Why SME owners are failing to plan
Almost one third (29%) of SMEs don't have a business plan according to the latest Business Barometer from Close Brothers Asset Finance. Of those, 43% say they don't think a plan is necessary; a fifth keep their ideas in their head; and 15% say a business plan isn't a priority. CEO Mike Randall, said: "It is somewhat concerning that so many small and medium-sized firms do not have a business plan as without clear direction, they may be missing out on opportunities for growth and not realising their full potential. Planning is key to any business throughout its lifecycle."
Date for the diary: British Business Show
Europe's biggest business event, the Great British Business Show, takes place on 13 and 14 May at the ExCel centre in London. It encompasses the Going Global, Sales Innovation and Business Start Up shows. Keynote speakers include Piers Linney from Dragons' Den, Brad Burton of 4Networking and Julien Callede of Made.com. The show plays host to 350 exhibitors and there will be free masterclasses, workshops and seminars as well as opportunities for networking.
Shop prices continue to fall
Overall shop prices saw deflation of 1.9% in April according to the British Retail Consortium (BRC). April saw the 24th consecutive month of falling shop prices and the 25th consecutive month of falling non-food prices. BRC director general Helen Dickinson said: "Prices in Britain's shops continue to fall. Food prices remained at their record low for a second consecutive month. This means that for five out of the last six months food prices have fallen. The falling prices of non-food goods slowed down very slightly."
UK broadband connections exceed 23 million
The latest figures from Ofcom show that the UK ended 2014 with 23.73 million fixed line residential and small business broadband ISP connections (excluding corporate lines). In the fourth quarter of 2014 alone, an additional 319,000 connections were added. Mobile subscriptions have also increased. The UK now has 83.7 million mobile subscriptions as of the end of Q4 2014, up 1.2% on the previous year.