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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Many of the UK's smallest firms still in survival mode

1 June 2021

Despite signs that the economy is bouncing back strongly, 15% of owner-managed businesses are in survival mode and expect to make redundancies, according to a new report.

Research by the Association of Practising Accountants (APA) has found that while most small business owners are optimistic about their recovery after the COVID-19 pandemic, many are still facing an uncertain economic outlook.

One in ten (11%) owner-managers polled by the APA said it is likely they will have to make redundancies in the next three to six months, potentially putting 1.85 million jobs at risk across the UK. More than half (53%) of respondents identified uncertain trading conditions as their biggest challenge.

What's more, a quarter (24%) reported a negative or very negative impact on their business since the UK left the EU and 15% of small business owners polled cited Brexit supply chain issues as their single biggest challenge. In the longer term, 54% were more positive about their economic prospects outside the EU, while 46% were less positive.

Even so, many businesses are optimistic that they will bounce back. For example, 84% of respondents reported that they were either confident or somewhat confident that they would be able to access the finance that they needed over the next six months.

Commenting on the findings, APA chairman Martin Muirhead said: "What is clear from our research is that a significant minority of owner-managed businesses who have managed to pull through the last 12 months are still in survival mode with uncertain trading conditions being the biggest concern to a majority … Over the coming months it is vital that government maintains a flexible and targeted approach to business support focusing resource on those sectors where there is the greatest need."

Company insolvency statistics continue to "defy gravity", according to Peter Hart, a director at insolvency and restructuring specialists PKF GM.

Insolvency figures released last week by the government's Insolvency Service showed a 23% drop in corporate insolvencies compared to April 2020, and a 35% drop compared to April 2019. However, Individual Voluntary Arrangements (IVAs), used by individuals in personal financial difficulty, were up 22% for the three months to the end of April 2021, compared to the three-month period ending April 2020.

"This period is definitely the calm before the storm," said Peter Hart. "Insolvency levels will rise when that funding is no longer readily available through the government schemes and creditors are once again able to enforce their rights … The increase in IVAs is an indicator that personal finances are coming under increasing pressure after a year of lockdown and furlough. It's hard to tell from the data, but it's possible that company owners and directors that have been unable to access government support, as well as those that have lost their jobs, are entering formal arrangements such as an IVA to deal with mounting debts."

Written by Rachel Miller

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