FINANCE
Leadership – Baines Jewitt directors ( from left ) Mike Bigley , Anne Cowley , Don Adams , Trevor Cook and Jed Lester at the firm ’ s Falcon Court offices in Stockton .
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THE FUTURE
Baines Jewitt ’ s top 10 tips for small businesses
The past few years have been turbulent due to political and financial factors , the pandemic and Brexit . These challenges , alongside worldwide unrest , are just part of the story . Running a business in times of change is not easy .
That ’ s why chartered accountancy firm Baines Jewitt recognises the difficulties faced by small businesses and concentrates on things can do to help overcome potential challenges and embrace new opportunities .
Challenges facing small businesses in 2024 “ With a manifesto focused on change , Labour has undoubtedly inherited a struggling economy and their plans for small businesses are still unfolding ,” explains Baines Jewitt director Don Adams .
“ Although its tax and economic policies are aimed at supporting SMEs , small businesses in the UK could be navigating a complex landscape for a while longer .”
Some of the biggest issues include : 1 . Economic uncertainty : Continued fluctuations , influenced by global market dynamics and domestic policy changes , remain a significant concern for small businesses . Economic uncertainty can make it difficult to forecast demand , manage stock and plan for growth . 2 . Brexit-related adjustments : Despite the passage of time , small businesses continue to grapple with the repercussions of Brexit , including changes in trade regulations , supply chain disruption and increased costs associated with exporting goods . 3 . Regulatory compliance : Evolving regulations , particularly those concerning digital privacy , environmental standards and employment law , pose compliance challenges . Keeping abreast of these changes requires time and resources that small businesses might not have . 4 . Cybersecurity threats : With increasing reliance on digital technology , small businesses face heightened cybersecurity risks . Protecting customer data against sophisticated cyber-attacks , without the resources of larger corporations , is a pressing issue . 5 . Access to funding : Securing finance remains a hurdle for many small businesses . Traditional bank loans can be inaccessible due to strict criteria , pushing businesses towards alternative lenders with higher interest rates . 6 . Talent recruitment and retention : The competitive job market makes it difficult for small businesses to attract and retain skilled workers . The disparity in benefits packages between small and larger firms adds to the challenge . 7 . Technological adaptation : Staying competitive often requires adopting new technologies . However , the cost of implementation and need for ongoing training can be prohibitive . 8 . Supply chain vulnerabilities : Global supply chain issues , exacerbated by geopolitical tensions and the aftermath of the pandemic , continue to impact the availability and cost of goods . 9 . Energy costs and sustainability
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