Press Release

Small business comes out fighting

Tuesday, July 15 2008

APPSBG urges doom-mongers not to talk UK into a recession

The Association of Chartered Certified Accountants (ACCA) is now supporting the All Party Parliamentary Small Business Group (APPSBG).

Chaired by Andy Love MP, the purpose of the APPSBG is to further the aims of small businesses and to provide feedback on small business issues to Parliament.

Mark Gold, vice president of ACCA and an APPSBG panellist, said, "Future meetings of the APPSBG will look at a wide range of issues affecting Small and Medium Sized Enterprises (SMEs), from green and ethical business to how SMEs can increase productivity in the face of a downturn."

He added, "Fifty-six per cent of our members in the UK work in or for SMEs and during stormy economic conditions, what these small businesses need is good solid advice from accountants and support from government and policymakers."

Andy Love MP and chair of the APPSBG said, "According to figures from the Office of National Statistics there are an estimated 4.5 million business enterprises in the UK. These businesses play a vital role in the UK’s economy – providing new ideas, products, services and jobs. We will be examining all issues affecting SMEs, in order to further their aims and represent the issues affecting them to Parliament.

"We'll also be holding a series of inquiries into subjects affecting small businesses, inviting interested organisations to submit ideas for consideration. Possible topics for inquiries include the impact of the Equality Bill on SMEs and ways to improve late payment business culture for SMEs."

The first meeting of the APPSBG - held on 10 July 2008 - discussed the issue of small businesses trading through an economic downturn. The main points raised at the meeting were:

- SME owners need to build morale and provide direction.
Trading through an economic downturn is down to good planning.

- SMEs need to stay true to company values and not get paralysed by uncertainty.

- SMEs need to continue to think in the long term and remember what made the small business successful in the first place.

- SMEs need to do what they do best - using technology to cut costs and their environmental impact. Late payment is a major issue and small businesses need to revise and negotiate terms with suppliers and keep an open dialogue with their bank.

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