Rising costs and decreased consumer demand are not preventing people from taking the leap to set up a business.
“Despite rising costs and flagging consumer demand, we still have ever more people taking the brave and exciting step of starting a small business,” said Mike Cherry, National Chairman of Federation of Small Business (FSB).
He was commenting on figures released by Department for Business, Energy and Industrial Strategy (BEIS) in December last year which showed that the number of SMEs in the UK has reached record levels of 5.7 million.
With a combined turnover of £1.9 trillion, the small business sector accounts for 60% of private employment, offering crucial support to the country’s economy.
But running a business comes with its own challenges, including difficulties in accessing finance, regulation, inefficiencies and red tape.
These challenges could be in part to blame for the fact that 55% of SMEs don’t survive longer than five years, according to RSA’s 2014 Growing Pains survey.
Those who do make it through the potential tricky early years then have the additional trial of accomplishing growth.
Identifying potential risks, alongside a set of standards to support expansion, is crucial in keeping your business in check.
“Preparing for hurdles around the corner is just as important as visualising success in business,” says Commercial Account Executive, Rhys Jones, at McClarrons.
“The figures show a flourishing SME market, and it’s our job to help clients understand risk, and protect against it so that setbacks don’t spell the end of everything they’ve achieved.”
How McClarrons can help with SME Insurance
At McClarrons, our team of SME insurance specialists offer an insight into risks our clients may not have considered, arranging an insurance solution that aims to meet all the points identified.
“It’s about being there for our clients just in case they hit a stumbling block along the way. It’s not a negative outlook – rather just an acknowledgement that all business face problems at some point. The best way to handle them is being ready.”
You can learn more about McClarrons SME insurance offering here. Alternatively, if you’d like a complementary review of your business insurance, contact our commercial team here or by calling 01653 697055.
