From scanning your favourite news websites, TV bulletins and social media polls in the last few months – it’s clear the outcome of this general election is too close to call.
And in this sea of conflicting manifesto promises, political horse-trading and unlikely coalition scenarios, business owners can be forgiven for having their confidence slightly hampered.
The business report from the ICAEW & Grant Thornton about the first quarter shows that business confidence is lower than the highs of last year – May’s election may well have played a part in this finding.
After all, politics does influence the business world. A lack of certainty can impact your decisions for the company – should you invest now in new staff, what about that new premises you’ve been eyeing up, and what does it mean if you want to target exports, new markets or take on that new contract? These are just a few of the issues you may be puzzling over; and these are often business decisions that require having the funds available to make them happen.
The question is how many business owners have simply decided to hang back on getting funding until after the political landscape stabilises?
It’s clear that one of the key themes of any new Government will be helping small and medium businesses prosper. So, with this in mind, let’s summarise some of the changes that small businesses owners and SMEs want to see after this election.
Tax Simplification:
The UK has sometimes been accused of having quite complex tax arrangements for small businesses. The Federation of Small Businesses has stated in its manifesto that many small firms want to see a simplification of the tax system, allowing owners to get on and run their company.
Small business rates:
If you’re not exempt, business rates can be a company’s biggest expense in outgoings after wages and rent. Many business owners want to see the whole business rate structure altered and are hoping that – whoever wins – they maintain their support for this change.
Infrastructure improvements:
According to the FSB, 94% of small business owners consider a reliable internet connection critical to the success of their business. It also reports that continued investment in transport networks is extremely important to small business owners.
Access to Finance
Whatever the new Government looks like, there is one policy which thankfully has cross party support – The Small Business Act. In fact, it’s already in law with the Queen’s sign-off. Read the announcement from the Government about the Small Business Act.
One of the more exciting elements of the Small Business Bill means that when you go to your bank for a loan or most other forms of credit, they will now be required to offer you onto an Alternative Online Finance Platform if they cannot assist – known as the SME Referral Scheme. The British Business Bank has already began the process of designating online finance platforms for the SME Referral Scheme.
Ultimately, greater choice when it comes to funding sources will go some way to boosting small business confidence. And come next week Friday – at least we’ll have a better idea of the political outcome from this election.
The post Time to “Bite the Ballot” – Small Business Owners & The General Election appeared first on Funding Options: business finance, made easy..
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