NEWS
SPONSORED BY
#FSBCONNECT
FSB CALLS FOR PRO-BUSINESS BUDGET As the UK’s worst-ever recession hits, the FSB is pressing the Chancellor for the most pro-business, pro-self-employed Budget ever this autumn. The FSB would like to see measures such as a cut to employer national insurance contributions, backing for the New Enterprise Allowance and Start-Up Loans Programme, ambitious investment in our infrastructure – not least broadband (it’s good in Cornwall but not perfect) and transport networks, taking more small firms out of the regressive business rates system and ending a worsening £23 billion late payment crisis are all a must. More than a million firms have now taken on bounce back loans to see them through this incredibly challenging period. They now need a guarantee that they won’t have to start paying them back until they’re making a profit. Such an assurance will encourage them to invest and expand today, rather than hoarding
cash for fear of what’s coming down the line. In a short time the UK will transition to its new relationship with the EU but we still have no idea what that relationship will look like. EU-UK talks need to see negotiators on all side accelerating their efforts to agree a probusiness deal in acknowledgement of the fact that time is of the essence. It has been encouraging to see UK efforts to strike new trade deals. It’s now even more critical that any new UK free trade agreements include a dedicated small business chapter spelling out exactly how each deal will protect and promote the interests of the UK’s 5.8 million small businesses. Our economy will depend on joined up programmes, robust negotiation and inspired support in the next budget and FSB will be sharing evidence from our members to press for exactly what is needed.
STAY SAFE FROM CYBER ATTACKS details, financial records and any sensitive documents, should be backed up safely and regularly.
2 Use strong and unique passwords Enable password protection on all devices and choose a unique password for your accounts.
During the past several months, we’ve seen people coming together to support each other during difficult times. Sadly, not everyone is as altruistic: cybercrimes such as online scams, malware and phishing continue to be a threat. It’s all too common for larger companies to experience data breaches, but smaller businesses can be targets, too. FSB research shows that smaller businesses are victim to seven million cybercrimes every year – 19,000 a day. The average incident costs a small business £3k in damages, and it can take days to get back up and running. Here are five steps you can take to protect your business: 1 Back up all your data All important business data, like customer
3 Keep all computers updated Keep IT equipment up to date with the latest software, including computers, servers, smartphones and tablets. 4 Install antivirus software and firewalls Ensure all PCs have antivirus and antimalware software installed, and that it’s always on. You can also install firewalls on your internet router and servers. 5 Educate employees on best practices Train employees about how they can keep business data secure. Make sure they know how to spot the signs of a fraudulent email to avoid phishing. FSB Cyber Protection is free for members. For more information, call the FSB customer service team on 0808 2020 888 quoting ‘FSB Cyber Protection’ or visit fsb.org.uk/benefits
FSB Offer for Business Cornwall Magazine Readers at www.fsb.org.uk/join If you want to join FSB after reading this page then please quote BCM30 when you join and save £30!
£23BN LATE PAYMENT CRISIS The majority of small businesses (62%) have been subject to late or frozen payments in the wake of the Covid-19 outbreak, according to FSB’s latest study of more than 4,000 firms. Its recent report, ‘Late Again: how the coronavirus pandemic is impacting payment terms for small firms’, shows that only one in ten (10%) small businesses have agreed changes to payment terms with clients, meaning the vast majority of this fresh wave of poor practice has not been formally signed-off by creditors or debtors. The study shows that – despite concerted efforts by Government at all levels to improve procurement practices, efforts that were accelerated following Carillion’s collapse – there is no discernible difference in late payment activity between public and private sector supply chains. Around two thirds (65%) of small businesses that supply to other businesses have suffered late or frozen payments. An almost identical number (63%) of firms in public sector supply chains have experienced the same treatment. Small firms in the wholesale (71%), legal and accounting (62%) and advertising and marketing sectors (62%) have been hardest hit in this regard. Pay.UK data shows that the sum of late payments due across the country rose 80% to £23.4 billion at the end of last year. FSB national chairman Mike Cherry said: “Before the COVID-19 outbreak struck, many small firms were already under immense financial pressure because of late payments. “With cashflow drying up as the lockdown took hold, this situation has worsened. Sadly, some unscrupulous corporations are trying to inoculate themselves from the impacts of Covid-19 by withholding payments, or even freezing them, at the expense of small businesses. BUSINESS CORNWALL | 37
