Anyone who has followed my work locally will know two things: I am all about Loughborough, and I am all about Small Business. There was no better way to combine the two than by hosting my recent “Kick off your business” event, which was held at the government funded Careers and Enterprise hub. I brought together expert speakers from across a range of fields to talk about the different aspects to setting up your own business.
Two areas of my 6-point plan for Loughborough are, “A Healthy Local Economy” and, “A Chance to Succeed” – both of which small businesses absolutely contribute to.
During my time as the Minister for Small Business, I worked on a government project to bring forward tougher measures to tackle the issue of late payments to small businesses. New measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time.
Late payment of invoices and long payment terms are key issues that businesses, especially SMEs, highlight as a barrier to their growth. Owners and managers are forced to spend disproportionate time chasing payments; resulting cash flow problems cause even good, viable firms to struggle.
These stronger measures will benefit UK businesses by fostering a stronger payment culture and providing businesses with more predictable and reliable cash flow, allowing businesses to spend and invest with greater certainty. Therefore, reducing the time spent by businesses chasing payments, freeing up more time for other activities that will help them to grow. Tackling late and long payments provides an opportunity to increase investment and productivity across the economy.
These national interventions are fantastic news for our small businesses, but I am hoping to provide a boost to them locally too. The first Saturday in December is Small Business Saturday. For a number of years I have run two events focusing on supporting our local shops and restaurants.
In Shepshed, I run a ‘Shop Local’ campaign where I work with owners to bring residents offers and discounts from the shops in their own town, which encourages residents to try local shops that they might not have considered before.
In Loughborough Town Centre I run a Best Dressed Window Competition where windows decorated with a Christmas theme are entered and judged with the shortlist being promoted on my Facebook page. So, please do encourage your favourite local business to get involved!
