onto the Companies House website and search for it by entering your company name.

What Do I Use the CRN For?

There are numerous times when you will need to have your company registration number handy, for instance, any time you want to make changes to the information you hold at Companies House. This can include when you want to change the name of your company, if you have new directors or members leaving, or want to alter your company office or SAIL address. Other times you will need it are:

• When you register for business taxes with HMRC, fill in tax returns or need to pay corporation tax
• Applying for a business bank account
• When you file your annual confirmation statement and accounts
• When you change your Accounting Refence Date (ARD)
• Any transactions associated with your company such as filling resolutions or issuing share certificates

Once you become a limited company or LLP you will need to ensure that all your official letters, compliment slips, ordering stationary, invoices and receipts and even your website have the number clearly shown.

FAQs on Company Registration Numbers

What is the Point of a CRN?

It identifies your company and legally verifies its existence as an incorporated entity.

Is the CRN the same as the VAT number?

No. They are two separate numbers. VAT numbers are issued only by HMRC when you register for VAT with them. Neither is your CRN your company tax number. Again this is a unique number produced by HMRC called your UTR.

Do You Need a CRN as a Sole Trader?

No. You only get a CRN if you are a limited company or limited liability partnership. You will register with HMRC separately as a sole trader and carry out a self-assessment to pay your taxes.

I Can’t Find My CRN?

There are several places where you’ll find your CRN. The first is on the Certificate of Incorporation that you received from Companies House when you registered. Look for a heading saying ‘company number’. You will from time to time receive correspondence from Companies House and your CRN will always be found on this. If you are out of the office or can’t find the CRN, then you can always visit the Companies House website and search for your business. This will give you your CRN in just a few seconds.

Can I Check if a Company has a CRN?

If a company is registered in the UK, then it will have a CRN on its literature. If you want to check if this is valid, then all you need to do is a search. The Companies House website has some 170 million records which are free to access. Simply enter the CRN or the company name to find out if it is valid or not.

What Are the Benefits of Having a CRN?

This is more a question about the benefits of setting up as a limited company. The company has its own legal identity so the contract of any third party is with this rather than individual directors and shareholders who have limited liability. Setting up a limited company can also improve your standing and prestige in comparison to a sole trading position which means you may be more likely to get certain clients and attract potential financing for expansion. There are also some tax benefits that sole traders don’t get.

A company registration number or CRN is only available for limited companies or limited liability partnerships. The 8 letter/digit combination is unique to that business and is retained for the time that it is in operation and only becomes redundant when the business is dissolved. You need it for numerous things including filing returns and when you come to put in your tax assessment for the year.

2016 UK Company Formation Review

After 2015’s trail blazing year for startups, 2016 fell short. Last year’s performance was worrying for the UK economy when looking at Creditsafe’s data.

2016 saw more businesses close down then they saw start up – a shocking 24% increase in insolvencies compared to the previous year. This was particularly evident in companies that were aged 3 and 10 years (the same category as in 2015) and brought back a frightening reminder that global companies were equally at risk with the closure of BHS and Austin Reed. Even businesses that have been trading for under 3 years saw an increase in insolvencies – 3,000 in 2015 shooting up to 8,000 in 2016.

The highest number of company failures occurred in the last quarter of 2016 – the most insolvencies since Q2 of 2014. With Brexit and the new US presidency, political and economic stability becomes increasingly shaky. The most effected sectors were Business Admin, Construction, Wholesale and Retail, and Professional; Scientific and Technical Activities. County Court Judgements (CCJs) were issued primarily to Professional; Scientific and Technical Activities, Construction, and Wholesale and Retail, and hit over £300,000,000 CCJs in value for the first time since 2013. One can assume that the falling success rate of science related businesses may be related to Brexit and the potential of EU fund withdrawals.

In terms of new company formations, there was a 1% drop overall compared to the previous year. London had less than 3,000 new registered companies compared to its record breaking 198,314 new companies in 2015. It isn’t all doom and gloom on the British startup scene though. The North West, South West, West Midlands and East Anglia saw an increase in new company formations compared to 2015 and Q2 of 2016 trumped that of 2015.

There was also a 17% increase in female directors which may indicate women stepping up with their ideas and making the startup scene more balanced. The average age has bumped back up from 43 to 52 signifying the younger generation are not forming as many companies as the previous year.

Bad debts issued have also been on the rise. These bad debts have primarily been of low value indicating that they were more likely issued to SMEs. Couple this with late payments of invoices from the £100 and £5,000 mark averaging Days Beyond Terms (DBT) of 15 is not an encouraging sign for SMEs.

An interesting insight tells us that 5% of companies in the UK are owned by a foreign company. That’s 185,490 companies with foreign ultimate holding companies. The countries with the highest number of UK companies are Costa Rica, Ireland and the USA.

The startup climate may not seem positive, but it is important to note that only 2% of insolvent companies had a credit limit of over £5,000 which is the recommended amount by Creditsafe. Registering a company has always been a challenging venture, but taking the right precautions will improve chances of success. Blue Sky offers a range of services to keep your company compliant, but the rest is up to you.

We know that the political and economic future of the UK and the world is not concrete, but the dust will settle and forming a company has never been more important. Take the first step and register your company today to impact the UK economy.

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All data used is from Creditsafe

Digital vs Bricks and Mortar: Which Works for Your Business?

There’s no doubt that over the last decade or so we’ve dramatically changed the way we shop. Bricks and mortar high street shops have been usurped in many ways by online stores with people buying on the go on their mobile devices fuelled by increasing access to shopping on a global scale.

It’s easy to believe that bricks and mortar stores have had their day. Why invest all that money in a high-street store when you can reach out to far more people online and sell just as many products? The doyen of online selling, Amazon, has recently started to invest in traditional selling, opening a real store in Seattle last November. While this is a lot easier for big corporations, the notion of delivering an omni-channel approach has not been lost on smaller companies.

So, what’s the best solution for your business?

In the end, it all comes down to cost and the return on investment that you will get from opening a bricks and mortar operation.

The Benefits of a Digital Presence

No one in business would dispute the power of having your own online store, engaging on social media and using digital marketing to promote your brand. It’s a very low-cost way to do business, after all, and flexible as well. You can start small, build up gradually without the massive overheads you generally get when running a real store such as rental costs, staff and utility bills. Add in the fact that you can reach a much wider audience with much less effort and you might be forgiven for thinking this is all you need.

For many businesses, including eCommerce entrepreneurs, it may be the right answer. At least for the moment.

The problem is, because it’s so easy, the online world is now extremely crowded. Competition is high and certain advertising such as pay per click (PPC) is becoming less attractive as the price rises for those profitable keywords. Many brands are starting to look at other ways to engage with customers and that means an omni-channel approach.

According to The Guardian:

“…for purveyors of tactile and personal products like clothing, eyewear and jewellery, selling stuff in person has an obvious appeal.”

The Future of Bricks and Mortar

Amazon’s store in Seattle isn’t just a one off. They’re testing the water to see how it works and, if it does, they’ll be opening more flagship stores around the US and perhaps in other parts of the world.

To succeed, of course, the store has to be economically successful on its own and attract customers from around the local area. But bricks and mortar can also act as a strong marketing tool for an already secure online provision. They can create greater awareness of the brand which adds value in a cluttered online marketplace and helps nurture customers to become loyal advocates and fans. To a smaller extent, it can attract those potential customers who don’t avail themselves of the online marketplace.

There is also the issue of people wanting to see and try products in person, which you can’t get online. While some bricks and mortar stores follow the traditional see and buy format, others are being developed as showrooms – you go, pick up and use a product, try on an outfit and then order it online. This works well for certain products, including jewellery. In America, Blue Nile opened up a showroom for their range and found local sales rose significantly once the store was opened.

For UK businesses, mixing digital with bricks and mortar has been easier for the businesses that grew out of traditional high street stores. Argos and Curry’s both offer the ability to shop online and pick up in store or vice versa. Supermarkets such as Tesco and Asda allow similar provisions that improves their bottom lines.

For SMEs, the option to go bricks and mortar, of course, involves a serious cost question. Until you reach a certain size and your brand becomes recognisable, it often isn’t cost effective to open a store. For bigger companies, merging online and offline is becoming the way to build a seamless customer experience that really counts, particularly in the world of retail.

According to many experts, customers value flexibility and that means being able to use a particular brand or service how and when they want, whether that’s shopping instore locally, going online or even over the telephone. This holistic approach to your brand’s availability is not easy to achieve without a good deal of thought, integration and financial ability.

It is, however, the path that many large stores are now starting to tread and one which emerging businesses need to be aware of and try to fit into their future growth plans.

The Pros and Cons of Public Limited Companies

A Public Limited Company or PLC is a business with limited liability but which has the option to sell shares to the general public. These companies need to have a minimum of £50,000 share capital and put the letters PLC after their name.

All you need to register as a PLC is two directors and a secretary and there are only a few instances where you might be ineligible: You need to be over 16 and cannot be an undischarged bankrupt.

The Benefits of a PLC

While a PLC is also a limited company and shares the advantages of that structure, there are additional benefits.

• A PLC can, first and foremost, raise capital by selling shares in the company. This is usually a lot greater than the amount which can be raised when you are only a limited company
• Having your stock listed on a recognised exchange means that you can also attract investment from a wide range of sources including hedge funds and other traders
• If you have a large number of shareholders, you’re essentially spreading risk in the company which can be useful. If managed properly, it can also prevent just one individual holding so many shares that they have an unreasonable control over the future and growth of the business
• The tag of PLC can be a more attractive proposition when it comes to finding finance for growth or for certain new projects because creditworthiness is increased. That means banks and other avenues of finance might be more willing to offer loans and credit arrangements than they would if just dealing with a limited company
• That availability of readily available finance, particularly in difficult economic periods, can enable a company to push forward with expansion plans, acquire other businesses and to fund research and development which would otherwise have to be put on hold
• Shareholders benefit from the fact that shares can be bought and sold and there is better liquidity overall. Those who created the company may also decide to sell and being a PLC can make the company more attractive to potential buyers
• Finally, there is more prestige and people feel more confident about a business and its reputation and that acts as a form of free publicity

The Disadvantages of a PLC

As with any company formation there are some disadvantages for changing to a PLC.

• The focus is more on protecting the shareholders. That means there are more statutory and legal requirements that your company now has to adhere to. For instance, you need to have a secretary, apply for a certificate of trading and stay on the right side of rules for loans to directors, all of which you don’t have to do with a standard limited company. You have to hold regular AGMs, there are restrictions concerning share holdings and you will require an annual audit
• The level of transparency required for a PLC is much higher than with a limited company. Accounts need to be audited, providing fuller information concerning performance should be made available to anyone who wants to see them
• While with a limited company you can maintain control over who has shares, this is a lot more difficult to achieve with a PLC. If you are the original owner of the company you could find yourself in the position where you lose control over your business because someone has bought up a significant amount of shares. It can also mean that you spend a lot of your time trying to assuage shareholder expectations rather than moving the company in the direction you wanted. You may also be vulnerable to a takeover
• You may become far too focused on the short-term benefits of the share price, particularly when the business is initially floated on the stock exchange. That could mean compromising or missing out on your overall strategic plan for growth
• Finally, the amount of finance that is required to go PLC is higher than with a limited company. You have to have £50,000 share capital and a quarter of this needs to be paid up. That entails you investing a minimum of £12,500 in to your business. Because the running of a PLC is more complex there may well be higher costs here too, especially as your business starts to grow

The pros and cons of becoming a Public Limited Company (PLC) mean that most businesses opt for this solution when they have forged a strong enough path in the market and their future success is more or less guaranteed. Getting it right can seriously improve the financial strength of your business and move you forward to the next stage of company development. Getting it wrong can be catastrophic and you should always get the best advice you can before going down this route.

If you do want to change to a PLC company structure, please get in touch with our Company Secretarial team.

A Guide to Company Registration

More and more of us are taking the plunge and creating our own businesses. While your entrepreneurial efforts may start small, if you’re successful there will come a point when you need to decide whether or not to register your business with Companies House. The good news is that this is a lot simpler than many people think – gone are the days of waiting weeks to get your business approved, complicated paperwork and the off-putting cost.

1. Is it Time to Go Limited?

The first thing you need to do is decide if this is the right moment to take that next step and become a limited company. While there are a number of advantages, such as limiting liability, it also requires you to maintain statutory records and file accounts to HMRC and Companies House.

2. Getting Together Your Registration Details

If you do decide that this is the right option, you will need to do a number of things to formally register your company, including:

• Settling on a company name
• Deciding where your official registered office address is going to be
• Getting together details of directors and, if relevant, the company secretary
• Deciding on the details of what your business does including at least one SIC code
• Consider information concerning share capital – if you are creating a company that is limited by shares, you must issue at least one
• Providing details of the initial shareholder(s)

3. Memorandum and Articles of Association

These provide the agreement and clauses that make up the new company and the rules which will govern how directors will run it for the benefit of the shareholders or members. In order to register, these need to be filed with Companies House as part of your incorporation application.

4. Submitting Your Documents

Once you have submitted your application and paid the fee, Companies House will check your details and then, hopefully, confirm that your business has been registered. This can come through very quickly, in many cases on the same day, but you should realistically expect to wait 24-48 hours. Once you have your registration confirmed then the next step is to hold your first board meeting.

Formation Agent vs Registering Directly

You can either decide to register your company directly and handle all the details yourself or go through a third-party formation agent. While registering directly can seem like a cost saving measure, it is often better practice to use a service that provides the experience and advice which means you get things right first time and cover all the bases.

There are a lot of things to take into consideration when you are forming a limited company. If you don’t have any experience of drafting the memorandum and articles of association, for example, then it’s sensible to use someone who has the legal know-how you require. Companies House doesn’t do it for you. A formation agent will also be able to look at every aspect of your company registration and give you professional advice for your industry or sector.

The form for registering a company, the IN01, is quite a long document, 18 pages in all and it’s easy to get your submission wrong if you are not entirely clear about what you are doing. Of course, if you have a good amount of knowledge concerning the legal aspects of a company formation, you may be confident enough to complete and submit the form along with all the information required.

Companies House doesn’t provide you with all the information you need about how to properly put together things like registers of directors and their details, share allotments and capital allowances that you need to include in your application. A company formation service can help you do this and ensure you have the information submitted for your company.

Choosing the Right Company Formation Agent

As with many business services coming online over the last few years, there’s a lot of competition out there. Ideally you want a company formation agent that goes that little bit further than all the rest, providing you with all the tools you need to help you comply with the law but also the advice that means you have all the bases covered.

Blue Sky Formations offers low-cost solutions and will advise you more deeply in order to avoid any issues in the future.

There’s no doubt, that using a good company formation agent can give you peace of mind and ensure you get your limited company up and running with the minimum of fuss and without any mistakes.

Emerging Markets of 2017

There’s no doubt that one of the biggest factors for emerging markets this year is what’s happening in the USA. More succinctly it’s the effect of the new Trump presidency, a potential increase in protectionism and the impact of the strength of the dollar, factors that could inhibit growth for many markets over the next 12 months.

One of the big effects of Trump’s election win was the movement of EM bonds when the result came in. This put a lot of pressure on those countries which borrow in US dollars.

There are, of course, other factors in play. There’s the continuing situation in the Middle East and the prospect of at least two important European elections, in France and Germany, this year that could further impact on the political landscape. Some emerging markets are in a good position to take advantage, others not so and how to take advantage of the various trends is going to be key for investors. It’s not going to be easy though. You are likely to find a host of differing opinions across EM experts.

It was hoped by many investors that 2016 would see a big turnaround in emerging markets. Despite a couple of bright points, the market found itself in retreat and by November the mood was a lot less favourable than it had been at the beginning of the year.

Mexico

In Mexico, while everything seemed to be ticking on prior to the Trump election, post inauguration has been a little less comfortable. There are plenty of security and economic problems, not to mention the possibility of relations with the USA deteriorating which could see trade tariffs introduced.

Russia

Trump has made overtures to Russia but what will become of these still remains to be seen. Most presidents have made the attempt to reset the Russian-USA relationship. All have ended in failure. One of the key problems are the sanctions that have been introduced and whether these are likely to be loosened or even removed over the next few months.

For the moment, Russia seems to have escaped trends that affected countries like Mexico and Turkey where currencies fell considerably. It remains an enigma though and the relationship between Trump and Putin could be a significant factor.

Asia

The potential effects of a protectionist outlook from the USA could have a significant impact on economic growth around the globe. While having a buffer that could well protect them from change, areas like China are still going through an economic slowdown and the possibility of the Yuan devaluating could lead to greater demand for Asian assets if they decide to tighten capital account controls.

China is probably going to be the big issue, especially if President Trump decides to name the country as a currency manipulator. Tension between the two countries will undoubtedly have a large impact on the markets and create the potential for a trade war. Add in the potential for North Korea to cause an international incident and we could all be treading on dangerous economic and political ground.

Sign of the confusion in the area of EM comes from the fact that not all analysts agree. For instance, Goldman Sachs believe that “Brazil, Russia, India and South Africa are less at risk.”

Others say that countries which could be at most risk if the EM suffers this year are Turkey, South Africa and Brazil, all of which depend a good deal on foreign investment. Other problems could come from Venezuela, Greece and Argentina. Knock on effects if EM currencies continue to suffer could come from other parts of Asia including Indonesia.

For many, Trump is seen as the big game changer and judging by the tumultuous start to his presidency investors could be forgiven for being less than hopeful. Protectionism isn’t the only problem here. With a trillion dollar stimulus plan via cutting tax and infrastructure spending, the risk of reflation is high. In fact, just after the election results emerging equity allocations suffered a large drop, the biggest for over five years.

Of course, investment in infrastructure could well build commodity demand which wouldn’t be so bad for the market but we have to take into account Trump’s desire to buy American and hire American into the mix. EM debt is going to be another issue which will be effected by US yields and make it troublesome for some countries to raise valuable new finances.

While the conditions are uncertain, things are better, according to some, in the emerging market than they were 12 months ago. The political landscape may be a problem but so is the low oil price at the moment. On the brighter side, commodity prices seem to be behaving well and some structural reforms starting to be implemented in countries across the globe could have an impact.

Those looking on the optimistic side of things believe there will be plenty of opportunities over the next 12 months. The pessimists expect a more volatile market place that could spring plenty of surprises – after all we’re only into February and there’s a long way to go.

Brexit: The impact on SMEs and startups

It’s fair to say that there are still no certainties when it comes to Brexit and what it will do to the UK’s economy in the long-term.

What we have to go on, as it stands, are some expert opinions and the real life, short-term, experiences of some of the small business owners who’ve been dealing with the aftermath of June’s “leave” vote.

What was predicted

The referendum result brought with it both the hope of longer-term prosperity and predictions of a shadow over the UK’s economic growth, with a potential negative impact on businesses large and small.

Many economists had predicted that there would be an immediate and also a more wide reaching blow.

Oxford Economics suggested a drop in GDP ranging from anywhere between 0.1 and 3.9% by 2030, while the National Institute of Economic and Social Research predicted up to 7.8% loss by the same year.

Of course, much of what’s been discussed is still a prediction and, with the type of Brexit (hard/ soft) not even yet determined, it’s easy to see why small business owners and startup entrepreneurs are feeling unsure.

What’s actually happened so far

The Bank of England has now raised its forecast for growth in 2017, since the initial impact hasn’t been as bad as expected. This isn’t to say that things won’t take a turn for the worse when Article 50 is triggered but, for now, UK sales seem to be buoyant and companies, if anything, are telling of an upturn in business and profits.

Whilst Change Britain’s 400,000 extra UK jobs prediction might be farfetched, the changeover may yet be less scary than first anticipated. Latest figures suggest that there was a 0.6% growth in the UK’s economy, in the three months that followed Brexit, and that the services sector was the driving force behind this.

Sales jumped by nearly 6% in November – compared with the same month last year – and strong Black Friday sales online drove an even higher uplift of almost a quarter on the previous year.

That said, consumer confidence has taken a dive and many are holding off on so-called “major purchases”.

Small businesses report initial positive outcomes

Off the back of the weak pound, companies exporting outside of the UK have noted a positive response to the cheaper prices offered and manufacturing output had actually increased again as of October.

The Telegraph ran a piece towards the end of Summer last year which focused on the impacts being felt by small business owners and, though there was some trepidation about what the future holds, the consensus of the experience so far was largely positive;

“We’ve leveraged the weak sterling situation to make ourselves more competitive and accelerate orders… The initial backlash of Brexit hasn’t been as bad as first thought. If anything it’s generated an unexpected opportunity. But uncertainty is still hanging around.”

– Tony Hague, chairman, Manufacturing Assembly – Network (MAN) – Birmingham

And, though the weaker pound has meant that holidaying abroad has become more expensive for Brits, it’s also brought with it opportunity within the UK’s own tourism sector – making it cheaper for tourists from outside of the country to visit.

There’s also then the knock-on implication that, as holidaying abroad becomes more expensive, more Brits will choose a “staycation” instead.

Unanswered fears

Where there are still fears for the future of UK growth is within the skilled worker and exports arena.

Not only are business owners concerned about where they will pool their workforce from moving forward, there are also concerns that much of the talent – particularly in the tech industry – might not view the UK as a favourable place of employment any longer;

“There will now be question marks over London being a powerhouse for finance and technology, and it is likely to make it harder to attract top calibre tech talent to the UK.”

– Husayn Kassai, CEO and co-founder of background checking business Onfido

Some businesses argue that the tech talent simply doesn’t exist within our own country, on account of the education system and a lack of industry involvement – compared with that of the migrant workforce – and this is, of course, a very real concern.

Then there’s the added pressure on customs processes, if we leave the EU customs union:

“Leaving the EU will inevitably make exporting more complex with the reintroduction of customs clearance procedures, assuming we leave the EU’s customs union.”

– Ian Baxter, chairman, Baxter Freight Nottingham – East Midlands

Opportunity for startup sector

Whilst Brexit will undoubtedly pose new challenges, once it comes into full effect, this could actually work for the benefit of startups and SMEs.

Where large corporations are cumbersome, startups have agility on their side and a favourable ability to adapt. So, in fact, their newness puts them, potentially, in a better position than their established counterparts.

New entrepreneurs also have the advantage of taking a step back and looking at how Brexit has and might change consumer needs and habits. This could result in being able to tailor their own concept before vast amounts of money are ploughed into something which simply isn’t suitable for UK consumers any longer.

Planning and taking calculated risks – with the right support from organisations such as DIT (Department for International Trade) – could set small businesses in the right stead to weather whatever happens next.

“True entrepreneurs are opportunity hungry and with change comes that opportunity,”

– Jim Duffy, CEO of business accelerator Entrepreneurial Spark