Small and medium businesses account for 99.9% of the UK’s business population, they are the backbone of the UK economy. With advances in digital technology, global connectivity and a changing consumer consciousness, there has never been a better suited time to start your business.
If you’re a wannabe future entrepreneur and need that final push to take the plunge and start your own business, read on.
Digital Landscape, Growth Mindset.
Digital plays a key role in generating growth for small businesses, many companies are adapting to being more innovative with their tech use. By evaluating your business’ needs, you can automate some processes and save yourself a headache in the long run.
With the rise of digital software, it has never been easier to run a business, from bookkeeping software like; FreeAgent, payment automation systems Takepayments to online company credit report systems Company Credit Checks, there has been a boom in easy to use, affordable and effective software for businesses.
By utilising software, you ensure that fewer mistakes are made due to human error, you can save time by automating certain processes, whilst you concentrate on the things you enjoy most.
Take FreeAgent for example, accounting and taxes can feel like a heavy task but is crucial for any business. Most HMRC applications are delayed due to mistakes in tax filings etc. FreeAgent allows your accounting admin to become effortless and in turn, time saving. Secondly, digital software is made with growth in mind, if you decide to scale your business or add an accountant, software like FreeAgent is adaptable for these measures. Essentially, relying on digital software allows business owners to work smarter, not harder.
Businesses who take these new technologies in their stride have the ability to be more agile, competitive and thrive in the rapidly changing business environment. Moreover, being open to digitalisation makes you accessible to your consumer, now that everyone has a phone in their pocket, the digital world is closer than you would imagine.
Global Connections, Global Consumers.
In line with the rapidly growing digital landscape, is the growth of global ties made through technology. Thanks to the internet, small businesses can reach a global audience at the click of a button. This kind of reach was inconceivable two decades ago. However today, you have the potential to form a consumer base that spans continents simply by making a couple of interesting vlogs, blogs or posts.
If you understand your audience well enough, you can cultivate a loyal following online and, if you are prepared to expand your business to adapt to this consumer base, you can grow a community of global consumers.
These days, consumers want to know more about business stories and owners. Your brand’s story remains important and the internet serves up a willing audience.
Consumers are changing.
With the rise of Social Media, consumer voices are becoming more accessible, in the recent years we have seen a huge upwards tick on consumers choosing businesses who have ethical and sustainable practices in mind.
Generally, small businesses naturally fall into that bracket, compared to huge conglomerates, your business already functions at a baseline level of sustainability. Younger consumer groups, like Gen Z, champion smaller unique businesses, meaning that consumer trends are more open to small businesses.
Moreover, as mentioned above, small businesses are on the rise, as consumers are more attracted to knowing who or what is behind the brand. Your story, or your business’ story can be the difference between a consumer’s choice to shop small or go to a large corporation. People crave connections and human touches, as a small business you can provide this.
Start your journey today
Today can be the day you take the plunge. You may have your small business idea ready but not sure where to go next? We’re here to help.
If you need more information, read our blog for more useful advice for the ins and outs of forming a company. Or if you feel inspired and ready to go, start your company today. Our agents can help you form a company in less than 3 working hours. Along with assistance for tax, company credit checks and business banking.
We’re here to make the complex simple.