Your Business and Your Life
Output boost promising for manufacturing
Recovery in the manufacturing sector looks set to continue, according to the Confederation of British Industry (CBI). Of the 451 manufacturers that responded to the lobbying group’s Quarterly Industrial Trends Survey, 36 per cent say they have seen an increase in output in the last three months, while 15 per cent say it has fallen, giving a rounded balance of +20 per cent.
The success is driven by strong growth in both domestic (+15 per cent) and export (+24 per cent) orders, with the rates of growth at their fastest since April 1995 (+17 per cent and +34 per cent respectively). Demand and production are expected to continue rising over the next three months. Companies predict that output growth will be sustained at a similar pace to this quarter (+22 per cent).
Confidence in job creation shaky
The likelihood of small businesses creating jobs to drive economic growth is in jeopardy because fewer believe they will be able to employ new staff in the year ahead, a new survey suggests.
According to the latest quarterly Referendum research from the Forum of Private Business (FPB), more than a fifth of small business owners (22 per cent) expect to recruit in 2011 – but confidence that they will be able to do so is dwindling compared to December 2010, when almost 30 per cent of respondents said they planned to take on new staff.
While 14 per cent intend to simply recruit in the coming year, a further 8 per cent plan to hire but believe they will have to train new staff in the necessary skills their businesses require.
In addition, business owners surveyed by the FPB have identified a pressing need for external support and training for themselves and senior managers in a number of key areas, including finance, product development, employee engagement and sales and marketing.
FPB research manager Tom Parry says, ‘It is concerning that small business owners’ confidence in their ability to create jobs in the current economic climate and drive recovery is falling, and clearly there is still a pressing need to address barriers such as employment taxes and red tape, steep recruitment costs and skills issues.’
Tags: Job, Job Creation
No rest for credit control
The first quarter of 2011 saw little sign of improvement in late payment times as UK businesses continue to contend with challenging trading conditions.
Analysis from credit information group Experian shows that bills were being paid on average 25.2 days late during Q1 2011, representing only a nominal improvement from the 25.7 days recorded during the previous quarter.
The largest businesses (500+ employees) delivered the biggest improvement in payment performance, from 36.7 days in Q4 2010 to 34 days in Q1 2011. However, they remained the worst culprits, on average, in terms of bills paid late. Even the smallest businesses – traditionally the fastest payers – failed to pay their bills under 20 days late.
Jason Mills, head of payment performance at Experian UK & Ireland, says, ‘It has been a tough winter for businesses – particularly small firms – and companies are cautious about making any changes to their day-to-day financial operations.
Tags: Credit, Rest Credit
Office workers mindful of the environment
Concern for the environment is having a major impact on office working habits, finds research.
According to a study of 800 office workers by Toshiba Tec, 57 per cent of office workers often or always decide not to print out documents out of concern for the environment.
One in four respondents would be more likely to print out documents if printing was carbon-free.
The research suggests that UK businesses face a particular challenge in balancing the environmental concerns of their workers with the fact that many (25 per cent) still prefer to commit business documents and emails to paper, rather than reading them on screen.
Of those office workers who ever print at work, nearly half (48 per cent) regularly print out important emails while 38 per cent print out maps and directions.
Tags: Office Workers, Workers
FPB: Challenge loan rejections
The Forum of Private Business (FPB) is urging business owners who feel they have been unfairly denied bank lending to put a new appeals process to the test.
The British Bankers’ Association announced the creation of the new process this week.
The initiative will allow smaller companies to request a second opinion if they believe formal loan applications have been declined unfairly by one of the UK’s main banks.
The appeals system came about following a report from the industry-led Business Finance Taskforce last year, which acknowledged the credit shortages facing small and medium-sized enterprises.
It will mean that, if a business customer requests it, their loan refusal will be reviewed by a second individual at their bank who has not had any prior involvement in the process and a new decision will be made within 30 days.
If the loan application is still declined, the bank will provide information on alternative sources of funding.
Tags: Fpb, Fpb Challenge
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