Revealed: the most entrepreneurial location in the UK (and it’s not London)

Entrepreneurship is booming across the country, but which region wears the hustle capital of the UK crown?

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Updated on 30 June 2023

Wales has been named the hustle capital of the UK, as a new report highlights the regions showing the biggest levels of entrepreneurship.

Small business advice service, Informi used official figures from the Office for National Statistics (ONS) to compare business growth percentages, new startups, and self-employment rates. It then crunched this data to reveal the hustling capital of the UK.

Wales took first place displaying an increase of 5.2% in the number of private sector businesses starting between 2021 to 2022. Second-place is Northern Ireland, with a 3.5% increase in new businesses.

According to Informi, London (typically assumed to be the nation’s business metropolis) slips down the rankings to land in fourth place. Just 0.5% of new private sector businesses launched in the Big Smoke in 2022.

England lags behind as Celtic talent tops the business charts

Wales’ huge increase in the number of private sector firms was complemented by an impressive self-employment rate of 15.9%. It also saw a business growth rate of 0.9%.

The South West comes out top for English regions, and third place overall for Hustle Capitals. Nearly 20% of the area’s working population was self-employed in early 2022.

Below is a table showing the full results for all twelve regions:

Rank	Region	Self Employment Rates	Private Sector Businesses Started	Business Growth Rate
1	Wales	15.9%	5.2%	0.9%
2	Northern Ireland	13.3%	3.5%	1.6%
3	South West	18.8%	2.3%	0.7%
4	London	18.9%	-0.5%	0.3%
5	North East	11.2%	0.5%	1%
6	West Midlands	12.6%	-1.9%	1%
7	East Midlands	13.3%	0.2%	0.1%
8	Yorkshire and the Humber	13.4%	-7.2%	0.9%
9	East of England	15.2%	-4.6%	0.5%
10	South East	16.5%	-3.7%	-1.8%
11	North West	13.2%	-3%	0.1%
12	Scotland	12%	-0.4%	-1%
Source: https://informi.co.uk/blog/hustle-capitals-of-the-uk

That London came fourth might seem surprising given its reputation as the UK’s commercial centre. Nonetheless, record-high business rates, combined with the cost of living crisis, have made the capital an unaffordable location for budding business owners.

The UK’s shift to remote work, particularly amongst sole traders, is also to blame. Renters left London at the highest rate in a decade last year, as entrepreneurs no longer had to be based in the capital to do business.

Help for local entrepreneurs has also grown alongside regional business populations. The Informi data points to the Welsh government’s SME support service, Business Wales which offers advice, training, and levelling up support for those looking to grow their startups.

Reflecting on the findings, Huw Moxon, Marketing Manager at Informi, says: “This data emphasises the importance of region-specific support systems and initiatives that enable entrepreneurship and business growth.

“As the UK faces fresh economic challenges, these findings hopefully serve as inspiration and guidance for entrepreneurs seeking to establish and develop their businesses.”

Associated reading:

Low confidence could still be holding back regional businesses

Despite the obvious increase in the number of regional UK businesses, Startups’ research indicates that local business owners are statistically less likely to back themselves when it comes to winning awards.

Data from the Startups 100 Index, the UK’s longest-running annual ranking of the top 100 new businesses, reveals that regional startups have historically avoided submitting their business.

Likely this is due to the self-fulfilling prophecy that the UK business landscape is too London-centric. In total, 59% of applications to last year’s index came from companies that were based in the capital.

In Wales, which Informi identified as the top location for new businesses, just 3.1% of local businesses submitted their startup. Northern Ireland made up just 1% of entries.

Bottom of the pile of the Informi data was Scotland and the North West. However, our judges found plenty of talent from both of these areas including Lancashire-based, The Modern Milkman, which came in fourth in our ranking.

Low confidence amongst regional business owners could be due to a lack of finance. Earlier this year, Startups research uncovered that London-based businesses get, on average, eight times more funding than companies based outside the M25.

Regional businesses encouraged to apply to the Startups 100 Index 2024

We want more regional talent to submit their startup to next year’s list. To help, we’re making our judging process more inclusive than ever this year. Every entry will be marked for:

By shifting the focus away from funding and finance, we hope to ensure we celebrate the best UK companies – not those closest to Canary Wharf. Every entry will be marked for:

💪 Strength of concept (is your idea unique?)

💡 Innovation (how is your idea disrupting the market?)

🏆 External validation (any significant achievements eg. notable partners or clients)

📏 Size of opportunity (what ambitions do you have in terms of scale-up?)

💰 Finance (how much revenue have you generated from what amount of funding?)

Applying means you’ll be in with a chance of being named one of the top new UK businesses in 2024, and can sit alongside prestigious alumni Deliveroo and Monzo.

Are you, or do you know of, a talented new business owner based outside of London? Then apply to the Startups 100 Index 2024.

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Written by:

Helena Young Deputy Editor

Helena is Deputy Editor at Startups. She oversees all news and supporting content on Startups, and is also the author of the weekly Startups email newsletter, delivering must-know SME updates straight to their inbox. From interviewing Wetherspoon's boss Tim Martin to spotting data-led working from home trends, her insight has been featured by major trade publications including the ICAEW, and news outlets like the BBC, ITV News, Daily Express, and HuffPost UK. With a background in PR and marketing, Helena is particularly passionate about giving early-stage startups a platform to boost their brands. That's one reason she manages the Startups 100 Index, our annual ranking of new UK businesses.

Rest breaks at work: legal requirements for employers

Find out what breaks workers are entitled to, where they must take them, and whether rest breaks are paid or unpaid.

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Updated on 30 June 2023

Rest breaks at work are a legal requirement for every employee, as is holiday entitlement. Every staff member who works at least 6 hours per day is entitled to one, regardless of role, shift pattern, or industry.

Working flat out for eight hours – particularly if you’re sat slumped over a laptop during that time – is no way to inspire creativity. Taking regular breaks gives workers a chance to recharge, which means encouraging them to unplug (mentally and physically) is an easy way to boost your employees’ productivity. Not to mention, protect their health and wellbeing.

The rules on taking breaks at work are decided by The Working Time Regulations (WTR) act 1998, as well as anything you have written down in your employee contracts. Below, we’ll lay out the law on breaks at work including when they should be taken, why, and how long for.

This article will cover:

Break entitlements in the UK
When can employees take rest breaks?
Rest breaks at work: why are they important?
What if I fail to provide rest breaks?
What should employees do while on breaks?
Conclusion
Rest breaks at work FAQs

Break entitlements in the UK

Breaks are pretty self-explanatory. They are regular breaks scheduled throughout the work day or week that allow employees to take time off from their professional duties.

Legally, workers over 18 are usually entitled to three types of break – rest breaks at work, daily rest and weekly rest. We’ll explain what these are below.

There are certain rules and numbers that bosses must adhere to when catering for employees’ breaks. But the important thing to remember is that you can offer employees longer rest breaks than the legal requirement as an added incentive. Just not less.

Depending on their sector, many employers choose to do this because of the substantial benefits that breaks have been proven to bring to staff.

Rest breaks

Workers have the right to one uninterrupted 20 minute rest break during their working day, if they work more than six hours a day.

What a rest break looks like will depend on the employee. Technically, they can cover everything from a break for lunch, to just time away from the keyboard.

Is a rest break paid or unpaid?

Business owners are under no legal obligation to pay their employees for the time they are on break. However, we advise doing so anyway.

20 minutes will be a relatively small overhead and staff members may choose to skip their rest break if they know they are technically losing money for taking it.

If the employer pays for rest breaks, they should write this clearly in the employee’s contract.

Rest Breaks for Young Workers

The rules on rest breaks are different for young workers (aged 16-18). This age group should be given a 30 minute rest break if they work more than 4.5 hours per day.

Daily rest

On top of rest breaks, workers also have a legal right to at least 11 hours rest between working days. For example, if an office worker finishes work at 8pm, they ideally shouldn’t be allowed to start work again until 7am the next day.

Weekly rest

For shift or part-time work, when an employee might be expected to work multiple 3-4 hour shifts per week, the ‘weekly rest’ entitlement means that:

Each week, employees must have at least one 24-hour period without work
Each fortnight, employees must have at least one 48-hour period without work

When can employees take rest breaks?

If given the choice, many of us would probably love to put our feet up at the end of a Friday shift and get the weekend started early.

But there are actually some specific rules around when an employee can take a break in order to ensure they are getting an appropriate amount of rest in between tasks.

According to WTR, staff members can only take a break if it is taken in one go somewhere in the middle of the day (not at the beginning or end).

An employer also cannot suddenly decide that an employee should go back to work before their break is finished. This would defeat the purpose of giving them time off.

What if an employee can’t take a rest break?

In exceptional circumstances, an employee may be asked to take compensatory rest if they are unable to take a break during a shift. For example, if they’re doing security and surveillance-based work and a colleague needs to take a break at the same time.

In this scenario, the break should be taken at a later time and last as long as a specific rest break would have lasted.

Are smoking breaks a legal requirement in the UK?

No, a worker does not have the right to take smoking breaks if their employer decides not to offer them. In news that will shock chefs around the country, smoking breaks can legally be banned by managers should they choose.

We do not recommend that business owners take this step, however. The ten minutes of time an employee might spend on a smoke break is far less distracting than an employee chomping at the bit for their next nicotine rush.

Rest breaks at work: why are they important?

Just like any muscle, exercising your brain or body during work will expend a lot of energy. Staff need an appropriate amount of rest to recover.

Whatever the activity, rest breaks bring plenty of physical and mental benefits for the employee. These include:

1. Added time for creativity

Taking a break might seem like slacking off. But research has proven that a break can be the best time to do work. Going for a walk, or even just a change of scenery, can give your brain the space and energy to organically find the solution to a problem.

2. Lessened injury risk

The human body isn’t designed to be static for long periods. Last year, the Office for National Statistics (ONS) found a big rise in the number of people being unfit for work because of neck and back injuries.

Encouraging workers to stand up and move around also means you are providing a working environment that complies with health and safety regulations.

3. Increased productivity

A break a day keeps the writer’s block away. Ironically enough, employees who have had an appropriate amount of time to rest and refocus are more likely to meet goals and deadlines.

4. Reduced risk of stress and burnout

Taking short breaks throughout the working day may not have as obvious an impact as taking a holiday. Nonetheless, research has found significant benefits for improving mood, and reducing the risk of fatigue at the end of the day.

For remote or hybrid employees, a break at work can also help to improve work-life balance. Staff can do admin or household tasks during their time away from the laptop.

Rest breaks at work: benefits for employers

Every employer must follow the legal entitlements for breaks at work. Not to do so means you risk a fine for breaking the WTR.

Complementing this obligation, however, are many genuine advantages that well-rested staff members can bring for business owners.

1. Improved output

As we’ve mentioned above, promoting the uptake of regular breaks is a tactic for building a productive workforce. Fully optimising your resources in this way can directly generate additional profits.

2. Reduced risk of conflict

Frazzled employees who feel stressed out and overworked are more likely to take their frustrations out on colleagues. Ensuring workers are taking appropriate time for themselves can therefore be viewed as a conflict resolution tactic.

3. Lowered staff attrition rate

Staff turnover shot up higher than the rate of inflation last year, as more employees reported suffering from burnout. Giving workers adequate breathing space is the simplest way to lower stress and stop talent from leaving early.

4. Bolstered employee engagement

Happier and healthier employees creates a positive working environment where staff members feel motivated to work hard. Work breaks are a great way to improve employee engagement and ensure that when at their desks, staff have the energy to work hard.

What if I fail to provide rest breaks?

Employers who fail to provide their employees with rest breaks will be breaking the law and face a financial risk. They may be liable to pay personal injury damages.

Even if not found out, not offering rest breaks brings other potential risks include alienating staff and sowing discontent in the workplace, leading employees to quit and productivity to suffer.

What should employees do while on breaks?

Under WTR, employers must take measures to ensure workers can spend their rest break away from their desk or workstation. This is designed to encourage employees to disconnect from work for the full 20 minutes. But it doesn’t mean you have no control over what your staff members get up to during recess.

After all, if a colleague spends their lunch hour sitting in the same position and scrolling through TikTok, they aren’t going to reap the full benefit of a rest break.

To help staff members make the most of their time off, business owners can promote activities that have been found to boost productivity, such as:

Walking
Healthy eating
Doodling
Meditation
Napping

Conclusion

Employers are legally obligated to allow for rest breaks for staff members. But doing so is not just about avoiding a fine. It’s also a savvy business decision that will build happier teams leading to improved output and lower staff attrition rate.

Under WTR, employers must cater for a statutory 20-minute break for adult employees (30 minutes for 16-18 year olds).

Smart employers will have noted the above benefits, however. Where possible, we recommend firms consider introducing longer breaks to support staff and maximise the potential return on investment.

Rest breaks at work: FAQs

Are employers legally required to provide rest breaks?
Yes. If an employee works longer than six hours per day, they are legally entitled to take a 20 minute break for rest or food. The employer should take steps to ensure staff can spend the break away from their desk or workstation.
Can rest breaks be paid or unpaid?
Employers do not have to pay their employees while they are on break. However, not paying staff while they are on break could disincentive employees from taking the time off, so we recommend businesses offer paid rest breaks.
What should I do if my employer denies me my entitled rest breaks?
First, speak to your employer directly and make sure they understand the right to rest breaks as laid out by the Working Time Regulations. If the employer still refuses to allow breaks, the staff member should raise the issue with a HR representative. Employers who fail to provide their employees with rest breaks may be forced to pay for personal injury damages.
Am I entitled to a break if I work 6 hours?
Employees aged 18+ are entitled to a 20 minute break for every six hours they work in the day - although a longer break can be permitted at the discretion of the business owner. Young workers aged 16-18 should be given a 30 minute break for every 4.5 hours they work in the day.
Can an employer tell me what to do on a break?
No. An employee can choose to do anything on their rest break - including, working through it. That said, we recommend managers encourage employees to take their break away from the desk or workstation to ensure they properly switch off from the spreadsheets

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News and Features

Written by:

Helena Young Deputy Editor

UK brands that have gone into administration since COVID

Between the pandemic, rising energy bills and the cost-of-living crisis, some huge brands have vanished from UK high streets or had to reduce operations.

Written by

Updated on 30 June 2023

Since COVID, we’ve seen a cost-of-living crisis, spiralling inflation, and exorbitant energy, fuel, rent and material costs that have sent countless businesses into administration or even liquidation.

And while small businesses have had a torrid time, major UK brands haven’t been spared, leaving an unrecognisable high street.

The British Retail Consortium labelled the COVID sales decline as the worst on record, but the post-pandemic era has seen the economy suffer through further recession scares, exponential energy price rises, and a full-blown cost of living crisis.

All of these have seen even more big UK brands going into administration, with around 1,273 recorded administrations in England and Wales between January and October 2025.

In this guide, we’ll give an overview of the major businesses that have been affected since the pandemic and during the subsequent crises, and discuss the many lessons we can take from their experiences.

In this article, we will cover:

Big UK brands that have gone into administration since COVID-19 and the cost of living crisis
What can small businesses learn from these big brand failures?

Big UK brands that have gone into administration since COVID-19 and the cost of living crisis

Throughout the tumultuous years since 2020, the UK has seen a huge number of businesses enter into administration. In some cases, brands have been able to keep trading under new ownership, or online only. Others have been lost completely.

Among these are high-street staples including Debenhams and Topshop. But major online brands have suffered too, including big names such as Made.com. It shows that no one can get too comfortable when it comes to maintaining a business, big or small.

Below, we’ll unravel the reasons behind their struggles and examine the lessons learned to help guide small business owners through these challenging times.

LEON

Fast food chain LEON announced plans to close around 20 of its restaurants and cut jobs as part of a major restructure. The company appointed Quantuma as administrators after co-founder John Vincent re-acquired it from Asda.

Vincent claimed that LEON was losing approximately £10m every year, and that it had drifted from its core values under Asda’s leadership. However, Vincent also added that customers will likely see “big changes on the menu from next spring”.

The company plans to work with Quantuma to discuss the plans with landlords and determine options for its future. It has also developed a programme with Pret A Manger, where affected staff can apply to work at the coffee shop chain if they’re unable to take job in other LEON locations.

Pizza Hut

Pizza Hut’s UK operations are facing a major shake-up as of October 2025. According to reports, DC London Pie, the company behind its UK restaurants, went into administration on 20th October.

It’s a sign of just how tough the UK casual dining scene has become, as the 66-year-old brand will apparently close 68 dine-in restaurants and 11 delivery sites. The move will put roughly 1,210 jobs at risk.

Things could have been worse for the Hut, however. Yum! Brands, the parent company of Pizza Hut, stepped in through a pre-pack administration deal to acquire the UK branch – six weeks after it filed a winding up petition against DC London Pie in an effort to force the company to pay its debts.

This deal apparently saved 64 sites from closure and protected 1,276 jobs. The brand said the restructuring is aimed at ensuring operational continuity while stabilising its presence in the competitive UK restaurant market.

Claire’s

Once a staple of fashion accessories and trends in the 2000s and 2010s, Claire’s announced that it had collapsed into administration in mid-August 2025, putting 2,150 jobs at risk. The company appointed Will Wright and Chris Pole from advisory firm Interpath as joint administrators for its UK and European businesses.

The American retailer — known for its colourful costume jewellery, hair accessories, and stationery — is one of many businesses struggling behind the scenes. It previously filed for bankruptcy in the US in 2018.

While stores will remain open for the time being, customers will no longer be able to buy items online or request refunds prior to the administration. Orders that haven’t yet been dispatched are also expected to be cancelled.

Poundland

In a somewhat ironic rescue deal, Poundland was sold for just £1 in June 2025. The discount chain, which was once owned by Pepco Group, is set to close 68 stores across the UK following a major restructuring — putting more than 1,000 jobs at risk.

US investment firm Gordon Brothers — the former owners of Laura Ashley — said it would invest up to £80 million in Poundland to help the struggling business. Like many high street retailers, Poundland has faced significant financial pressures in recent years.

Aside from intense competition from major supermarket chains like Aldi and Lidl, Poundland also reported a low Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of between £0-16.8 million in May, citing “highly challenging trading conditions” and “clearance of old stock and product availability issues” as the reason for its struggle.

River Island

In what seems like a never-ending battle of falling sales and harsh trading conditions, River Island announced a restructuring plan in June 2025, which could result in store closures and job losses. The fashion retailer had previously laid off some of its London-based head office staff to help with cost-saving measures.

Like many fashion retailers struggling to keep their heads above water, River Island has faced significant losses in the last year. In October, it was reported that the company reported a pre-tax loss of £32.2 million, while sales steeply declined by 15%.

No formal decisions have been made yet, but if the restructuring plan goes through, River Island will be able to make agreements with creditors (e.g. landlords) to avoid insolvency proceedings.

Hobbycraft

Arts and crafts retailer Hobbycraft announced plans to close at least nine of its stores across the UK as part of restructuring plans. The company also said that the restructuring would result in redundancies across its Bournemouth head office and distribution centre in Burton-on-Trent, but it isn’t known how many jobs will be affected.

Hobbycraft CEO Alex Willson said: “Very sadly, the strength of our offering has not made us immune from the challenges faced by the retail sector in recent years.

“Closing stores is always a last resort, and this has been an extremely difficult decision. Making these changes is sadly a necessary action to enable us to keep our doors open to crafters up and down the country.”

Quiz

Quiz was a Glasgow-based brand that ran 82 standalone stores. It was first put into administration as part of a restructuring in June 2020. However, the fashion retailer called in administrators again five years later, which resulted in a further 23 stores being closed and around 200 jobs lost.

A pre-pack administration deal will result in the remaining assets being taken over by Orion Retail, a subsidiary linked to the business’s founding family.

CEO Sheraz Ramzan stated: “We are deeply sorry to those affected by the store closures, including our retail colleagues. However, this decision will put the business in a more sustainable footing for the future and protect several hundred jobs as a result.”

TGI Fridays

TGI Fridays, once a beloved American diner chain, fell into administration in the UK in September 2024, after a failed acquisition deal with Hostmore disrupted the company’s financial stability. Combined with the ongoing economic downturn, characterised by rising inflation and the cost of living crisis, the chain was suffering from a slide in sales. But it wasn’t all external.

The chain had also struggled to maintain its relevance in a changing market, as customers expressed dissatisfaction with declining food quality and the availability of similar offerings at more affordable restaurants.

Thankfully, 51 TGI Fridays sites have since been rescued in a sale to Breal Capital and Calveton. However, 35 are now closed permanently, resulting in over 1,000 redundancies.

Carpetright

Floor specialist, Carpetright, has secured a buyer as part of a pre-pack administration deal. It first announced plans to file for administration in July 2024, putting hundreds of jobs at risk across the UK.

The business had been unravelling for some time. It had struggled to sell premium rolls of carpet to customers in the cost-of-living crisis. A cyber attack in April of the same year also left the brand unable to trade online or in person for almost a week.

According to The Times, rival business Tapi Carpets confirmed it had acquired the company via a pre-pack administration. As part of the deal, Tapi has purchased the Carpetright brand, as well as 54 of its stores and two warehouses. The move saved 300 jobs, but unfortunately, over 1,500 other roles were made redundant.

Ted Baker

In March 2024, Ted Baker announced it would be forced to call in administrators for its European outlets and online retail.

Even before the pandemic, the brand was rocked by scandal. In 2019, the company’s founder Ray Kelvin stepped down following allegations of inappropriate behaviour. New owners, Authentic Brands, attempted to steady the ship, but the colossal impact of the pandemic set Ted Baker up for a desperate few years. Lockdown hit, workwear changed, and in the post-pandemic world, trends changed, with fewer office workers seeking to buy new collared shirts – a Ted Baker staple.

The brand’s appointed administrators closed 15 shops and cut 245 jobs. It was hoped that the remaining 31 Ted Baker stores in the UK and Ireland would stay open, but in mid-August 2024, the failed fashion retailer confirmed all remaining shops would be shuttered, putting over 500 jobs at risk.

The Body Shop

In February 2024, the new owners of The Body Shop – private equity group Aurelius – confirmed that the high street skincare and cosmetics stalwart was entering into administration. With over 200 stores in the UK, and thousands of employees on its payroll, this was a bitter blow for a once-loved brand that dated back to 1976.

The Body Shop had lost its place as a must-visit home for high quality, non-animal-tested cosmetics and skincare products. By late 2023, sales had spiralled, and younger Gen Z consumers felt little of the brand affinity that had once driven customers to be passionate advocates for the high street brand.

On top of this, there was a corporate mess behind the scenes. Aurelius was contending with a legacy bonus scheme for 20 employees that could cost in the region of £2m-£3m.

Wilko

Even before it was officially announced, rumours began circulating that Wilko – one of the nation’s best-known homeware retailers – was on the verge of collapse. Founded by the Wilkinson family in Leicester 92 years ago, the chain is a high street staple with 400 stores across the UK.

Following this uncertainty, Wilko bosses confirmed they had failed to secure a rescue deal. As a result, Wilko collapsed into administration in August 2023 – becoming the latest casualty of the cost-of-living crisis and putting around 12,500 jobs at risk.

At the start of September, discount chain B&M initially struck a deal to buy 51 Wilko stores, providing a potential lifeline for the brand’s high street presence. However, by 12th September, the deal had fallen through, and all existing Wilko stores were confirmed to close by early October.

Debenhams

Debenhams was a department store with a challenge. It wasn’t John Lewis. It certainly wasn’t Selfridges. It was just…there. As the pandemic crept up, the brand was already in a challenging environment, struggling to define its own identity and failing to keep up amid competition from ecommerce businesses.

Debenhams announced its administration in December 2021, winding down a staggering 12,000 jobs. The last store was closed in May 2023, ending an era marked by dwindling year-on-year sales.

The brand name now lives online only. Boohoo purchased Debenhams for £55 million in January 2021. On 12 April, Boohoo relaunched the Debenhams website with a new full range of Boohoo products.

Arcadia Group

Phillip Green’s Arcadia Group was a seemingly undefeatable conglomerate of retail brands. For young fashionistas, its stores – including Topshop and Miss Selfridge – were staple destinations where a whole generation could congregate to grab affordable bling for a holiday, or to dress to impress even on a tight budget.

But in November 2020, with the pandemic already bruising retail trading, news broke that Philip Green’s vast empire had succumbed to a crushing debt exceeding $1 billion. This was exacerbated by underperformance in sales in the years prior to COVID, with the emergence of online fast-fashion brands hurting Green’s empire like never before.

Those same rival businesses would snap up the pieces of Green’s empire. In February 2021, ASOS acquired the Topshop, Topman and Miss Selfridge brands for £265 million. Boohoo Group acquired three more of Arcadia Group’s brands (Burton, Dorothy Perkins and Wallis) for £25.2 million. These now continue on as ecommerce stores only.

Victoria’s Secret

With a huge cultural impact spearheaded by its annual fashion shows and household-name supermodels, Victoria’s Secret were the trendsetters – until somehow, suddenly, they weren’t.

The UK arm of the US lingerie retailer went into administration in June 2020, in a move that saw all Victoria’s Secret stores closed in Britain. Between COVID struggles and accusations from employees of bullying, harassment and misogyny, Victoria’s Secret was floundering as a high street presence.

They had some guardian angels of their own, however. L Brands and Next formed a joint venture where they acquired substantially all of the assets of the Victoria’s Secret business in the United Kingdom and Ireland. This saw the UK business resurrected in 2022, and they now trade from physical stores as well as their website.

Oak Furnitureland

This one was quite surprising because it seemed such a staple of the UK business scene: with hundreds of showrooms and such a large, friendly presence along highways and such that you just expected it to always be there.

While Oak Furnitureland survived, the height of the pandemic meant that people weren’t all that concerned about furniture shopping, and lockdown. Its business model primarily relied on in-person viewings — something that’s hard to replicate online.

Oak Furnitureland cited the root of their problems as “adverse trading conditions”. Luckily, there was light at the end of this struggle, as the business was saved from the brink of collapse by a hedge fund manager — saving 1,491 jobs in the buy-out process.

Monsoon/Accessorize

Monsoon is a popular fashion retailer that’s all about women’s style and self-expression, with an ethos about embracing your unique side with bohemian-inspired designs, vibrant colours, intricate patterns, and cool ethnic vibes. With sister brand Accessorize, customers were also covered for bags, jewellery, and scarves that came in clutch to complete your look.

When the Monsoon/Accessorize group entered into administration due to the pressures of COVID, 35 stores were closed with a loss of 545 jobs. But they were soon bought out of administration in June 2020 by founder Peter Simon himself. This saved the retailer’s other 2,300 UK employees and helped the brands retain their high street presence.

In what might be one of the most interesting comebacks on this list, Monsoon persevered and fought their way out of their struggles. By the end of December 2021, the business was debt-free with net cash of £15 million. Monsoon and Accessorize currently have 154 stores back open in the UK. This is down from 230 at the time it went into administration, but it feels like something of a comeback era all the same.

Oasis

Oasis (or their parent company, “The Oasis And Warehouse Group”) was one of those unassuming, non-problematic shops that you would tend to see at the end of every high street. No biggie, just a cool spot to stop at and pick up a t-shirt or some loose jeans, especially if you were passing a store in your local high street.

Behind the scenes, however, there had been quite a tumultuous history of the company as they experienced a wild ride of highs, lows, and memorable moments – including multiple shifts in CEO, partnerships and ownerships – including one time a UK-based Indian entrepreneur offered to purchase The Oasis And Warehouse Group for £60 million, while being wanted by Interpol.

And the pandemic was the final nail in the coffin. Struggling to compete against the likes of Boohoo and ASOS, Oasis went into administration in April 2020. The Oasis and Warehouse brands were later bought by Boohoo for £5.25 million in June, but only the online assets and intellectual property — not the stores or staff —were saved.

Beales

Beales was a true legacy business. The original Beales chain, which had been around for 139 years, went into administration in January 2020. By March of that year, when the Covid crisis hit, the brand had to close all of its stores.

Sadly, this put 1,300 jobs at risk, and the company reported losses of £3.1m during the worst part of the crisis – and owed a staggering £12.6million in loans.

KPMG was appointed as administrator to handle Beales’ affairs, but the brand ultimately failed to be acquired and find a new owner. The business closed down its last remaining department store in February 2025, and its online site appears to be defunct.

Aldo

The shoe retailer Aldo (owned by The Aldo Group) faced financial difficulties and had to close down five of its stores in 2020. Despite these challenges, however, it remained confident in the strength of its company and its brands. At the time, it released a statement affirming that Aldo “will continue to be a global brand with a strong presence in over 100 countries.”

The Aldo Group planned to use the situation to restructure its business and expand to other regions. The goal was to ensure the long-term stability of the company and its international operations.

The UK arm of Aldo’s operations was ultimately acquired by an investment firm called the Bushell Investment Group (BIG) back in the same year. This acquisition not only saved 55 jobs but also led to the creation of 50 new roles. It also safeguarded investments, totalling more than £30 million in Aldo UK’s trade and assets.

Oliver Sweeney

By late March 2020, shoe stalwart Oliver Sweeney was facing difficulty with its trading and ultimately had to bring in administrators. Lockdown restrictions forced it to shutter all stores as non-essential. But even after the restrictions eased, the business made the tough decision not to reopen them. Instead, it chose to exit the physical retail space through administration.

This wasn’t the first time Oliver Sweeney had faced administration. The company first entered administration in 2009, likely due to the financial crisis, but was rescued by Amery Capital.

Despite the store closures, CEO Tim Cooper said he was optimistic about the future. He expressed his disappointment regarding the closures but conveyed confidence in shifting the focus of the business to the online realm and wholesale operations. The company remains determined to adapt and continue its operations online, under the leadership of Cooper.

Le Pain Quotidien

The UK arm of the Belgian-owned bakery chain Le Pain Quotidien fell into administration in 2020, which left 500 jobs under threat.

They were ultimately rescued from administration in June of the same year by BrunchCo21 — a branch of the larger Belgium investment firm Cobepa.

However, the company would collapse into administration once again in 2023, mainly because of reduced revenue, high costs and decreased foot traffic. Today, only the St Pancras International bakery is standing.

Laura Ashley

While the pandemic was devastating for its business, Laura Ashley’s issues began pre-COVID, and it had issued profit warnings even before the start of the pandemic. In 2019, it had losses of £9.8m but managed to repay some of the debt using the proceeds of property sales.

The business was administered by PwC before being acquired by Gordon Brothers. It returned to the UK high street in Spring 2021, thanks to a new partnership with Next. The price of the acquisition is unknown.

While Laura Ashley no longer has any standalone stores in the UK, it continues to operate within Next and John Lewis stores.

Peacocks/Jaeger

The Edinburgh Woollen Mill Group (who own high-street stores such as Peacocks and Jaeger) filed a notice to appoint administrators in October 2020, affecting 24,000 employees in total.

However, it wasn’t too long before Peacocks at least was saved. It was bought out of administration by a senior executive named Steve Simpson, with backing from himself and an investors consortium from Dubai.

Jaeger ended up surviving in online form only, after having their intellectual property rights purchased by M&S, who now sell their products as third-party items on their site.

Made.com

Made.com is a furniture and household retailer that gained significant traction in the market. It focused on offering stylish and affordable furniture through its online platform, catering to a broad customer base.

The company entered administration in November 2022, endangering hundreds of jobs. It had previously faced financial difficulties and had stopped accepting new orders since October of that year.

Made.com was subsequently sold to Next, with the deal involving the transfer of brand, websites, and intellectual property. But, this did not include stock, staff, or other assets and liabilities.

Cath Kidston

Cath Kidston was well known for its unique and vibrant designs. Sadly, the company went into administration in late March 2023, having faced financial challenges since 2020.

It was put into administration by its private-equity owners, Hilco Capital. Its intellectual property and brand were then acquired by Next through a pre-pack arrangement.

But while its remaining stores were slated for closure, Cath Kidston made a comeback by reopening its Westfield White City store in October 2024.

Planet Organic

Planet Organic is an ethical sustainable supermarket group with a focus on organic and natural products. It operated more than twelve stores across the UK and was known for its commitment to environmental and social responsibility.

In April 2023, Planet Organic went into administration due to financial difficulties. After expressions of interest from various businesses, it was eventually acquired by Bioren, a company partially owned by the founders of Planet Organic. Planet Organic had £12.5 million in debt when it went into administration.

As a result of the acquisition, four stores closed, leaving the business with ten stores and 265 employees.

Eve Sleep

Eve Sleep is an online mattress retailer operating in the UK, Ireland, and France. It gained significance in the market for offering convenient and affordable mattresses through its ecommerce platform. However, the company faced financial challenges due to increased costs and supply issues.

They fell into administration in October. The management cited a “tsunami” of increased costs and supply issues as the primary reasons for their financial difficulties. The company was acquired by Bensons for Beds shortly after it entered into administration.

Joules

Joules is a fashion chain that experienced financial difficulties and collapsed into administration in November. The retailer, known for its clothing and accessories, faced challenges that led to the suspension of trading in its shares. Despite the administration, Joules aims to continue supplying its products under the administration of Interpath Advisory.

Joules’ administration put over 1,000 jobs at risk, reflecting the severity of its financial struggles. The collapse of the company raises concerns about the future of the brand and the potential impact on its employees and customers.

TheVeganKind (TVK)

TVK is the largest UK vegan supermarket that specialises in offering a wide range of vegan and cruelty-free products. It operates both as a physical supermarket and an online retailer, serving customers across the country.

TVK appointed administrators in October but was immediately bought in a pre-pack deal by its largest shareholder, ensuring the continuation of operations. All 38 employees were transferred to the new ownership, allowing the business to continue trading without interruption.

AMT

AMT is a coffee specialist that operates coffee shops in airports, train stations, and hospitals. It was founded in 1993 and had a significant presence in the market, offering coffee to travellers and customers in convenient locations.

AMT went into administration in November 2022 and was subsequently purchased by SSP Group. However, the company experienced job losses, with 100 employees being let go. While 25 coffee shops were saved and continue to trade, 18 sites were closed down along with the head office.

Sofa Workshop

Sofa Workshop was a High Street retailer with both physical stores and an ecommerce presence, specialising in sofas.

The company collapsed recently, resulting in the loss of 77 jobs. Supply chain and transport costs contributed to trading losses, outweighing significant revenues. Existing orders will be fulfilled, and the customer order book was sold to Timothy Oulton United Kingdom Ltd.

T.M. Lewin

T.M. Lewin, established in 1898, was a well-known shirtmaker operating over 150 shops worldwide. It transitioned to an online-only model in 2020.

The company fell into administration for the second time due to challenges caused by the decline in formal shirt purchases during the pandemic. It was bought by US-owned Torque Brands, and continues to trade.

Trinity Group

Trinity Group, a company that owned the historic Savile Row tailor Gieves & Hawkes, fell into administration at the beginning of 2023. The brands under Trinity Group have now become subsidiaries, and efforts are underway to sell these assets to repay Trinity’s creditors.

Trinity Group’s administration came after unsuccessful attempts to find a buyer for Gieves & Hawkes. The company’s financial difficulties led to the decision to enter administration, intending to secure the best possible outcome for its creditors. The sale of the subsidiary brands is expected to generate funds to repay the outstanding debts.

Bon Accord

Bon Accord shopping centre, located in Aberdeen, Scotland, had been a well-established retail destination. It provided a range of shops and services to the local community.

The owners of Bon Accord, Aberdeen Retail 1 Ltd and Aberdeen Retail 2 Ltd, faced cash flow problems and appointed administrators from Azets in September. While the owner went into administration, the shopping centre continued to operate as usual. The administrators aimed to find a buyer for the property. Bon Accord had undergone ownership changes throughout its history.

Internet Fusion Group

Internet Fusion Group is a global ecommerce retailer specialising in action sports products. It owns several brands, including Surfdome, Country Attire, and Rideaway, catering to the surfing, skiing, skating, and equestrian activities market.

They went into administration in 2022 and were subsequently acquired by BrandAlley. BrandAlley purchased the intellectual property, brands, logistics, and customer services division of Internet Fusion Group.

However, it did not buy the existing stock and chose not to sell from Internet Fusion Group’s domains. As a result, 100 Internet Fusion Group staff members were made redundant.

David’s Bridal

David’s Bridal is the UK arm of a US-based bridalwear chain. It specialises in offering bridal gowns and related accessories. The company operated both physical stores and an ecommerce platform.

Following the collapse of its US owner, David’s Bridal went into administration. The US owner planned to make 9,000 redundancies in North America. In the UK, David’s Bridal continued to trade, but the company’s profitability has declined since 2018. The UK branch had 150 employees.

Book Depository

Book Depository was an online retailer that specialised in selling a wide range of second-hand English-language books. It had gained popularity among book lovers worldwide and was known for its extensive collection.

Amazon acquired the company back in 2011. However, the decision was made to discontinue its operations in April 2023, and Book Depository was closed down as part of Amazon’s downsizing efforts..

ProBikeKit (PBK)

ProBikeKit (PBK) was a specialist retailer that offered a wide range of cycling accessories, clothing, and components. It served customers globally, both directly (B2C) and through business-to-business (B2B) channels.

PBK’s closure was part of the rationalisation efforts by its parent company, THG. Following reported losses in 2022, THG made the decision to close PBK and other cycling retailers under its portfolio.

Farmison & Co

Farmison & Co was an online retailer and wholesaler specialising in premium meat products. Based in Ripon, it offered high-quality meats to customers through its ecommerce platform.

In April 2023, Farmison & Co went into administration after failing to secure additional funding to continue operations. Unfortunately, the majority of its 75 employees were made redundant. However, there are plans for a consortium led by Andy Clarke to acquire and restart the business.

Shuropody

Shuropody is a shoe and podiatry retailer that operates 39 stores. The company specialises in providing footwear and foot care solutions to customers. Shuropody plays a significant role in the market by offering a combination of retail and podiatry services, ensuring customers have access to comfortable and supportive shoes while addressing any foot-related issues.

Shuropody went into administration in December. However, the company was quickly bought by part of Baaj Capital on a pre-pack basis, saving hundreds of jobs. The stores continued to operate without any announced redundancies, providing stability to the employees and customers. With the acquisition, Shuropody aims to recover and continue serving its customers with quality footwear and podiatry services.

Stanton Bikes

Stanton Bikes is a mountain bike manufacturer and retailer based in Derbyshire. In November, the company went into administration and appointed joint administrators, Dean Nelson and Nick Lee of PKF Smith Cooper. Despite the administration, Stanton Bikes continues to trade as it searches for a buyer. The company’s focus on high-quality mountain bikes gained recognition in the market.

The company faced financial difficulties leading to its administration, triggered by a petition from a creditor to the high court. The impact of the administration includes uncertainty for the company’s future and potential job losses if a suitable buyer is not found.

Elite Sports Group

Elite Sports Group is a company that provides merchandise, retail services, and manages sports shops for various football clubs. The company went into administration in November, affecting its partnership with Danish company Hummel. Elite Sports Group served clubs such as Southampton, Millwall, Coventry, Newport County, Northampton Town, and Oldham, among others.

Elite Sports Group’s administration had an impact on the clubs it serviced. Coventry and Northampton Town temporarily closed their fan shops, while Southampton ended its agreement with Elite. The administration process may have caused disruptions and uncertainties for the affected football clubs and their fans.

Click It Local

Click It Local, an East Suffolk online shopping scheme, entered administration at the end of March due to capital depletion. The company operated as a virtual high street, enabling shoppers to purchase from local independent or high street stores through a single payment platform with same or next-day delivery.

Click It Local had active stores in Suffolk, Cambridgeshire, Essex, Brighton, London, and East Sussex.

Click It Local’s administration was a consequence of ongoing financial challenges and the depletion of available capital. Despite continuous efforts to secure support and capital over the past six months, the company was unable to sustain its operations. This led to the unfortunate decision to enter administration, affecting the services provided to local independent retailers and the convenience offered to customers.

Jupiter Group

Jupiter Group was a fruit supplier based in Newport, UK. The company played a significant role in the fruit supply chain, providing fresh produce to various markets.

They went into administration in early September due to supply chain issues and rising costs. As a result, the majority of the company’s 85 employees were made redundant. The remaining employees stayed on to assist with the administration process, while the administrators sought interested parties to purchase Jupiter’s assets.

Tree of Life

Tree of Life was a health and lifestyle wholesaler operating in Newcastle-under-Lyme and Nottingham, UK. The company supplied various products to retailers in the health and wellness industry.

Tree of Life went into administration in August, resulting in 143 staff members being made redundant. Interpath Advisory was appointed as the administrator to oversee the process. However, 63 employees were retained to assist the administrators. The company faced financial challenges, leading to its bankruptcy.

Carzam

Carzam was an online car retailer headquartered in Peterborough, UK. It aimed to disrupt the automotive industry by offering an online platform for purchasing new and quality-conditioned used cars.

Carzam collapsed into administration just two years after its establishment in 2020. The company faced difficulties acquiring sufficient stock due to supply troubles and intense competition in the market for new models and quality-condition second-hand cars.

Studio Retail Group

Studio Retail Group was an online retailer based in Lancashire, offering clothing, homeware, electricals, and gifts. It had a significant customer base of 2.5 million.

The company went into administration in mid-February 2022. Frasers Group, owned by Mike Ashley, bought Studio Retail Group for £1 and promised to invest £100 million in the business, saving around 1,500 jobs.

Connect Distribution Services

Connect Distribution Services operated as an online distributor of spare parts, accessories, and consumables, primarily catering to DIY appliances.

In 2023, Connect Distribution Services went into administration, and its assets were subsequently acquired by Screwfix. The employees of Connect Distribution Services transitioned to the new owners.

Steptronic Footwear

Steptronic, a luxury footwear brand known for its presence in over 3,000 high street stores worldwide, went into administration in March 2023. The Rushden-based business, in addition to its physical retail presence, also operated its own direct-to-consumer website. Business advisory firm Kroll was appointed as the administrator, following supply chain challenges.

Steptronic’s administration had repercussions for its retail operations and supply chain. The company faced difficulties in managing its supply chain, which likely impacted its ability to meet customer demand and fulfil orders. The appointment of an administrator aimed to oversee the restructuring process and explore options for the company’s future.

Big Home Shop and Physioroom

Burnley-based retailers, Big Home Shop and Physioroom, experienced collapse in January. Big Home Shop specialised in selling garden furniture, outdoor equipment, and other furniture items through platforms like Amazon.

The company cited shipment delays from China and the inability to secure additional finance from lenders and creditors as factors affecting sales and costs. Physioroom, an online retailer of home exercise and injury protection equipment, relied on Big Home Shop for several services.

The bankruptcy of Big Home Shop had a direct impact on Physioroom due to their interdependence. The challenges faced by Big Home Shop, such as shipment delays and financial constraints, ultimately led to the closure of both businesses. The inability to secure necessary funds and maintain smooth operations resulted in their downfall.

What can small businesses learn from these big brand failures?

The failures of major brands offer valuable insights for small businesses to navigate through challenging times. Here are some key considerations for SMEs:

Become more agile and adaptable: small businesses can benefit from their nimbleness, allowing them to pivot and respond to changing market conditions more quickly than larger enterprises.
Plan for business continuity: it’s essential for SMEs to have a robust business continuity plan in place to mitigate risks and ensure continuity during periods of crisis.
Seek support: small businesses should explore government initiatives, grants, and support programs designed to help them during economic downturns. Additionally, seeking guidance and support from industry peers and partnerships can be valuable.
Employ cost-cutting measures where possible: during harsh economic conditions, it becomes crucial for SMEs to review their overheads and identify areas where costs can be reduced without compromising quality.

Conclusion

The struggles faced by businesses, both big and small, are universal.

By learning from the experiences of others, both failures and successes, you can make informed decisions that increase your chances of success, and gain valuable knowledge and make informed decisions. These insights will increase your chances of overcoming obstacles and achieving success, even in these uncertain times.

Stay resilient, continue to persevere, and know that your determination and hard work are admirable. Together, we can navigate the challenges and build a brighter future for small businesses in the UK.

Is your business hard to manage right now? Need a break?

Check out this article on how to register a dormant company as a way of closing your company temporarily, while still being able to retain your assets.

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Helena Young Deputy Editor

Shopify unveils new feature to connect UK sellers with influencers

Following success in the US and Canada, UK sellers can sign up to the Shopify ‘Collabs’ influencer network from today.

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Updated on 30 June 2023

Global ecommerce platform Shopify has today debuted its ‘Collabs’ influencer marketing feature in the UK. The new software will help online sellers to more easily partner with creators for affiliate marketing.

For brands on Shopify, the Collabs Network is designed to streamline merchant-creator partnerships. Retailers can manage their entire affiliate program end-to-end, from recruiting influencers to automatically paying commissions.

Shopify claims the new feature will remove friction and wasted time – both for sellers and their partners. According to the company, organisations like French Connection and Three Spirit Drinks have already signed up to the program, alongside over half a million creators.

Deann Evans, managing director, Shopify EMEA, said: “For brands looking to reach new customers, at a time when the cost of customer acquisition has gone up by as much as 80%, Shopify Collabs enables easier, more efficient and more profitable collaboration.”

Considering Shopify? Choose the best value plan from our Shopify Pricing Guide

How does Shopify Collabs work?

Shopify Collabs acts as an all-in-one system for acquiring, managing, and monitoring affiliate partnerships.

Companies that qualify for Collabs, and make their store and products discoverable, can set a commission on their products. These offers will be automatically shown to all verified Collabs creators in the app, who can then sign up to begin producing promotional content.

Shopify Collabs can also be used to manage the relationship, supplying creators with everything they need. Brands can generate unique links or discount codes, and influencers can share the merchant’s products with their engaged audiences.

Preview of the Shopify Collabs software on the Shopify mobile app

Because Collabs is on Shopify, the entire process is managed centrally from the Shopify admin, which means inventory, order, and customer information are kept up to date, giving a real-time view of which creators are driving the most sales.

Payment can also be automated through the Shopify billing system, reducing the time spent on admin, such as creating invoices and gaining approval. All commission payments to creators will be subject to an additional 2.9% payment processing fee, payable by the merchant.

Shopify Collabs eligibility

Merchants that sign up to join the new program must complete their profile within the Collabs Network. They must also meet the following eligibility criteria:

Have at least one product on their Shopify store
Have set up auto-payments. Collabs Network uses auto-payouts only
Have generated at least $10,000 (approx. £7,800) in sales in the past 12 months

Sellers who operate a dropshipping store – one of the most popular cheap small business ideas for today’s entrepreneurs – will not be able to use the software. Stores that use dropshipping are currently not accepted into Collabs Network.

Shopify Collabs is free for creators and merchants on the Shopify, Advanced, or Shopify Plus plans. Those who would like to apply to the program can do so through the Collabs Network dashboard.

What is an affiliate network?

Affiliate marketing has been growing in popularity, in tandem with the acceleration of the UK’s creator economy. As influencer numbers boom, savvy businesses are seeking out ways to capitalise on the trend for cost-effective brand promotion.

Creators who produce content directing customers to a retailer are paid a fee per click commission. This can be a small percentage of the total purchase amount, or a set amount for each referral.

Is affiliate marketing successful? The figures speak for themselves. According to data from Forrester, affiliate marketing is ranked in the top three customer acquisition channels for 54% of marketers. That’s higher than both organic search (16%) and display ads (15%).

Getting involved can be tricky for small retailers, however. SMEs early in their growth strategy may lack the same level of awareness as large brands, meaning it can be harder to attract influencers.

Affiliate networks such as Shopify Collabs can facilitate introductions between entrepreneurs and relevant influencers. Merchants can search on the software to find influencers and contact them directly. They can then use these relationships to access new audiences and supercharge their marketing strategy.

Evans concludes: “By introducing the Collabs Network in the UK, Shopify is making it even easier for creators to access more parts of the Shopify platform, work with an unparalleled range of innovative businesses, and turn their projects into full-time viable businesses.

“By having greater visibility of how they can work together, creators and brands can deepen their relationships and give consumers easy access to the products they want.”

More on this: to discover other ways to market your business online, read our guide to the top digital marketing trends for 2023.

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Helena Young Deputy Editor

Taps off: why UK workplaces are turning away from alcohol

Business owners have been advised to limit the amount of alcohol served at work parties. But is workplace drinking culture already losing favour with employees?

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Updated on 30 June 2023

Prosecco business breakfasts, a white wine at a client lunch, and an ice cold pint to finish the day. No matter how you view it, the UK business landscape is flooded with alcohol.

In the pressure of a professional setting, drinking is often seen as a conversational crutch for staff members. According to a 2022 report by Drinkaware, 23% of companies currently provide alcohol at socials.

But, like a lot of workplace conventions, our reliance on alcohol has been flipped upside down post-COVID. Many remote workers who paused their drinking habits have returned to the workplace sober-curious. Young colleagues are also onboard.

The trend is catching on amongst industry leaders, as bosses become more educated on the potentially exclusive nature of alcohol. Cases of drunken misconduct, such as the high-profile firing of CBI director general Tony Danker in April, have also soured tastes.

Below, we ask how businesses are reacting to the workplace drinking culture war, to evaluate whether alcohol still has a place at the desk in 2023.

“We’ve moved away from events like wine tasting”

The UK is famed for its booze-centred drinking culture. But not everyone is enthusiastic about participating.

While some employees see a draft beer as a welcome respite after a long day’s work, for others, it’s an unwelcome guest that excuses bad behaviour or poor discipline amongst colleagues.

This marmite characteristic means those who would rather stay sober are often put in the difficult position of having to forgo their beliefs, or miss out on key networking or team-building opportunities.

Based on one Drinkaware survey, 43% of UK adults say there’s too much pressure to drink when socialising with work colleagues.

In May, the Chartered Management Institute (CMI) advised businesses to limit alcohol served at work events, after a poll found that 29% of UK managers have seen harassment or inappropriate behaviours at work parties, due to excessive drinking.

At the time, CMI CEO Ann Francke, commented that liquid courage should no longer be viewed as necessary at company work events. Her sentiments have since been echoed by small business owners, who are now pouring water on the idea of workplace wine.

Molly Dyer is Head of People and Culture at Foundation, a specialist beauty marketing agency. Dyer is one of many HR managers who has recently begun advocating for less booze-themed team bonding.

“We’ve consciously tried to move away from events where alcohol is a key feature, like wine tasting and cocktail masterclasses,” reveals Dyer. “While they can be fun for some, they aren’t inclusive for others.”

Why workplace sobriety is the new Gen Z trend

Perhaps the main instigator behind the shift away from alcohol in the office is Gen Z. Having come of working age post-pandemic, this group has entered the workplace during a time of great change.

They have already brought many behavioural switches, like a more casual dress code and a demand for greater work-life balance, with them. Now, the younger generation is sending back their wine orders.

One survey by London Heritage Quarter found that almost a quarter of employees aged under 24 prefer cold sober socialising. In the same report, 24% said they choose to have fewer drinks after work.

Daeni Odukoya is an SEO specialist at a global tech firm in London. At just 23 years old, Odukoya is one of the many Gen Zers who are seeking out sober hobbies over alcohol-centred events.

“I’m not a big fan of alcohol and I don’t really go to the pub or bars as much,” Odukoya shrugs. “To be honest, I don’t see the point in just drinking for fun. It’s too expensive to drink just because!”

Daeni Odukoya says she doesn’t drink as much as her older colleagues.

Money seems to be a recurring theme when it comes to sober-curious young people. With record-high inflation rates hitting the UK’s pubs and bars particularly hard, the average cost of a pint in the UK has now risen by more than 70% since 2008 to £3.95.

The rising cost of living has especially impacted young people, who tend to be early on in their careers and earning less. The London Heritage Quarter research also found that the main reason young people are avoiding alcohol is to reduce costs.

36% of young people surveyed said they were cutting down on going out in order to save money, compared to 24% of respondents aged 25 and over.

Elinor Gray is a political researcher based in London. Also a Gen Zer, Gray says financial constraints meant she has struggled to afford drinks with coworkers.

“My last job had a strong drinking and social culture, and I did struggle due to the volume of social events on a graduate salary,” she admits. “I often have to limit the number of times I drink due to money.”

Can you wean a team off the bottle?

Not everyone is on-board the abstinence train. Those who are used to having alcohol as a staple at the Christmas party may find it harder to let go of than newbie coworkers.

Andy Whiteaker is Partner in the Employment team at Boyes Turner, a Reading-based law firm. As Whiteaker warns, clashes of opinion when it comes to alcohol means young workers still face pressure to drink when encouraged by experienced members of staff.

“Minorities – whether that’s due to race, religion or gender- may also be reluctant to challenge the behaviour of the majority,” he adds.

A compassionate leadership style can help to normalise the move away from alcohol. Managers and supervisors, who can be influential in modelling how the rest of the company behaves, should lead by example.

Jon Martin is Operations Director at Hallam, a digital marketing agency. Martin, who is sober, describes his choice to stop drinking as a change for both him and the wider company.

“I was usually the guy buying the first round on a Friday after work. As I’m one of the senior people at the company, that set the culture for others to follow,” he recalls.

Perhaps due to Martin’s legacy, other members of the Hallam team have also embraced sobriety. He tells Startups that he thinks attitudes towards alcohol are changing a lot.

“It’s good to see them question the norm,” he says. “Workplaces need to ensure they reflect the growing needs and interests of their workforce, and sobriety is another facet of this.”

Indeed, employers could already be behind on the trend. Over the past few years, UK workers have begun favouring meaningful work with employers who share and respect their beliefs. Half of young people would hesitate to work for a firm lacking diverse leaders.

It is no coincidence then, that understanding of Diversity, Equity, and Inclusion (DEI) seems to be growing alongside the call to dry out. For example, colleagues who might feel excluded from a boozy work function if they are pregnant or don’t drink for religious reasons.

Gill McAteer, Director of Employment Law at Citation, advises companies to review their workplace culture to ensure that it supports inclusivity and employee wellbeing.

“DEI is essential for any business, in order to create an environment where people feel their voices and opinions are encouraged and heard,” says McAteer. “This makes sense for businesses from a holistic point of view, but also commercially.

“Employees who work for such forward thinking and inclusive organisations are less likely to leave.”

Is now a good time?

HR experts may agree that work parties do not have to include alcohol. However, business owners may not want to risk alienating pro-alcohol staff members by vetoing their complimentary glass of prosecco.

Work parties and social gatherings are a well-known business tactic for encouraging team positivity and improving employee engagement, reducing the risk of isolation amongst team members.

Out-of-work bonding is also important for teamwork, and fostering good sentiment between members. And working with colleagues who you actually enjoy spending time with is an effective way to foster a tight-knit organisational culture that keeps staff motivated.

Especially as the cost of living crisis makes such premiums unaffordable for many (sending engagement rates plummeting in the UK) some business owners may therefore be leaning heavily on the beer tap to keep morale high.

While putting money towards work drinks might seem like a nice gesture for employers, it can end up making alcohol-free events seem less celebratory.

Wendy Dean is CEO of Strategi Solutions, a business management consultancy firm. Dean stresses that an outright ban on booze is not necessary. Companies can be more inclusive by simply centering socials around an activity other than drinking.

“It’s every employer’s responsibility to offer options that everyone can participate in,” she says.

How to keep everyone happy

Subsidising events that aren’t focused around drinking is a way to normalise sobriety in the workplace. Amongst the alternate activities that the Foundation team has sampled are a board game night, a FIFA night, and even after-work walks.

“It’s important to remember that not everyone drinks, and to ensure that there’s enough activities going on for people who aren’t very excited by the thought of the pub,” says Dyer.

Bosses can back this up by purchasing a range of alcohol-free drinks choices for the office. Forget just the boring Diet Coke, there are tons of zero-alcohol beers and wines and innovative brands for workers to sample and enjoy.

Last year, we featured Drop Bear Beer Co – a no-alcohol brewer based in Wales – in the Startups 100 Index due to their superfast growth. Since launching in 2017, the firm has had nearly 900 investors and won over 20 awards internationally.

Another tip is to ensure your business has designed an alcohol policy. The rules around drinking in the office should be clearly communicated in the employee handbook to reduce the legal risks of making alcohol readily available at work. For example, if someone is injured on the job while drinking, or sexual harassment occurs.

Companies might choose to adopt a ’zero-tolerance’ approach, or lay out a list of other rules and guidelines. Alcohol consumption might be ruled out during office hours. Managers might also put a set limit on the number of drinks that can be purchased during client meetings or lunches, or specify that food be served alongside the hard stuff.

Where possible, an empathetic approach to dealing with misdemeanours is also encouraged.

Drug and alcohol misuse can be a health concern as much as a disciplinary matter. If an employer dismisses an offender without trying to help them, a tribunal may find they have done so unfairly.

Brendan Wincott is Managing Director at Guardian Support, a health and safety consultancy for employers. Wincott recommends coupling a policy on substance misuse with a preventative and supportive approach to help employees get the help they need.

“An employee assistance programme is a great extra perk to offer employees as an additional benefit as this will ensure they can seek and be directed to support should it be required,” he explains.

One for the road

The UK is internationally known for its heavy binge drinking culture. But the drinks are no longer flowing freely in workplaces, where businesses are beginning to recognise the potential drawbacks and exclusivity associated with drinking.

Trends prompted by the pandemic, and a growing desire to balance our personal and professional lives, has prompted many workers – particularly Generation Z – to enter the post-COVID office with a sober-curious mindset.

While some employees still value alcohol as part of socialising and team-building, a growing number of businesses are adopting a more inclusive approach. Compassionate leadership, coupled with an understanding of DEI, is helping to normalise sobriety in the workplace.

HR managers should review their workplace culture and provide alternatives to alcohol-centred social events. For example, subsidising non-alcohol-focused activities and offering a variety of alcohol-free drink choices.

Prioritising the holistic health of the workforce is also crucial. Preventative policies, rather than punishment, will serve to discourage substance misuse while maintaining a healthy, supportive work environment that creates a sense of belonging for all.

More on this: everything you need to know about employee health and wellbeing in the workplace.

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Written by:

Helena Young Deputy Editor

Yes, you can build a world-class website for less than £500

Charles Orton-Jones can't believe more small businesses aren't taking the DIY approach to building their own website.

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Updated on 30 June 2023

How much is a website? A friend of mine with a dog grooming chain recently paid £20,000 for a full service design and build. My jaw dropped. How much? Robbed. Many small firms don’t bother. Websites are seen as too expensive, despite the cost of building a website being remarkably low.

Too expensive? Too complicated? Nonsense!

In fact you should be budgeting a mere £500 for your website, maximum. You’ll end up with a fully functional online platform that can be updated, take payments for goods, and is search engine optimised. For a basic site try Wix.com. This is a no code site. Which means you don’t need to know any code! Need to go a little more sophisticated? Webflow is a hugely popular platform, which again offers a no code interface. There are templates to use. But Webflow is a powerful tool. It is possible to build complex sites from the ground up. The Webflow University (free) offers tutorials in every aspect. There are other user and cost friendly platforms on offer; Squarespace, Shopify, GoDaddy, and Weebly to name but a few. Wix and Shopify, for example, are powerhouses for retail and ecommerce.

Don’t fear the technical

If you search the database of electricians on the official Find a Tradesperson search engine and around 4-in-5 lack a website. Clearly, plenty feel put off by the idea of putting one together. But there’s nothing to fear. The most difficult part of building a website can be the technical aspect of optimising for different devices. Monitors, laptops and phones all operate different screen resolutions and ratios. A website must be viewable across all screen formats. But, the best website builders will help you see how your site looks on different devices, and assist customisation.

If you don’t want to DIY

Note! You don’t have to build anything yourself. You can hire an expert. These platforms all offer ways to find an agency to do the job. A designer on Fiverr or Upwork may be cheaper – but the quality is more variable. The fees can be very, very low – down to £100. Expect to pay a designer £200 to £300 for a basic website. Look at the reviews of the designer on offer. Obviously, the more functionality you need, the more the site will cost.

Avoid brief briefs

And what about art work? Again, if you lack confidence, outsource. Fiverr and Upwork offer access to thousands of designers worldwide. The trick is to be really specific with your brief. What *exactly* are you looking for? Do you want the designer to be creative, or follow your direction? Your instructions should run to a few hundred words. The cost is low – think £20 to £50 – but you’ll be wasting money if you aren’t extraordinarily clear in your commissioning.

AI is your friend

You can also use an image generation engine such as MidJourney or Dall-E. These will produce an endless variety of logos and digital artwork. A warning: images of people can be glitchy when produced by AI. Count the number of fingers of any human character generated artificially. Look for errata in the background. That said, generative AI is the future of design, is improving month-by-month, and priced at £20 a month.

What are you waiting for? Get building…

It really is that simple. And can cost as little (or as much!) as a round of drinks or a month’s Netflix subscription during a cost of living crisis. Every business needs a website. Every single one. Whether you are starting up you side hustle or an established entity, with tools like these on offer, even the tightest budget can compete.

Final tip

Whatever your company does, say so in clear prose in your About Us section. As a business journalist I can tell you: no one understands terms like ‘end to end solutions provider’. If you bake cakes, say ‘We bake cakes’. Be clear. Your audience will love you for it.

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Helena Young Deputy Editor

Big banks fall short: why over 70% of small businesses claim neglect and discrimination

The power struggle between big banks and small businesses is widening, leaving 70% of SMEs feeling neglected and discriminated against.

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Updated on 30 June 2023

Nearly three-quarters of small and medium enterprises (SMEs) say their bank actively discriminates against them in favour of larger companies, according to new research.

The findings were contained in a survey of 500 UK SME owners, conducted by independent polling agency Censuswide, for HedgeFlows, a leading fintech platform.

72% of SME owners say their bank provides very limited support – particularly around international payments – and further support is necessary to bridge the gap and provide the confidence to expand.

A substantial majority of small businesses also feel ignored by their bank with 73% saying they even struggle to secure a meeting with their bank or financial manager, leading to stalling scaling and other growth issues.

International trade

SME bosses also said plans for international and overseas trade were scuppered by high trading costs with 72% complaining bank transfer fees abroad were too high, especially when paired with credit card processing fees, and arguing for reductions for smaller companies.

The cost of conducting international transactions can eat into profit margins, impact cash flow, and restrict the financial capacity of SMEs to pursue expansion opportunities.

As a result, SMEs are being deterred from engaging in international trade, limiting their growth potential and confining them to a smaller, more crowded domestic marketplace.

The need for alternative funding structures

The simmering discontent and lack of opportunity – as evidenced by the report – has eroded SMEs’ trust and confidence in the banking system, to the extent that many are seeking alternative funding sources and arrangements.

In the long run, this has the potential to create a fragmented financial landscape where SMEs struggle to find suitable banking partners who understand their unique needs and provide tailored solutions.

However, greater competition in the financial sector is emerging with the rise of challenger banks (such as Startups’ 100 Alumni Starling Bank or Revolut). These can be instrumental in encouraging banks to provide SMEs with more competitive and customised fee structures.

Conclusion

With the emergence of upcoming fintech solutions and alternative financial providers, SMEs will gain access to a broader array of affordable options for international transactions and beyond. Those that are already available for their bigger and more robust counterparts during these turbulent economic times.

As Neh Thaker, co-founder of HedgeFlows, points out:

“SMEs are the beating heart of the UK economy, creating jobs and driving crucial growth in uncertain times. It’s absurd that so many of our most ambitious and fast-growing businesses feel left out in the cold by their banks.”

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Helena Young Deputy Editor

Theo Paphitis: “AI has the potential to revolutionise the way retailers operate”

The TV Dragon predicts that the retail industry is just scratching the surface of what AI is capable of doing.

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Updated on 30 June 2023

As AI continues to transform the way day-to-day business is run, retail magnate and TV Dragon, Theo Paphitis, believes retail will similarly be revolutionised by the technology.

According to Office for National Statistics (ONS) data, retail sales in the United Kingdom have averaged a 2.13% year-on-year growth between 1997 and 2023. In contrast, the AI sector is forecast to grow by 35.9% between 2019 and 2025.

Whilst this steady growth hints at the industry’s robustness, Paphitis believes AI will help the sector tap into new horizons of possibilities.

“AI has the potential to revolutionise the way retailers operate,” says Paphitis. “From personalised recommendations to inventory management and customer service, it has the potential to transform both the online and offline shopping experience.”

Consumer ecommerce now accounts for 30% of the total retail market in the UK and 82% of the UK population bought at least one product online in 2021. AI could therefore be key in continuing to digitise the retail industry.

As Paphitis explains, “retail has always been seen as a ‘traditional’ industry but with AI, that perception is bound to change.”

Numerous brands in the UK are already attesting to that transformation. Amazon Go stores have made cashiers obsolete, as customers can simply walk in, pick up their items, walk out, and be charged later on their Amazon account.

Japanese clothing brand Uniqlo is similarly exploring new retail frontiers. Using AI-powered UMood kiosks, customers have their reactions to different colours and styles measured by the technology. Personalised recommendations are then used to match them with the perfect product.

However, the TV Dragon observes that AI is not a new technology for retailers.

“Retail has actually been an adopter of many early forms of AI,” he explains, “having been used to help with pricing strategies and customer behaviour analytics to name but a few examples, so retail will continue to be at the forefront of implementing it.”

“AI will impact the business world as a whole”

Considering the UK is in a policy race to design the most prosperous environment for the development of AI, it’s becoming clear all sorts of businesses will eventually integrate the technology.

“We’re just scratching the surface in understanding how AI will impact the business world as a whole, so it’s an exciting time for us all, not just the retail sector,” predicts Paphitis.

The government has injected £54m into developing trustworthy AI. Moreover, Google searches for AI have spiked 233% in the last 12 months. In other words, the technology is here to stay and businesses should find ways to jump on the AI bandwagon.

Fostering the growth of retail

Whilst it’s a nearly undeniable fact that AI will be normalised in business, the role of small businesses in the technology’s revolution isn’t as clear cut.

According to data from the Department of Science, Innovation, and Technology (DSIT), 88% of the business population of AI is composed of small businesses and startups. Nevertheless, 71% of all UK AI revenues (£7.6bn) are generated by large firms.

This indicates the risk aversion that investors sometimes have towards smaller businesses, as they’d rather have a surer bet in the form of larger, more established enterprises.

In order to foster the growth of smaller businesses, Theo Paphitis launched the #SBS Invest opportunity earlier this month, which is a game-changing investment source for SMEs.

As the leader of Small Business Sunday (#SBS), Paphitis has extended funding opportunities for previous winners of the scheme.

One or more small businesses could receive an investment of at least £50,000 and up to a maximum of £250,000 from investors for a percentage of equity in their business, subject to the terms of the deal negotiated.

Besides the very welcome investment, businesses will also have the chance to be offered membership in an expansive network of more than 3,750 small enterprises.

“It’s certainly challenging times out there for SMEs at the moment, and that’s why this is the perfect time to launch this opportunity,” explains Paphitis.

Winners of the #SBS Invest opportunity will be publicly announced at the annual #SBSEvent in February 2024, which regularly oversees over 1,000 pioneering small businesses from all over the UK in attendance.

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Helena Young Deputy Editor

What is flexible working? Every flexible work arrangement, explained

What does the buzzword actually mean? We explain the types of arrangements available, as well as their pros and cons.

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Updated on 30 June 2023

The phrase ‘flexible working’ is now a staple in business glossaries – it’s now very much one of the must-have employee benefits. But while we’ve all heard the term, what does it actually mean? The answer differs depending on who you ask.

Generally, flexible working encompasses several different working patterns that can be adapted to suit individual needs. As part of a push towards greater work-life balance, it is rapidly growing in popularity in the UK.

But while flexible working is one of the most in-demand perks for job seekers,the broadness of the term means that modern employers aren’t sure how they should, and can, position their stance in company messaging.

The guide below will clear the fog. We’ll go through most common types of, and laws on, flexible working in the UK, as well as the risks and opportunities it presents.

What is flexible working?

Loosely, flexible working refers to any predetermined arrangement that allows the employee to have more control over how long, where, when and at what time they work.

In today’s work environment, the ability to prioritise personal, alongside professional, commitments has become increasingly sought after. Employers have begun embracing more niche flexible working arrangements, empowering staff to choose the package that best suits their lifestyle and / or preferred way of working.

Want to be your own boss?

For those who are looking to have full control over work-life balance, the best route could be to start your own business. Our guide to registering as a sole trader has more tips on how to get started.

7 types of flexible working arrangements

The basic principle of flexible working is that it is adaptable. Ideally, the policy will cater to the unique needs of the employee to offer them complete freedom over their work pattern.

In practice, this utopic sales pitch falls somewhat flat. Employers would understandably feel nervous about allowing staff members to turn up to work as and when they felt like it. Client relationships would be weakened – perhaps fatally – and line managers would struggle to carry out management duties should their reports go AWOL.

Instead, company owners have settled on seven policies to ring fence the flexible working policy and ensure it works for both employee and employer. We’ll go through them below.

1. Remote work or telecommuting

Basics first. Remote work – where an employee works from anywhere rather than a central office – is probably the best-known arrangement.

It had a meteoric rise during the pandemic, as during lockdown, throngs of workers moved online and embraced what had once been considered a progressive and niche working model.

Office for National Statistics data suggests that around 29% of the UK working population were entirely remote in May 2023. However, the great thing about this arrangement is that your team does not have to be based in the same country to function smoothly.

Ally Fekaiki is founder of Juno, an employee benefits market. Fekaiki says that adopting a remote-first approach has allowed his 23-person team to harness expertise from Portugal, Spain, Mexico, Italy, the Netherlands, and the UK.

“Giving our staff the freedom to work from anywhere is all about keeping them happy, well and engaged,” he reveals. “It also helps with recruiting and retaining great talent.”

Fekaiki can speak from personal experience. “Moving to Barcelona from London last year vastly improved my quality of life and, as a result, my work,” he says. “This is exactly what I want for my team.”

Pros of remote working

Financial benefit thanks to lowered commuting costs
Proponents can put time spent on morning commute towards hobbies and interests
Companies can hire from anywhere thanks to digital nomad remote culture

Cons of remote working

Zero face-to-face interaction can lead to miscommunication and relationship building
Managers get less in-person oversight of their reports
Employees are responsible for energy bills. Those without a home office may struggle

Fekaiki attests to the risk of isolation caused by remote working, admitting this can make working together as a team more difficult for coworkers.

He cites open communication, enabled via team collaboration tools, as the solution. “We maintain regular catch-ups and workplace rituals. To foster a sense of connection the rest of the year, we also make sure to celebrate big and small wins, as these can slide under the radar in a remote environment; and we’re really active on Slack,” he adds.

2. Hybrid working

According to Owl Labs’ State of Hybrid Work report, 34% of employees would not accept a job offer if the new employer expected them to work in the office full-time.

Like remote workers, a hybrid working policy enables employees to do their job from a different location to the office setting. However, as a compromise, the employer is able to ask the employee to work from the office for specific days.

Most businesses have chosen to ask employees to come to work on designated ‘team’ days. That way, the difficulties of remote working (eg. isolation caused by a lack of socialising) can be avoided.

Andrew Jackson is co-founder of coaching tool, Rethinkly. Jackson says keeping people aligned is the biggest challenge faced by hybrid teams.

“Most of the time, miscommunication is the starting point”, he says. “This can be doubly hard when working in a hybrid situation where some people are face-to-face, but others are on screen and might not even have their cameras on.”

More on this: key things to consider when designing a hybrid work policy.

Pros of hybrid working

Choice of work location for those who might not have a home office
Still time for errands / work-life balance
Junior, or new, colleagues can benefit from in-person learnings on specific ‘team’ days

Cons of hybrid working

Team members might feel frustrated at being made to come in on a certain day
Businesses will have to rent/lease an office property to house workers
Reduced face-to-face interaction can lead to miscommunication and lack of team building

3. Four-day week

Earlier this year, the UK’s largest trial of the four-day week was revealed. The pilot proved so successful that most firms said they’d never go back (although several now have.)

Instantly, workers across the internet began clamouring for a piece of the pie. Startups’ own four-day week survey found that 78% of UK workers would like to see the policy implemented in their current workplace.

But while there are lots of UK companies adopting a four-day week, not all of them are doing it right. Executed properly, the four-day week should do what it says on the tin: a shortened workweek where staff members get the same pay for fewer hours worked.

Let’s say you work 40 hours a week currently. In a four-day week this would change to 32 hours spread over four days, with no reduction in salary.

For many, it seems too good to be true – which might be where the confusion is coming from. But there are still some practical limitations, as we’ve highlighted below:

Pros of a four-day week

Reduced operational costs (and fewer carbon emissions)
Happier employees owed to improved work-life balance
Easier time recruiting (52% of employees we surveyed said they’d quit their job to be able to work a four-day week)

Cons of a four-day week

Not suitable for every business model (eg. seasonal organisations)
Client relationships would need to be closely managed

4. Flexitime

Flexitime, as a form of flexible working, has been around for decades. Under the policy, staff must still work a particular number of hours within a workweek. That said, they can change the time they start or finish work.

This still offers workers a degree of control over their shift pattern. If you normally work 9-5, but have a doctor’s appointment at 9am, you might choose to start an hour later in order to accommodate. Any changes to schedule must first be approved by management, however.

At the more extreme end of the flexitime scale is the compressed workweek. Like the four-day week, this model allows an individual to work a traditional 35-40 hour workweek in less than five days.

Still, it is not as popular amongst staff members as it requires teams to work longer shifts, which could prove detrimental to employee health and wellbeing.

Pros of a flexitime

Easier and faster commuting, as teams can avoid rush hour
Better fit of working hours with school hours, college hours, or care arrangements
Employees still benefit from full pay

Cons of a flexitime

Not suitable for everyone (service industries could suffer from understaffing at times)
More advanced employee management software may be required to log timesheets
Managers may need to set core office hours to make meeting schedules work

5. Part-time work and job sharing

Ever heard the phrase ‘two heads is better than one’? Job sharing is where two (or more) part-time employees literally divide the responsibilities of the role between them to cover one full-time position.

Job sharing is a great option for those industries that are struggling to access talent (which, in today’s hiring crisis, is pretty much all of them).

Given the rising number of UK employees who are choosing to go part-time, such as working parents or early retirees, the perk has become more common, and will likely continue to be into 2025.

Businesses who employ job sharers can benefit from qualified, experienced talent. Meanwhile, those who don’t want to work a permanent 9-5, or can’t afford to, can still retain the level of responsibility/seniority of a full-time position. Win-win.

Pros of part-time work and job sharing

Reduced costs for those who have care duties, such as working parents
Reduced absenteeism: one employee can fill in for the other if they go on leave

Cons of part-time work and job sharing

Success of the role depends on compatibility of the job-sharing partners
Managing two employees poses supervision challenges for line managers
Job-sharing partners usually must share benefits, such as holiday or sick leave

6. Flexible office space

While not often discussed when it comes to flexible working, serviced offices are a much more adaptable method for running a business than renting a full-time space. That’s because coworking spaces avoid associated rental costs and business rates.

Thousands of UK SMEs have been hit hard by hiked energy prices, and many are currently operating with reduced cash flow. Serviced offices mean you don’t pay utility bills and will be on a shorter contract should you run into financial difficulty.

Plus, a flexible office space means you can still provide essential services for employees such as meeting rooms and quiet space for brainstorming sessions. But you won’t have to force them into the office every day to make full use of your rent payments.

Some of the top coworking providers – even those based in expensive locations like London – offer hybrid payment tiers so you can for half-use during work months.

Pros of flexible office space

Look professional to clients and staff, without forking out for a monthly office lease
Shortened commute thanks to affordable locations in major UK cities
Hybrid plans mean you can still offer staff members other flexible working policies

Cons of flexible office space

Employee productivity might be limited by opening hours
Space is shared with other teams, and could fill up at peak times

7. Phased retirement and flexible retirement options

Flexible retirement, or phased retirement, refers to a flexible working arrangement where the employee (aged at least 55) is able to draw all or some of their retirement benefits even though their employment continues.

It is a good option for someone who wants to gradually decrease their work hours. Post-COVID, as swathes of older colleagues left the workforce early, it became a popular solution for those who didn’t want to say goodbye to a solid source of income just yet.

To qualify for phased retirement, employees may need to reduce their pensionable earnings by changing job roles. Some employers may therefore not be able to accommodate a phased arrangement.

Pros of phased retirement

Employers can hold onto qualified, experienced talent for longer
Will be easier to recruit older job seekers
Makes succession planning simpler for employers

Cons of phased retirement

Employees may need to reduce working hours or role responsibility, impacting output
Done on an individual basis, so can’t be rolled out as a perk for the entire company
Might need to hire another worker to plug gaps

Flexible working laws in the UK

The trend towards flexible working is not just being driven by employee desires. The change in direction is also a reaction to the government’s legal campaign to make flexible working more accessible.

In April 2023, the Flexible Working Bill came into effect. The legislation is designed to give more employees the opportunity to benefit from the improved working conditions that flexible work arrangements bring.

Under the new rules, employees can now request changes to their working hours, times, or location from day one of employment. Previously, they might have had to wait up to 26 weeks to appeal.

Employer’s obligations and considerations

Among the key changes introduced by the bill, employers must now:

Consult with their employees before a flexible working request can be turned down
Allow employees to make two flexible working requests in any 12-month period
Respond to requests within two months (previously three)
Provide proper reasoning for an employee before rejecting a request

Managers also cannot demand employees to lay out how a flexible working request might impact the employer. Instead, it is up to the business owner to consider the impact.

Benefits of flexible working

If you’re still unconvinced by the information above, you might still need persuading of the advantages that flexible working brings to today’s workforces. Here’s a quick rundown of the top three:

1. Improved work-life balance

Having more time for hobbies, interest, and care responsibilities relieves stress for employees. Flexible working therefore has a positive and measurable impact on health and wellbeing. It also empowers employees to have more choice over things like when they take their bank holidays.

2. Increased productivity and job satisfaction

Trusting employees to customise their own work schedules will help them to feel more motivated and improve employee engagement. This is also a simple way to limit your staff turnover rate by ensuring staff don’t feel tempted by a flexible rival job offer.

3. More attractive proposition for job seekers

Who wouldn’t be tempted by an organisational culture where the employer cares about a person’s livelihood and stress level? Flexible working adds salt to a company’s benefits and perks provision, empowering hiring managers to attract a skilled and diverse workforce.

Conclusion

To reject flexible working in 2025 would be like protesting the invention of the wheel; it’s here, it’s a pioneer, and it’s already helping successful adopters to accelerate their growth plans.

But while the perk brings plenty of benefits (improved work-life balance, increased output, and streamlined recruitment, to name a few) don’t panic if you’ve not been able to enjoy them just yet.

As with any operational change, implementing a flexible working policy takes time. We don’t recommend that companies start immediately partnering their employees up to job share.

The above article has highlighted the pros and cons of each policy to demonstrate where a model might succeed – and where it might not be necessary.

Now is the time to test out each arrangement for its strengths and weaknesses. We recommend SMEs explore and experiment with flexible working to find the combination that offers the most productive and fulfilling environment for their employees.

Frequently Asked Questions

Do employers have to offer flexible working?
The government’s Flexible Working Bill came into effect in April 2023. Every UK employee now has the right to make two flexible working requests per year from day one of employment, rather than from 26 weeks as previously allowed. While the employer does not have to offer flexible working, they must respond to the staff member’s request.
What are the disadvantages of flexible working?
Permitting individuals to work outside of core office hours could mean their managers have less oversight of what they are working on, which could also make it harder to respond to or prevent a drop in productivity. Working in isolation can also be detrimental to team working as communication takes place online rather than in-person.
What are three examples of flexible work arrangements?
The three most common flexible working arrangements are remote working, hybrid working, and flexitime. These are all policies designed to give people more freedom over how they work, and are also easiest to implement.

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Written by:

Helena Young Deputy Editor

We need to empower women into leadership before it’s too late

The alarming underrepresentation of women in board and executive positions is holding businesses back from their full potential.

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Updated on 30 June 2023

The number of female bosses in the UK is flatlining. Women account for just 10% of executive roles at FTSE firms, according to research from Women on Boards. This stifles the huge potential for innovative female-led ideas at senior level.

For women who feel overlooked for leadership positions, it is natural to have doubts. From my own experience, I don’t know of a single businesswoman who hasn’t lost confidence. Managing these concerns is imperative.

The challenge is huge, but a way forward is possible. At my business, reporting a zero gender pay gap has been one of the personal highlights of my career.

Finding mentors, setting up support networks, and taking progression one step at a time are all important ways for women to put themselves in positions to advance and climb their way up the ladder.

More on this – 7 styles of leadership & how to identify your own

The value of role models

I’ve had many significant role models in my business career. They’ve provided support and guidance, and they were crucial in helping me get to where I am today.

The impact on my career has been profound. I didn’t choose my areas of expertise – I learned them while growing with FDM Group. And that created opportunities for myself, supported by the flexibility of the company and founder Rod Flavell.

Having women in high-ranking positions can help provide fresh perspectives towards business development, tech innovation, management and other areas. Yet, the Women on Boards report found that 18% of all AIM-listed firms – over 100 businesses – had entirely male boards.

Diversity at senior level unlocks new ideas and new methods of growth. It also provides female role models and mentors for junior staff to look up to. These are the people who can inspire and support the next generation of female leaders.

Working toward a solution

Recognising the prevailing gender gap at executive and board level can help businesses to roadmap a clear path for consistent progress.

For employers and businesses, it’s invaluable to lay out such roadmaps for career progression. Opportunities can come through learning, development and skills training to support women in the workplace to reach senior positions.

Dedicated mentoring schemes, training courses and inclusive workplace policies can all help to bridge the gap. These are all areas that businesses should prioritise. Otherwise we risk losing an essential, high-skilled talent pool in core industries such as tech, which is struggling through a hiring crisis.

Over the coming years, I’d also expect to see further progress with flexible working policies by employers. This is an area the government is also trying to address, with plans to tackle childcare costs within the Spring Budget earlier this year.

This provides greater support for women returning to work and is an area that businesses should increasingly assist with over the coming years.

Meanwhile, as gender pay gap reporting increases in volume and accuracy, this issue will become top of mind for many organisations. Mandatory reporting can help to close – and, in time, eliminate – pay differences between men and women.

The road ahead

In order to close the gender gap, particularly in senior roles, businesses must afford women the opportunities to showcase their skills and offer a fair progression path within the company.

Women need to take these opportunities with both hands, relying on mentors and support networks to achieve their goals. This combination can help increase the number of women in executive roles and help them, and their businesses, to thrive.

The gender gap is unlikely to be solved overnight. But, the alarming underrepresentation of women in board and executive positions – and the underlying issues such as a gender pay gap that accompany it – are holding businesses back from their full potential.

Businesses need to empower women into leadership roles. Female entrepreneurs and leaders need to have confidence in their abilities and goals, or else the gender gap will prevail, and the female voice will continue to be drowned out.

Sheila Flavell CBE

Sheila Flavell CBE is President of techUK, a member of the UK Government's Digital Skills Council, Chief Operating Officer and an Executive Board Director of FDM Group. She has spent 31 years operating within the international IT space.

FDM Group

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Helena Young Deputy Editor

How to create an invoice: tips, best practices, and a free invoice template

Learn how to create an invoice step-by-step with tips, templates and best practices to help you get paid faster and keep your business finances in check.

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Updated on 30 June 2023

Wondering how to create an invoice that gets you paid on time and keeps your business running smoothly? You’re in the right place. Invoicing isn’t just paperwork, it’s a key part of managing your business finance, building trust with clients and keeping your cash flow healthy.

A clear, professional invoice helps you stay organised, track payments, prep for tax season and focus on growth.

But let’s be real: invoicing can be tedious and time-consuming. That’s why we’ve created a free, ready-to-use invoice template designed to help you build effective billing practices for your business.

In this guide, we’ll show you exactly how to create an invoice that’s accurate, efficient and client-friendly so you can save time, get paid faster and keep your business on track.

Let’s dive in.

Download your free invoice template

Use this free, customisable template to create professional invoices in minutes. It will prompt you to fill in all necessary info to help you save time, stay organised, and get paid faster.

Download free PDF (34 KB)

This article will cover:

What is an invoice?
Step 1. Create an invoice template
Step 2: Add your business information
Step 3: Include client details
Step 4: Assign a unique invoice number
Step 5: Add the invoice date and the payment due date
Step 6: Itemise the products or services
Step 7: Specify payment methods
Step 8: Add any extra details
What should an invoice include?
Invoice template do’s and don’ts
Final thoughts

What is an invoice?

An invoice is a document sent by a business to request payment for products or services provided. It includes details like the amount owed, due date and a breakdown of the goods or services delivered. An effective invoice not only prompts timely payment but also serves as a legal record for both parties.

Step 1: Create an invoice template

Start by building (or choosing) a professional invoice template. A clean, consistent design helps you look polished, reinforces your brand and makes it easier for clients to understand the details at a glance.

What to include:

Branding and logo: Add your business logo and use your brand’s colours, fonts and visual style for a cohesive look.
Organised Layout: Structure your invoice into clear sections:
Business and client contact info
Invoice number and date
Itemised list of services/products
Subtotals, taxes and discounts
Total amount due
Readable design: Use tables or grids to keep everything neat. White space helps avoid clutter and improves clarity.
Highlight key info: Use colour or bold text to make due dates and payment terms stand out.
Footer: Include your company’s contact details, legal info and any terms and conditions.

Step 2: Add your business information

At the top of the invoice, clearly list your business name, logo, address and website. This makes it easy for your client to identify who the invoice is from and how to reach you.

Step 3: Include client details

Under your own details, add the client’s name, business name (if applicable), address and contact info. Double-check for accuracy to avoid delays or confusion.

Step 4: Assign a unique invoice number

Every invoice should have a unique number. It keeps things organised, helps you and your client track transactions and simplifies communication.

Invoice numbers are especially useful for:

Accurate record-keeping and bookkeeping
Avoiding duplicates or missing invoices
Streamlining payment tracking
Resolving disputes or questions quickly
Staying audit-ready with professional records

Step 5: Add the invoice date and payment due date

Include the date the invoice is issued and a clear due date for payment. Reasonable payment terms help keep your cash flow healthy and set clear expectations for your client.

Step 6: Itemise the products or services

Break down exactly what you’re charging for:

Product or service description
Quantity or hours
Unit price or rate
Applicable taxes
Subtotal and total

This transparency helps to prevent disputes and ensures that both parties are on the same page. If disagreements arise, the invoice can help to serve as proof of the agreed terms.

Step 7: Specify payment methods

Let your client know how to pay you, and make it easy:

Bank transfers: Provide your bank name, account holder, account number and any reference needed.
Cheques: Include the payee name and mailing address and ask clients to note the invoice number on the cheque.
Online payments: List platforms like Stripe, PayPal or Zettle and offer direct links if possible.
QR codes or payment links: For extra convenience, add scannable codes or clickable links that take the client straight to your payment page.

The easier it is to pay, the faster you’ll get paid.

Step 8: Add any extra details

Include any discounts, special terms or late payment fees. Clearly communicating these helps avoid surprises and sets a professional tone.

What should an invoice include?

You can style your invoice however you like, adding your branding and logos, but no matter the look, certain elements are non-negotiable if you want your invoice to be valid and professional.

Here’s your must-include checklist:

Your business name, logo and contact details
Client’s name, address and contact info
Unique invoice number and issue date
Clear description of the products/services provided
Quantity, rates, individual costs and taxes
Subtotal and total amount due
Accepted payment methods with instructions
Payment terms, discounts and late fees (if any)

Do you need a PO number?

The short answer is, sometimes!

A PO (purchase order) number is a reference provided by the client for specific goods or services. You’ll need to include one if:

The client asks for it
They use an internal PO tracking system
You’re billing a government agency or large organisation

To add a PO number just pop a dedicated line or field into your invoice template.

Ask your client if you need to include a PO number and if they say yes, ensure one is generated for you before it’s time to send your invoice to avoid delays.

Thinking about using an invoice factoring company for your small business? Take a look at our top five recommendations.

Do's

Personalise your template with your logo, brand colours and font
Keep it clear and readable (clients should find the info quickly)
Double-check every detail (e.g. dates, totals, names and payment terms)
Save a copy of each invoice for your own records and accounting
Update your template regularly to reflect changes in pricing, policy or business info

Don'ts

Overdesign your invoice (this can confuse rather than impress)
Leave out key info (e.g. payment methods, due dates or contact details)
Send without reviewing (always give it a final once-over to catch mistakes)
Stick with an outdated template (make sure it looks modern, clean and aligned with branding)

Final thoughts

Creating clear, professional invoices isn’t just good business, it’s the trick to getting paid quickly and on time.

Invoice templates are your secret weapon. They save time, cut down on errors and keep your cash flow moving.

Add your company branding, include all the must-haves and follow the golden rules we’ve laid out in this guide and you’re all set.

Want to create a professional invoice for your brand? Download our free invoice template to help you serve professional invoices to clients and get paid on time.

Lucy Nixon - content writer

With 10 years experience in the digital marketing industry, Lucy is a content writer specialising in ecommerce, website building and all things small business. Her passion is breaking down tricky topics into digestible and engaging content for readers. She's also committed to uncovering the best platforms, tools, and strategies, researching meticulously to providing hand-on tips and advice.

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Helena Young Deputy Editor

Riding out the energy storm

With hiked energy bills continuing to batter small business wallets, Rosie Murray-West outlines the support options available to UK SMEs.

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Updated on 30 June 2023

This summer provided some respite to residential customers from eye-watering energy bills, but small businesses fear no let up from rising costs.

Nine out of ten small businesses saw energy prices rise last year, with the average increase being just over 25%, according to a recent survey from Paragon Bank. Plus, the government’s Energy Bills Discount Scheme came to an end this March, and no replacement was announced in the Autumn Statement.

Now that prices have fallen, the Federation of Small Businesses (FSB) is lobbying the government to force energy suppliers to release small companies from punitive contracts. But that is cold comfort for those who are currently paying above market rate for power.

The good news is that there are some things you can do to take down the costs, and to get help if you cannot pay.

Switch if you can

If you have taken out a fixed-rate business energy contract you will have to wait until near expiry to start looking at alternatives. If you are at the end of a contract or on a variable rate, though, you could save by shopping around.

Many people use an energy broker or switching service to do this. These energy experts can save you a significant sum but will charge commission for their services. This is added to the unit price for every kilowatt of energy that you use. There is also typically no cooling-off period for business contracts, so check that you are happy with the deal you are offered, and understand the commission charged before switching.

If you are not sure about the length of your notice period or terms of your deal, it is always worth asking your current supplier whether you can switch. The supplier must explain why not if you cannot and your options. The Citizens Advice website has more information if you are confused about your rights.

Find grants for energy efficient improvements

Some simple improvements can help to save you money, and you may be eligible for help with this. Check if your energy provider or local council has any grant support.

Even if none is available, being more energy efficient could save your business cash. Mark Sait, who runs the energy efficiency website Save Money Cut Carbon, says that solutions such as low water use toilets, LED lights and LED lightbulbs can all save businesses money. Changes in behaviour, such as keeping documents digital rather than printing, and switching off unused appliances can help too.

Know your rights

Struggling to pay or facing an energy bill that stretches back years? Ensure you know your rights when dealing with your supplier. If you are what is termed a ‘microbusiness’, you have more rights than larger companies and cannot be billed late for energy used more than 12 months ago. Plus, it’s also easier to switch suppliers if you are a microbusiness.

A microbusiness either has fewer than ten employees and turns over less than £1.8 million, or has more than ten employees but uses less than 100,000 kWh of electricity and less than 293,000 kWh of gas a year.

Your supplier may be able to offer you a payment plan if you cannot pay energy bills. For further independent help contact the Business Debtline on 0800 197 6026 Monday to Friday 9am-5pm. They are a registered charity and give impartial advice.

Looking to switch energy suppliers? Read our guide on how to switch your small business energy provider.

Rosie Murray-West

Rosie Murray-West is a freelance journalist covering all aspects of personal finance, as well as business, property and economics. A former correspondent, columnist and deputy editor at The Telegraph, she now writes regularly for publications including the Times, Sunday Times, Observer, Metro, Mail on Sunday, and Moneywise magazine.

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Helena Young Deputy Editor

Startups 100 alumni Packfleet achieves B Corp certification

The tech-enabled courier has become the first logistics firm with an all-electric van fleet to achieve the prestigious environmental and social certification.

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Updated on 30 June 2023

London-based Packfleet, the ethical courier service that ranked in last year’s Startups 100 Index, has become one of the few logistics companies in the UK to achieve B Corporation status.

The green certificate represents a major milestone in the company’s ethical credentials. To become a B Corp, a firm must demonstrate its commitment to purpose, not profit, by using its business to support workers, customers, suppliers, community, and the environment.

To achieve the certification, issued by B Lab, Packfleet completed a rigorous B Impact Assessment scoring 80 or above.

Last year, the company won our first-ever Startups 100 Ecommerce award due to its anti-Amazon business model. Commenting on the award, guest judge Deann Evans from Shopify praised Packfleet for its “commitment to sustainability and society”.

B Corp win gives electric vehicles the green light

The news is the latest step in Packfleet’s green journey, which has seen the courier become the first B Corp-certified courier using a fleet of all-electric vans. Every Packfleet delivery is carbon neutral, with all of its vans powered using 100% renewable energy.

Electric vehicles (EVs) have taken the business world by storm this year, after the UK government announced that sales of new conventional petrol and diesel vehicles will be banned in 2030.

Almost one in five cars sold worldwide in 2023 will be a hybrid or fully-electric vehicle, according to the International Energy Agency. More UK business owners are choosing to get ahead of the transition this year by investing in an EV commercial fleet.

Tristan Thomas, CEO and co-founder of Packfleet, says this is a sound decision. He predicts that EV fleets will be the norm by the end of the decade: “Customers and businesses alike are calling for the courier industry to change its ways, and Packfleet is leading the charge.”

Government initiatives such as the Workplace Charging Scheme, which offers business owners a discount on EV charging equipment, can help to lessen costs incurred during the changeover.

The full package

Alongside EVs, Packfleet uses smart proprietary routing software, known as Pathfinder. Similar to vehicle tracking software, it allows the couriers to pick up recyclable packaging from customers on their routes.

“Our focus has now shifted to making our fleet more efficient – improving our routing software and reducing the time our vans need to be on the road, rather than purchasing more vehicles,” Thomas explains.

The vans are also wrapped in an aquamarine blue, reducing the impact of fading in the sun meaning less need to renew the wrap and will soon proudly sport the B Corp logo. A tree is also planted for every parcel delivered.

Thomas states: “We set out with a mission to make sure every single Packfleet delivery improves our planet and we’re achieving that.

“B Corp is just the start. We have our eyes set on expanding carbon neutral deliveries beyond the M25 and helping form a truly circular delivery system fit for the future.”

A green, but not mean, machine

The Startups 100 Index is also interested in companies with a social impact, not just environmental. Packfleet’s focus is on treating workers with respect, not just the planet.

Every Packfleet driver is employed as a full-time staff member. They are also given private health insurance, customer-service-based bonuses, free lunches, and regular staff socials.

Rather than relying on the gig-economy, Packfleet says its fully employed drivers are paid 30% higher than the industry average, and receive competitive benefits and perks including enhanced paid parental leave.

Despite the added expense, this emphasis on ethical employment has done anything but slow Packfleet down. Founded just two years ago (the startup was also nominated for the Startups 100 Just Started award) Packfleet has since accelerated to a team of 100.

Customers are also happy. Packfleet now delivers for over 180 businesses including Cheese Geek, Peckham Cellars and Dishpatch. In 2022, the company achieved 10x growth and is quickly expanding its fleet beyond the capital’s borders.

“B Corp certification also recognises the work we do to make sure our people get the benefits and support they need to thrive at work and outside of it,” adds head vanman, Thomas.

“We refuse to take advantage of gig economy workers to deliver parcels – there’s a better way to do deliveries, and that’s exactly what we’re doing.”

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Helena Young Deputy Editor

The rise of the criminal customer

In a world where online businesses face a growing threat from cyber fraud, a new key player has emerged—the criminal customer.

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Updated on 30 June 2023

A survey of chief financial officers (CFOs) across 10 countries, commissioned by fraud prevention platform Ravelin, has found that criminal activity is on the increase across the board, in areas including:

Online payment fraud (54%)
Account takeover (50%)
Returns and refunds abuse (52%)
Promotions abuse (52%)

Audacious individuals who participate in these activities have become the number one risk factor for one in three online merchants.

Organised criminal fraud is the main issue – with payments fraud taking the top spot as the number one business risk.

57% of CFOs polled identified increased evidence of ‘fraud as a service’. These sophisticated criminal schemes involve organised groups buying items using stolen card details and reselling them to customers who are often unaware of their involvement in criminal activity.

But it doesn’t end there. “Friendly fraud”, including account takeovers, unpaid invoices, returns and promotions abuse and policy abuse follow closely behind, posing additional challenges, particularly for smaller businesses with fewer resources to fight back.

Friendly fraud: a rising concern

Most concerning, Ravelin’s survey reveals that merchants are facing significant threats not only from organised criminals, but also from their own customers. Criminal activity by customers has now emerged as the foremost risk factor, as stated by more than a third of finance leaders.

Friendly fraud, also known as chargeback fraud or first-party fraud, refers to a deceptive practice where a legitimate customer makes an online purchase or transaction and then disputes the charge with their financial institution, claiming that the transaction was unauthorised or fraudulent.

Despite the term “friendly,” it is considered a form of fraud because the customer intentionally seeks to obtain goods or services without paying for them.

Friendly fraud typically occurs when a customer receives the purchased item or service but decides to exploit the chargeback process as a means to avoid payment. They may falsely claim that they did not receive the product, that it was different from what was described, or that the transaction was fraudulent.

There are several motivations behind friendly fraud. Some customers may engage in this behaviour due to buyer’s remorse, attempting to get a refund for a product they no longer want or need. Others may see it as an opportunity to exploit the system, essentially stealing from the merchant.

However, the current economic situation – rising inflation and the increased pressures of the cost of living crisis – is also turning honest customers into criminals out of desperation.

The cost of living is spurring five-finger discounts

Beyond online fraud, businesses of all sizes are also grappling with an offline criminal activity: shoplifting.

Anonymous shoplifters who spoke to Novara Media said the cost of living crisis had pushed them to steal everyday essentials. Some even said it has become more socially acceptable in their circles due to the cost of living crisis.

Shop workers have even admitted looking away at times when they have witnessed people stealing things like baby wipes, nappies or food for their infants. Many admit to choosing empathy over enforcement, claiming they are “not paid enough to chase around shoplifters”.

In March, grocery prices in the UK skyrocketed to unprecedented levels, resulting in a staggering increase in the average annual food spending for households.

Comparatively, the UK’s leading supermarket chains, namely Tesco, Sainsbury’s, and Asda, amassed a combined profit of £3.2 billion during the 2021-22 tax year, representing a huge increase of 97% compared to the previous twelve months.

According to estimations by the British Retail Consortium, there were a staggering 8 million reported “theft incidents” in British retail stores in 2022, resulting in financial losses of £953 million.

Shoplifters affected by the cost of living crisis justify their actions as hitting the profits of shareholders rather than harming hardworking individuals. SME owners may beg to differ.

While this rise of the criminal customer is particularly evident among younger age groups such as Gen Z – with digitally-savvy 16-34-year-olds showing higher involvement in this first-party fraud – the cost of living crisis has affected all age groups in the UK and no age group is exempt from these activities.

The dispute resolution dilemma

As new payment methods gain popularity, they bring a new set of challenges for online merchants.

While debit and credit cards remain common targets for card fraud, they are also relatively easier for merchants to challenge in fraud disputes.

Newer methods such as Apple Pay, Google Pay, and buy now pay later (BNPL) schemes like Klarna however, pose harder hurdles for dispute resolution for the merchants. Only a mere 5% of respondents claim success in challenging BNPL payment disputes, highlighting the need for more effective strategies.

The battle against fraud (and how finance leaders are attempting to stay one step ahead)

Finance leaders recognise the need to stay ahead of the fraud game in the face of these challenges.

Business analysts and owners overwhelmingly expect their fraud teams to grow over the coming months – with a third of respondents agreeing their teams could grow by 20% or more. But they are also implementing other more grassroots strategies to mitigate the risks as well. These include:

Improving communication and customer service: By being responsive and attentive to customer concerns, merchants can address any issues promptly. This helps build trust and minimises the likelihood of customers resorting to chargebacks.
Implementing fraud detection tools: Merchants can leverage specialised software and systems designed to identify suspicious patterns and behaviours. These tools can flag potentially fraudulent transactions, allowing merchants to take appropriate action and prevent losses.
Maintaining detailed transaction records: Keeping thorough records of customer transactions is essential in cases of disputes. These records serve as evidence to validate the legitimacy of the transaction, protecting the merchant’s interests when challenged with fraudulent chargebacks.
Collaborating with payment processors and financial institutions to validate transactions and share data on fraudulent activities

Rather than pouring more resources into the problem, CFOs and CROs can also turn to automation to detect and prevent fraudulent transactions at their root.

Automation offers a solution that enables businesses to stay ahead of the fraud game by swiftly identifying and stopping fraudulent activities before they can cause significant damage.

By leveraging advanced technologies, such as artificial intelligence and machine learning, finance leaders can implement automated systems that analyse vast amounts of data in real-time. These systems are designed to identify patterns, anomalies, and suspicious behaviours that may indicate fraudulent activity. This proactive approach allows businesses to take immediate action, blocking transactions or flagging suspicious accounts before any harm is done.

By detecting and analysing fraudulent patterns, finance leaders can gain a deeper understanding of their customer’s behaviour, identify potential vulnerabilities in their systems, and develop targeted strategies to enhance security measures.

Conclusion

While friendly fraud can be challenging to combat, it is crucial for merchants to establish robust policies and procedures and educate customers about the consequences of fraudulent chargebacks. In this way, a fair and secure e-commerce environment for both buyers and sellers.

Other articles you may find interesting:

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Helena Young Deputy Editor

Leadership delegation: the key to successful management

A comprehensive overview of what this leadership style is, what are the necessary skills and how best to implement them plus the benefits it can bring your small business.

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Updated on 30 June 2023

As a business owner, we know that running your small business comes with its own set of unique challenges and demands.

But here’s the secret all calm and controlled leaders know: you have to learn how to lead and delegate effectively.

By mastering the art of your own leadership skills, assigning tasks and responsibilities to your team members, you can create a thriving work environment that promotes growth, development, and trust.

In this article, we’ll delve into the concept of leadership delegation, highlighting its importance for small business owners in the UK. We’ll explore how this management style can not only improve your leadership abilities but also empower your team members to contribute their best to achieve collective success.

In this article, we will cover:

What is leadership delegation?
Knowing when to delegate tasks
The benefits of delegation
5 top tips for delegating successfully
Conclusion
FAQs

What is leadership delegation?

Leadership delegation is a valuable management style that involves entrusting tasks and responsibilities to others within a team or organisation.

When leaders delegate effectively, they distribute tasks based on each person’s skills, interests, and expertise. It’s not just about offloading work, but rather a strategic process that benefits both the leader and the team members.

Delegation frees leaders to focus on high-level decision-making, strategic planning, and other critical responsibilities, while team members gain valuable experience, develop new skills, and feel more engaged and motivated.

To delegate effectively, leaders need to clearly communicate their expectations, provide necessary resources and support, and ensure that every team member is comfortable with their role and held accountable for completing it well and according to schedule. If not, reassessment will be needed.

It’s not about passing the buck or playing the blame game. Leaders ultimately remain responsible for the outcomes and need to provide guidance, monitor progress, and offer feedback along the way.

Leaders create an organisational culture of trust, collaboration, and shared ownership by delegating. Successful delegation not only lightens the leader’s load but also cultivates a more productive and resilient team, ultimately leading to better results and success for the entire organisation.

(Source)

One crucial aspect of effective leadership delegation is recognising when to assign tasks to others. Here are a few questions you can ask yourself to determine whether delegation is appropriate:

Who is best for the task?

Assess the skills, experience, and capabilities of team members to identify the most suitable individual for a particular responsibility. Distributing tasks based on strengths enhances overall teamwork and performance.

How important is the task?

Prioritise tasks based on their impact on the organisation’s goals and objectives. Assign critical tasks to team members who can handle them effectively, while considering the developmental opportunities for others.

How will success be measured?

When it comes to measuring success, it’s important to set clear expectations and outcomes for each task. Take the time to define what success looks like for the delegated responsibilities. How will the leader and the employee know if or when they’ve hit the mark?

That’s where measurable metrics come into play. Establish criteria or benchmarks that allow you to evaluate the success of the delegated tasks. These metrics should be aligned with the overall objectives of your business.

By having a clear picture of what success means and how to measure it, you can track progress, make adjustments if needed, and celebrate achievements along the way.

SMART Objectives

SMART objectives are a goal-setting framework that helps individuals and organizations create clear, focused, and achievable objectives. The acronym SMART stands for:

Specific: Objectives should be clear, well-defined, and focused on a specific outcome or result.
Measurable: Objectives should be quantifiable and include specific criteria or metrics to track progress and determine success.
Achievable: Objectives should be realistic and attainable within the given resources, time frame, and constraints.
Relevant: Objectives should align with the broader goals and priorities of an individual or organization.
Time-bound: Objectives should have a specific timeframe or deadline for completion, providing a sense of urgency and accountability.

The benefits of delegation

Delegation plays a pivotal role in the gradual improvement and natural progression of a company.

It is not a sign of weakness or relinquishing control—it’s a strategic move that magnifies leadership abilities. By distributing tasks, leaders free up time and energy to focus on visionary thinking and making bold decisions that propel their organisation forward.

Here are some other significant benefits of leadership delegation:

Delegation encourages upskilling: it provides opportunities for employees to expand their skills and expertise. By entrusting them with new responsibilities, leaders foster continuous growth and development, enhancing the overall competency of the team.
Delegation empowers employees: it empowers team members by giving them a sense of ownership and accountability. It boosts their confidence, motivation, and job satisfaction, ultimately leading to higher productivity and engagement.
Delegation builds trust: a powerful trust-building tool. when leaders delegate tasks, they demonstrate confidence in their team members’ abilities, fostering self-esteem and mutual respect. This forms the foundation for effective collaboration and innovation.
Delegation enhances team capacity: it allows leaders to leverage the strengths of their team members, maximising the collective potential. By recognising and utilising individual talents, leaders can create a high-performing team capable of tackling complex challenges.

5 top tips for delegating successfully

To delegate effectively and reap the benefits of leadership delegation, consider implementing these five top tips:

1. Be willing to relinquish control

Effective delegators have a secret—they know that trying to do everything themselves is a recipe for exhaustion and limited success. They understand that their team members possess unique talents and abilities that can elevate the entire group to new heights. So, they embrace the power of delegation with open arms.

Trusting others is a fundamental aspect of delegation. It’s like passing the baton in a relay race. Effective delegators have faith in their team’s abilities and believe in their potential to excel. They hand over tasks, knowing that their team members will rise to the occasion, bring fresh perspectives, and deliver outstanding results.

“There is a fine line with delegation that can sometimes feel like micromanaging and it’s been my goal and commitment to ensure that I don’t do that.

Everyone does things in a slightly different way. If you crush an employee’s sense of self and the ability to do things with their flair – you turn them into robots who will actually make more errors.

I let them go! I hire staff because I believe they’re good – so I have to trust that decision. The final result is usually different to what I would exactly do – BUT – it’s still good and complete.”

– Renae Smith, Founder & Director of The Atticism PR & Brand Development

2. Adopt a strengths-based approach

Effective delegation is not about simply distributing tasks randomly. It’s a thoughtful process of matching strengths with responsibilities, like fitting puzzle pieces together. When you do it right, you unleash the full potential of your team, creating a dynamic and supportive workplace where everyone can thrive.

Aligning tasks with individual strengths not only boosts performance but also cultivates a positive work environment. When people feel that their strengths are recognised and utilised, they become more engaged and motivated. It’s like creating a virtuous cycle where each person’s unique abilities contribute to the overall success of the team.

“If you want to be an effective leader, you need to be aware of each person’s existing and potential skill background in addition to their weaknesses and strengths. Look at your team members’ skill sets and give jobs to people with the most applicable ones. It may sound apparent, but many managers simply hand off tasks to whoever is easier to reach.”

– Gerrid Smith, Director of E-commerce of Joy Organics

3. Provide the necessary support

When it comes to delegation, effective delegators understand the importance of providing their employees with everything they need to succeed. It’s like being a helpful guide, making sure your team members have the right resources, information, and support to tackle the tasks you’ve entrusted to them.

But it’s not just about giving instructions—it’s also about being available to answer questions and provide guidance along the way. Encourage an open-door policy where your team members feel comfortable approaching you when they need clarification or support. Remember, you’re there to be their ally, not an elusive figure who hides behind closed doors.

Equally important is providing access to the right tools and resources. This could mean granting access to relevant software platforms, providing training on new tools, or connecting them with subject matter experts who can offer guidance.

“Training provides a standard language for the team to use when discussing how to organise their work activities. This, in turn, makes certain that projects are completed on schedule, which helps to avoid bottlenecks and keeps things going smoothly.”

– Taylor Reeves, VP of Marketing at Pickleballer

4. Encourage innovation

Effective leaders recognise that innovation and growth come from tapping into the collective wisdom of their team. They value the diverse perspectives and experiences that each individual brings to the table. Rather than imposing rigid structures or stifling creativity, they empower their team members to share their ideas and contribute to the organisation’s development.

In addition to generating fresh ideas, this approach to delegation also cultivates a culture of continuous learning and improvement. Team members are encouraged to experiment, take calculated risks, and learn from both successes and failures. It’s through this process of exploration and iteration that the organisation evolves and stays ahead in a rapidly changing world.

“I avoid micromanaging at all costs after delegating tasks to my team members. However, I always make sure that I have clearly stipulated the expected deliverables to them before they begin the task.

Micromanaging will only bring about resentment from your employees, and it can also curtail creativity and innovation among them. Giving them creative freedom over the tasks you assign to them is also a sign that you trust them and their capabilities. This motivates them to get the job done to the best of their abilities.”

– Lisa Richards, CEO and Creator of The Candida Diet

5. Communicate frequently

When it comes to delegation, communication is like the secret oil that makes everything work smoothly – and that starts with clearly explaining the tasks and responsibilities you’re delegating. Make sure everyone understands what needs to be done, why it’s important, and what success looks like.

But don’t stop there! Regular check-ins are crucial to keep the delegation train chugging along. Schedule some time to touch base with your team members and see how things are going. It’s not about micromanaging or breathing down their necks, but rather offering support and guidance when they need it.

“We delegate as much as possible – most recently the training and development of new employees to our management team. The strategy involves giving them total, uninterrupted ownership of the project – with pre-agreed, periodic reviews of the progress of new employees at months 1, 3 and 6.

At the 6-month mark, it is vital in fulfilling our obligations in the development of the new starter, that we also review the performance of the manager.

At this stage, we can easily implement any necessary changes. In the majority of cases, there are none!”

– Dan Hanley, Director of Octane Accountants

During these check-ins, be open and receptive to feedback. Listen to any challenges or concerns they might have encountered. This is your chance to provide advice, offer solutions, or simply be a sounding board. Remember, you’re there to be their cheerleader, not their taskmaster.

And speaking of cheerleading, don’t forget to give them feedback on their progress. Positive reinforcement goes a long way in boosting morale and keeping everyone motivated. Acknowledge their efforts, highlight their achievements, and offer constructive suggestions for improvement. It’s like sprinkling a little bit of confidence-boosting glitter on their hard work.

Conclusion

Leadership delegation is not just a managerial style—it’s a powerful catalyst of success within your team. It’s more than handing over tasks; it’s about unlocking the true potential of each individual, fostering their growth, and propelling your organisation toward greatness together.

In the realm of leadership delegation, success lies in:

Trust, and empowering your team
Clearly communicating tasks and expectations while maintaining open lines of dialogue
Providing guidance, support, and feedback to foster a sense of shared ownership

Remember to delegate based on individual strengths and interests, allowing team members to flourish and grow. Embrace new ideas and approaches, encouraging creativity and innovation within your team.

And lastly, lead by example. By following these tips, you’ll unlock the true potential of your team, achieve remarkable results, and cultivate a thriving and resilient organisation.

Frequently Asked Questions

What is a leadership delegation?
Leadership delegation is a style of management that involves empowering and entrusting team members to execute tasks autonomously.
Why is leadership delegation important?
Leadership delegation allows leaders to focus on higher-level tasks and strategic planning, Secondly, it promotes skill development and growth among team members by providing them with new challenges and opportunities which in itself promotes employee engagement and motivation.
How do you determine which tasks to delegate?
Tasks that are less critical, time-consuming, and require specific expertise or can serve as learning opportunities are often suitable for delegation. It's also essential to assess the capabilities and interests of team members to match tasks with their strengths.
What are some common challenges in leadership delegation, and how can they be overcome?
Common challenges in leadership delegation include a lack of trust, fear of losing control, inadequate communication, and unclear expectations. To overcome these challenges, leaders should build trust by providing clear objectives, guidance, support, and constructive feedback.

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Written by:

Helena Young Deputy Editor

How to manage cash flow during a cost of living crisis

Benjamin Salisbury makes the case for micro-managing your business income and outgoings to get you through difficult economic times.

Written by

Updated on 30 June 2023

Need some guidance on how to keep accounts? Our advice for small businesses makes this dreaded task easy.

Controlling costs and effective cash management are vital functions for startups to execute plans and build a strong business that has a firm eye on its cash flow forecast at all times.

This is crucial during a cost of living crisis when new ventures require careful nurturing but face threats from rising interest rates, high inflation, record energy costs and customers with limited spending power. Global small business platform Xero in its 2022 report, ‘Xero Small Business Insights’ found cashflow challenges are undermining the growth and operations of at least 9 in 10 small businesses in the UK.

Most startups fail because of cash flow problems, not a lack of profitability. Cash management doesn’t mean businesses shouldn’t spend or invest. It means they must plan, prioritise and be financially disciplined. Read on to find out how to plan a cash flow forecast, how to operate it by managing the purchase and sales ledger effectively and how this delivers a cash management process that allows your business to flourish.

Cash flow fundamentals

Essentially, cash flow involves managing income and outgoings to cover financial obligations as they become due. This is managed through the sales and purchase ledgers, which can be aided by using accounting software. Careful control of these functions helps achieve effective cash flow management.

Biannually, businesses should prepare a budget outlining regular monthly expenditure and irregular costs, for instance buying new equipment. Compare this against a sales forecast covering the same period. Then build a daily, weekly, and monthly cash flow of all income and outgoings to plan ahead.

Cash flow forecasts

A cash flow forecast is a list of outgoings and income. The crucial element is the timing of both and knowing when and how to plug any gaps. Startups need to manage and balance both to pay liabilities on time and know when spare funds are available to invest in the business.

There are free templates available and you don’t need accounting skills to produce a basic plan, just detailed knowledge of your business and its future plans.

Start with regular outgoings like payroll, rent, utility bills and tax payments. Prioritise these or your staff won’t be happy and tax authorities aren’t flexible about when they are paid.

The other side of cash flow is income. When it arrives depends on whether sales are paid immediately or if you offer credit to customers. The aim overall is to receive income a bit quicker than you pay outgoings. That creates a healthy cash flow.

One practical strategy is to assume a certain proportion of credit term payments will be late. Build that contingency into the cash flow so late payments have less impact.

More on this: head to our comprehensive guide on how to create a cash flow forecast for more information and tips.

Budgeting for growth

All startups plan to grow and as they do cash flow management can become more challenging, even as revenue increases.

As sales orders become bigger, overheads increase as you invest in staff, materials and other equipment to complete an order. Costs relating to work in progress (WIP) must be met, usually, before income is received. This increases pressure on cash flow, particularly during a cost of living crisis.

Resorting to a loan, overdraft or invoice financing to fund growth can cost more than funding through organic cash flow.

Purchasing

Try and negotiate payment terms that are as long as possible. This is challenging for startups when negotiating with larger suppliers, but as you prove reliable, they may extend payment terms. Negotiate competitive prices. Consider bulk buying or wholesaling to negotiate discounts. Our guide to how to buy from wholesalers can help.

Some suppliers may offer discounts for immediate payment but balance the benefits against the impact on cash flow. Bringing a payment forward may be impossible if income doesn’t match timing-wise.

Payments to key stakeholders – such as suppliers – must be prioritised. Plan for two payment runs per month. You will likely have limited funds for each. Carefully select which payments you must make and which can be delayed to the next payment run.

Try and avoid making ad-hoc payments, as this makes cash flow planning and management more difficult.

Sales

Get the sale and everything else will follow is a golden rule, but for successful cash management so is accurate invoicing.

Don’t give customers a reason not to pay. A wrong figure, purchase order number or even date can give a customer an opportunity to delay payment, negatively impacting your cash flow. Like you, they will be under pressure, looking for reasons to delay a payment to manage their own cash flow.

As well as accuracy, timing is important. Once an order is complete, send out an accurate, detailed invoice quickly. When payments are received, allocate the payment against the sale so you know what payments are still due.

Automating the process through e-invoicing or using accounting software makes it easier for customers to pay and can eliminate obstacles that delay payment.

Collecting payments

Credit control is the collection of outstanding payments. Managing the credit control function effectively helps a business take control of their cashflow by applying the right techniques to get paid quicker.

Late payments mean startups pay their own suppliers late and can cut off the supply of funds for startups to grow organically. They can cause startups to cease trading. According to recent research for accounting body ICAEW, around half of invoices issued by small businesses in 2022 were paid late.

Many businesses operate by payment in advance or at point of sale but if you offer credit terms to customers, run a proactive credit control function. Email reminders are easily ignored, a conversation is more likely to get results.

For new customers, only offer payment terms after conducting a credit check. If there are concerns, don’t offer credit. If you do and they pay late, consider withdrawing credit and reverting to payment in advance. There are many low-cost credit reference sources, for instance Dunn & Bradstreet.

Six tips to reduce late payments

1. Conduct a full credit check on new customers to enable you to make sensible decisions on credit terms.

2. Set out clear terms and conditions in your sales contract that helps clarify how your payment terms operate.

3. Set a credit limit that is right for your business, not necessarily the maximum it suggests on a credit report. The credit limit can start low and rise once the customer has proved to be reliable.

4. Outsource or employ the right staff, even part-time, if you are a low turnover startup or SME.

5. Preempt problems – Check invoices are sent to the right person to be approved for payment before they become due. When chasing payments, run your operation tightly, like clockwork.

6. Consider stopping credit – Keep a record of late payers and chase diligently and watch out for part-payments as this could indicate they’re having financial difficulties.

When to spend and what on?

Investing in your business is still important, even during a downturn. What you spend depends on your specific circumstances and business strategy. The key is to understand what works, prioritise and get value for money.

There will be times when you need to conserve cash, but also periods when investing in the business is vital.

Digital and social media marketing can be even more important during a cost of living crisis. Use analytics to understand what works, prioritise those channels, and avoid ineffective sources.

Hopefully, you will need to increase headcount. Recruitment can be expensive, especially if you hire the wrong person and the impact is magnified for a startup. New recruitment technology products can help with sourcing, screening and interviewing candidates.

Technology can create efficiencies and there are many new tools and products to help your startup do more,

GDPR changes: how will they impact SMEs?

Key takeaways

Effective cash management can help your startup succeed. There are strategies to achieve this.

Create an accurate cashflow forecast that can be updated regularly
Understand how to operate an effective purchasing and sales process
Back this up with a coordinated credit control function
Prioritise what to spend in a cost-of-living crisis
Focus on keeping key suppliers happy
Invest in areas that help complete larger orders to achieve growth

Cashflow fundamentals – prepare a budget outlining regular monthly expenditure and irregular costs against a sales forecast of anticipated income over the same period.

Cashflow forecast – A list of outgoings and income. The crucial element is the timing of both and knowing when and how to plug any gaps.

Purchasing – Negotiate extended payment terms and discounted prices. Pay key overheads on time.

Sales – Ensure sales invoices are accurate and sent out once an order is complete.

Collecting payments – Credit control is key. Identify issues that may delay payment and speak directly to relevant people to resolve them.

When and what to spend – Prioritise key spending in a cost of living crisis to help your startup grow.

Benjamin Salisbury - business journalist

Benjamin Salisbury is an experienced writer, editor and journalist who has worked for national newspapers, leading consumer websites like This Is Money and MoneySavingExpert.com, business analysts including Environment Analyst, AIM Group and written articles for professional bodies and financial companies. He covers news, personal finance, business, startups and property.

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Helena Young Deputy Editor

Follow the money: find out which “finfluencers” are making a fortune

Who knew talking money could bring in so much money?! We share the top ten finfluencers who are cashing in on posting right now.

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Updated on 30 June 2023

A recent study has ranked the top finance influencers across various social media platforms.

The new research conducted by online trading expert Investingoal gathered data on 50 finfluencers based on their follower, like and subscriber counts across Instagram, TikTok, Twitter, YouTube and Facebook.

In recent years, more and more businesses have sprung up to challenge the money matters status quo and make finance easy. The rise of finance influencers on platforms like Instagram are part of this revolution, transforming the way people consume financial advice and information. These individuals, known as “finfluencers,” have gained immense popularity and have become digital celebrities in their own right.

Using social media, they share relatable stories, practical tips, and simplified explanations to make complex financial topics more approachable.

Their engaging content and online popularity can lead to lucrative partnerships and sponsorship deals with financial brands, turning their insights into a source of income.

Here we take a look at the current highest earners in the finfluencer space and how they are doing it.

In this article, we will cover:

1. Humphrey Yang: 54.3M followers
2. Jeremy Schneider: 4.1M followers
3. Anthony O’Neal: 3.7M followers
4. Steve: 15.1M followers
5. Josh Rincon: 10.2M followers
6. Delyanne Barros: 4.1M followers
7. Taylor Price: 21.9M followers
8. Tori Dunlap: 26.9M followers
9. Poku Banks: 9.7M followers
10. Parii Bafna: 5.7M followers
Conclusion

1. Humphrey Yang: 54.3M followers (£1956 per post)

Humphrey Yang has been crowned the most popular finance influencer. The 35-year-old finfluencer has accumulated an astonishing 54,317,401 followers, likes and subscribers across social media, with 501,000 Instagram followers, 3,300,000 TikTok and 49,500,000 TikTok likes.

His original content centres around personal finance, including savings and tax credit tips.

Humphrey also works with non-profit organisations to help businesses and consumers, often handing out thousands in cash to members of the general public.

With 54.3M followers and an average like count of 2,700 with each upload – Yang can make up to £1,956 per sponsored post on Instagram.

2. Jeremy Schneider: 4.1M followers (£1920 per post)

Jeremy Schneider (and his Personal Finance Club) has 4,162,066 followers, likes and subscribers on social media. This includes 487,000 Instagram followers, 124,600 TikTok followers and 3,500,000 likes on TikTok.

Scheider has a net worth of over $4 million and retired at 36 years old. To help other people reach the same level of financial freedom, this finfluencer posts inspirational content about money management and investment tactics.

Additionally, Jeremy has an average like count of 4,400 and can bring in up to £1,920 per sponsored post on Instagram.

3. Anthony O’Neal: 3.7M followers (£1389 per post)

Anthony O’Neal has 3,766,200 followers, likes and subscribers across social media. This includes 347,000 Instagram followers and 599,000 YouTube subscribers.

In addition to posting inspirational content, this finfluencer is the bestselling author of multiple books and the Chief Executive Officer of The Neatness Network.

O’Neal has an average like count of 1,900 and can bring home up to £1,389 per sponsored post on Instagram.

4. Steve: 15.1M followers (£980 per post)

Steve (also known as the Financial Freedom Coach), comes in fourth place. This financial influencer has 15,101,585 followers, likes and subscribers – including 40,200 YouTube subscribers, 9,28,500 TikTok followers and 13,900,000 likes on TikTok.

Since reaching financial freedom at 33 years old, Steve has been teaching people everything there is to know about personal finance, including investing, saving, taxes and more.

Steve can make up to £980 per sponsored post, with an average like count of 1,500.

5. Josh Rincon: 10.2M followers (£942 per post)

Josh Rincon is the fifth most popular finance influencer, with 10,298,804 followers, likes and subscribers across social media. This includes 5,300,000 Facebook followers, 479,500 TikTok followers and 4,300,000 likes on TikTok.

This millennial finfluencer is a proud advocate of educational finance. The Program Director of a financial non-profit, Advance Latino, Josh also posts regular videos about digital money and discount hacks.

Rincon brings in 1,300 average likes per post and can earn up to £942 per sponsored post on Instagram.

6. Delyanne Barros: 4.1M (£746 per post)

Delyanne Barros is the ninth most popular finance influencer. The retired attorney has 4,137,079 followers, likes and subscribers altogether, with 333,400 TikTok followers, 3,600,000 TikTok likes and 14,300 Twitter followers.

With 14 years of experience as a plaintiff-side employment attorney, this finfluencer has used their knowledge of investing to help people pay off their debt and start investing their money. Barros also hosts a finance podcast produced by CNN.

This popular finfluencer has an engagement rate of 1.11% and can make up to £746 per sponsored post.

7. Taylor Price: 21.9M followers (£416 per post)

Taylor Price considers herself a “Gen Z financial activist”, with 21,908,968 followers, likes and subscribers across social media, including 107,000 Instagram followers, 1,100,000 followers and 20,700,000 likes on TikTok.

Price’s bright and bubbly personality works well onscreen where she discusses all things money, from improving your credit score and analysing celebrity investments to exploring the intricacies of Bitcoin.

Successful with younger audiences eager to find out more about finance, Price can make up to £416 per sponsored Instagram post.

8. Tori Dunlap: 26.9M followers (£347 per post)

Tori Dunlap is the second most popular finance influencer. Overall, she has 26,911,980 followers, likes and subscribers across social media. Their most popular accounts are TikTok, with 2,300,000 followers and 24,500,000 likes, and Facebook, with 31,000 followers and 25,000 likes.

After saving $100,000 at 25-years-old, Dunlap has empowered women with knowledge about personal finance, including negotiating salary, paying off debt, building savings and investing, as well as publishing the book Financial Feminist in 2022.

The second most popular finfluencer has an engagement rate of 5.67% and can make up to £347 per sponsored post on Instagram.

9. Poku Banks: 9.7M followers (£241 per post)

Poku Banks is a finfluencer with a total of 9,706,500 followers, likes and subscribers on Instagram, 339,200 followers and 9,300,000 likes on TikTok, as well as 29,500 subscribers on YouTube.

Banks is on a mission to help younger people make the most out of their money. The influencer is happy to go offline and meet the general public to discuss worthwhile money-saving tactics.

With an engagement rate of 1.92%, Banks can make up to £241 per sponsored Instagram post.

10. Parii Bafna: 5.7M followers (£37 per post)

Parii Bafna is the seventh most popular finance influencer. Overall, the finfluencer has 5,728,161 followers, likes and subscribers across social media. This includes 324,400 followers and 5,400,000 likes on TikTok, and 2,251 followers on Instagram.

Bafna creates engaging content around personal finance, including credit cards, drop shipping and Bitcoin. The 21-year-old is also the co-founder of Jumpstart, an organisation which helps students develop their businesses.

She has the highest engagement rate on the list, at 3.52%, and can make up to £37 per sponsored post.

It’s exciting to see how finance influencers on Instagram are making personal finance more accessible and engaging and earning big bucks whilst doing so. As a result, more and more people are viewing finfluencing as a potential new business idea or side hustle. However, it’s important to remember that whether offering or seeking advice in the finfluencing sphere, it’s crucial to exercise caution and do your own due diligence.

After all, money matters.

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Helena Young Deputy Editor

Rising costs: when to pass and when to take the pain?

Rosie Murray-West explores the dilemma facing every business owner right now: how should you price your product or service in a cost of living crisis?

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Updated on 30 June 2023

As the cost of living crisis intensifies, everybody is feeling the pinch. Lack of funds and rising prices leave business owners with a dilemma: should they take a hit at the expense of their margins, or pass on rising costs to their already-hurting customers?

Alison Boutoille, who runs a discount initiative called City Stack to help independent pubs, says that businesses have been absorbing price rises themselves to keep squeezed customers satisfied.

For example, seven in ten hospitality businesses saw prices rise during April, but only three in ten increased their own prices. Meanwhile, in the haulage industry, the average price charged to the customer per mile has fallen, despite a 12% increase in diesel costs.

Smaller companies are more vulnerable than larger ones when trying this strategy.

“Big chains may be well equipped to weather the current economic situation, it’s much harder for independents to keep their business afloat,” Boutoille says.

New thinking can help small businesses to cut their cost base. Red Box Web Design moved to a shared office space to remain competitive for customers.

Business owners should put ego aside and make logical decisions.

“Initially, our owner hesitated to downsize the office, considering it a symbol of the team’s hard work over the years. He advises business owners to put ego aside and make logical decisions,” says marketing manager Clare Taggart.

“We’ve successfully reduced our rent expenses and energy consumption has decreased significantly.”

How to pass on the buck

Eventually, though, most businesses find that they must pass on costs. When doing this, look for ways to take away the sting.

1. Reward loyalty

Vic Paterson, who runs State 11 soft tissue massage business in Lancashire, has increased her cost per hour from £30 to £50.

“You can always keep existing clients on the “old” price for a period,” she says. “We also offer a Financial Assistance scheme where people who can’t afford our full fee can ask for a discounted rate.”

2. Show customers some love

Helen Dewdney, consumer expert who writes as The Complaining Cow, says that customers are happy to pay if their experience is good.

“Almost three times as many customers indicate that they are willing to pay more for excellent service.” Dewdney says, pointing to the results of a recent Institute of Customer Service study. “Businesses would do well to heed this feedback.”

3. Be transparent and honest

Customers may be more willing to stick with you if you explain how inflation is hitting you.

Business owner Hanna Dilley, who was recently forced to raise the price of her toddler food Benji’s Bites, says she was careful to explain to her customers why and when prices would rise.

“They were really understanding. My regulars told me they’d still buy as the products are worth it,” she says.

4. Remember you’re worth it

Paterson, at State 11, found putting up prices “scary”, but says that the response was better than expected.

“Putting up prices has actually meant we are busier as when our prices were lower people assumed we weren’t much good,” she explains. “People expect to pay for good quality.”

So, hold your head up high when raising prices and focus on giving your customers what they need, at a price that you can afford.

More on this: our ultimate pricing strategy guide has more information on how to set prices that will keep the business growing, while still keeping stakeholders and customers happy.

Rosie Murray-West

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Helena Young Deputy Editor

IT expert’s five tips for small businesses to prepare for the PSTN Switch Off

“The PSTN Switch Off is the biggest change to business communications since its implementation”, says Colin Hewitt, Business Development Manager at Integrity IT.

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Updated on 30 June 2023

BT postpones PSTN Switch Off to January 2027:

Communications giant, BT has postponed its plans to switch customers from landlines to internet-based phone services. The switch, which was supposed to take place in December 2025, will now be pushed back until January 2027.

The delay has occurred due to concerns that outages, which are more common in rural areas, could cut off people who rely on landline-based medical alert systems. Many UK business owners also reported being underprepared for the switch over.

The Public Switched Telephone Network (PSTN) will soon be shut down. Any business still connected to the network will be unable to make or receive calls, spelling disaster for those caught unawares.

Openreach first announced news of the so-called ‘Big Switch Off’ in 2015. Nonetheless, it hasn’t done an outstanding job of publicising plans or guidance for businesses.

In fact, a recent survey conducted by National Business Communications has revealed that 44.8% of businesses are still unaware of the plan to phase out landlines.

Now, a leading expert has warned small business owners to prepare for the change, and the impact it could have on operations.

Speaking to Startups, Colin Hewitt, Business Development Manager at Integrity IT, said the deadline, “may sound like it is far away, but starting early ensures a smoother and less disruptive transition, enabling SMEs to make well-informed decisions and implement the necessary steps effectively.”

Get ready for the switch with our guide the Best UK VoIP providers for businesses

What is the Big Switch Off and what does it mean for small businesses?

In 2015, Openreach (which is owned by BT) announced it will be switching off the PSTN in December 31 2025, marking the biggest change in the telecoms industry for over 30 years. In 2024, it then pushed plans back until January 2027, due to concerns it could unduly impact vulnerable people.

All businesses in the UK will need to transition from traditional landline systems to fully digital networks like VoIP by the end of January 2027. That means firms with devices that rely on older internet connections – including hardware like card machines and CCTV – will be impacted.

The scale of the transition will depend on how much the business currently relies on the PSTN. However, Hewitt warns that for any affected SMEs it will likely be a multi-phase project.

“The time it takes to switch from analogue to IP can vary depending on factors such as organisation size and complexity,” he elaborates. “Generally, the process involves planning, infrastructure preparation, implementation and configuration, testing and training, and finally, deployment and transition.”

The National Business Communications survey reports that mobile phones are the main way businesses plan to go forward with calls after the Big Switch Off (86.2%). This is followed by VoIP (62.5%). According to Hewitt, migrating to these new channels could take months.

“The duration can range from a few weeks to a couple of months, with each phase taking several days to weeks,” he warns. “It’s important to work closely with a VoIP provider and IT professional to determine a more accurate timeline based on your specific circumstances.”

5 top tips to prepare for the PSTN Switch Off

1. Plan ahead: companies should design a detailed migration plan as soon as possible to ensure they are considering budget, required features, infrastructure needs, and employee training.

“Start preparing early by assessing your current phone system, understanding the implications of the Big Switch Off,” says Hewitt.

2. Partner with the right provider: research the top VoIP providers to ensure you are fully aware of each company’s strengths and weaknesses.

Hewitt recommends SME owners evaluate each brand for their reliability, customer support, scalability, and feature offerings. “Seek recommendations and read reviews to make an informed decision,” he adds.

3. Assess and upgrade network infrastructure: because of how advanced the technology is, some VoIP brands require certain frameworks to host them, such as fast internet speed and bandwidth capacity.

Hewitt advises that business owners “upgrade equipment if needed and consider doubling up software to minimise downtime during the transition.”

4. Train employees: introducing any new technology to the workplace will inevitably slow down operations while the company adapts to the change. How disruptive that shift is will depend on how well your employees can get to grips with the new software or devices.

Hewitt says bosses must invest time to onboard staff members. “Familiarise employees with features, and call handling procedures,” he counsels. “Conduct training sessions or provide instructional materials to facilitate a seamless adoption.”

5. Test and monitor: it might be tempting for managers to put their feet up once the last new VoIP handset has been unboxed. Hewitt cautions this could let immediate teething problems or software faults go unnoticed.

“Before full implementation, conduct thorough testing to identify and resolve technical issues,” says Hewitt. “Test call quality, reliability, and system integrations. Monitor the new system’s performance post-switch off and address emerging issues promptly.”

Why should SMEs take action?

In today’s modern working environment, the thought of being unable to place calls will fill business owners with terror enough (that’s ignoring the other tasks that the PSTN can be used for, like taking card payments or running CCTV).

“Dependence on internet connectivity has become crucial, and SMEs must ensure reliable and high-quality internet service to avoid disruptions,” Hewitt acknowledges.

The amount of work required to update the outdated PSTN network to a modern IP phone system means the process should be viewed as a marathon, not a sprint. But that doesn’t mean companies shouldn’t move quickly.

In fact, the earlier that entrepreneurs can start readying themselves for the 2027 New IP Year countdown, the better. As Hewitt tells it, this will leave time to react in case of any last-minute disasters.

Among the potential challenges, he lists “the need for new equipment and infrastructure, employee training, and technical difficulties experienced during the transition”.

That said, the Big Switch Off is cause for excitement, as well as concern. As BT says bye-bye to PSTN, its termination provides an incentive for companies to replace outdated systems with the modern VoIP method.

VoIP’s wide range of benefits have transformed the communication landscape, making it a game-changer for businesses navigating a fast-paced, interconnected world.

These benefits include lower calling rates for businesses and customers (particularly for international calling); advanced features like call forwarding, voicemail-to-email, virtual landline numbers, and video conferencing; and remote access to empower flexible work arrangements.

Employees can make or receive calls on smartphones, laptops, or any internet-connected device, enabling productivity from anywhere.

“VoIP systems offer advanced features and functionalities that will help SMEs enhance their productivity and customer service,” Hewitt stresses. “The scalability and flexibility of VoIP systems also make them suitable for SMEs which are adapting and expanding.”

Read our guide to installing a VoIP telephone system to prepare for the Big Switch Off.

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Helena Young Deputy Editor

More employers are choosing to hide salary information even as UK wages grow

The proportion of UK job adverts including vital salary information has slipped to a seven-year low.

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Updated on 30 June 2023

UK wages are rising at a record rate, but research shows that hiring employers are not openly disclosing the increases with job candidates.

Labour market figures, released by the Office for National Statistics (ONS) this month, show that regular pay (excluding bonuses) grew by 7.2% between February to April 2023. This is the largest growth rate since the pandemic.

However, data from job search engine Adzuna has found that more UK employers are choosing not to publish salary information when hiring. Just 51.5% of UK job ads disclosed an intended salary or salary range in April. That’s a drop of almost 10% compared to the same time last year.

The findings are likely a reflection of today’s uncertain business landscape. Employers are understandably trying to suppress surging overheads, without jeopardising recruitment.

Nonetheless, with employees desperate to find salaries that can keep up with rising inflation and the cost of living, deliberate pay secrecy in job adverts could prove to be a serious hindrance to business hiring.

Pay secrecy in sectors with biggest labour shortages

Adzuna analysed 80 million UK job ad postings between 2016 and April 2023 to highlight the sectors, regions, and companies that are most and least transparent about pay.

The Adzuna findings indicate that the most secretive sectors when it comes to pay transparency are also those facing the biggest challenge when it comes to recruiting staff.

The biggest offender was found to be the retail industry. Only 26.8% of job adverts in the sector included salary information in April 2023 (a 14% decrease year-on-year). That’s despite retailers seeing the highest rates of staff turnover in 2022.

The next worst offenders are among the professional, scientific, and technical sectors. Just 29.3% of job adverts in this industry revealed wage information.

Much has already been written about the shortage of skilled tech workers. Earlier this year, a survey by web hosting company IONOS, found that 29% of small business owners in the UK consider the lack of job-ready tech talent to be a major threat to their growth plans this year.

In the fight for tech talent, being open about salaries could be a key weapon in improving the effectiveness of job listings.

The Adzuna data backs this up. It estimates that job ads with salary figures included receive, on average, six times more applications than those that bury this information until the later job interview stages.

Hiding salary information could impact staff morale

There are currently no laws in the UK that force businesses to share the salary details of their workforce. Nonetheless, pay transparency is important for keeping long-term employees motivated, not just new hires.

Research by jobs board Talent.com found that 78% of workers in England view openness around salary as a good thing.

Also revealed in the Talent.com survey, 74% of UK employees argue that salary transparency creates a fairer environment for both the individual and their colleagues.

There is evidence that women and ethnic minority workers tend to ask for less money than their white, male counterparts. Experts say transparent pay standards could alleviate the issues.

This has dual benefits for companies. Team members will show better employee engagement as they will feel valued, and that they can trust that they are being paid fairly compared to their colleagues.

Employers struggle to recruit competitively without risking budget

The ONS report also revealed the number of job vacancies in the UK. The government’s statistical bulletin puts the estimated figure at just over 1 million in May 2023. Its findings mean that job openings have now fallen consecutively since September 2021.

According to analyses, the drop is a result of economic pressures. As business confidence wavers, companies are holding back on recruitment in an effort to keep down staffing costs and preserve cash flow.

But while employers hesitate on recruitment, today’s sparse labour market continues to be in want of qualified, job-ready candidates.

Employers have even turned to more niche hiring methods, including recruiting overseas talent or hiring ex-offenders to combat the shortage of skilled workers.

The ONS’ report shows that business owners are reacting to the threat. Many are clearly reexamining their proposition for job seekers, and introducing wage rises as a way to keep staff members motivated during the cost of living crisis.

Indeed, research confirms that annual salaries are being reviewed regularly at UK businesses. According to people analytics company Visier, 29% of employees now experience a pay change in or around the end of the financial year.

With business owners caught between a rock and a hard place, the decision to leave wages off job adverts could be an attempt to limit budget where possible, and discourage salary conversations during hiring.

Pay transparency more likely to encourage job applicants

While employers may see pay secrecy as a way to move attention away from salary, this tactic could end up turning candidates away entirely.

Not revealing a salary band for a role can often mean frustration, stress and time wasted for UK workers. Pay is not just a motivator for employees – many use wage information to understand the roles and responsibilities of the job they are applying for.

Pay transparency aims to avoid this issue by clearly defining the salary or salary range that a person in a particular job role can be expected to receive.

Dan Hudson is the founder of GiGL, a video-first job platform which we featured in the Startups 100 Index earlier this year.

Hudson lists pay secrecy as one of the biggest and most common mistakes made on job adverts. He says that company’s must demonstrate a commitment to pay transparency to be able to advertise a job opening on the GiGL platform.

“Companies can’t even post a job on our platform without a salary,” says Hudson. “Salary is the top of the top three questions that candidates ask. By not including it, the employer is creating an inefficient process.”

Dissuading qualified candidates from applying to a role could end up costing more than the price of a salary raise.

Earlier this year, we published research that found that small businesses hire three unsuitable candidates each year, on average.

Two-thirds (67%) of employers surveyed said the issue was being caused by mismatched candidates getting too far in the process. Publishing salary information could be an easy way to whittle down applicants to focus on attracting qualified, interested job seekers.

Want to keep employees engaged, but unable to afford a pay rise? Read our guide to the top 50 employee benefits and perks to promote on job adverts.

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Helena Young Deputy Editor