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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Small business owners say they are ignored by their banks

20 June 2023

Seven in ten small business owners say their bank ignores them and even "actively discriminates against them in favour of larger companies" according to a new survey.

Most small business owners believe that their banks favour bigger businesses and don't do enough to support them. These are the findings of a new poll of 500 UK small business owners conducted by Censuswide on behalf of fintech platform HedgeFlows.

The findings show that 70% of small business owners say their bank "actively discriminates against them in favour of larger companies". A substantial majority also feel ignored by their bank, with 73% saying they struggle to secure a meeting with their bank or financial manager, leading to delays in business planning.

Lack of support from banks

In particular, those businesses looking to expand overseas are not getting the support they need from their banks, with 72% of small business owners saying that their bank provides very limited support around international payments and further support is needed to give them the confidence to expand.

Worryingly, 69% say their company would benefit from international expansion, but 65% say they currently lack the financial expertise to open an office overseas. Additionally, 78% admit that their company has limited cash reserves in the face of rising inflation and an uncertain economy.

High trading costs

SME bosses also say that plans for international and overseas trade are being scuppered by high trading costs; 72% say bank transfer fees abroad are too high and should be reduced for smaller companies.

"It's absurd that so many of our most ambitious and fast-growing businesses feel left out in the cold by their bank and unable to access the level of service enjoyed by their super-size counterparts. The time has come to equip SMEs with a level playing field to expand internationally, giving them access to a suite of services required to manage overseas transactions, currency conversions and cashflows. These privileges are already enjoyed by larger enterprises and should be available to businesses of all sizes." Neh Thaker, co-founder of HedgeFlows.

How to find the best bank account for your business

More and more small business owners are looking for a new business bank account. The past few years have seen an influx of new online banks, offering incentives to switch and promising higher levels of service.

The good news for small business owners is that once they have found the best business bank account for their needs, it is quick and easy to switch thanks to the Current Account Switch Service. This service can be used by small businesses and charities with less than 50 employees and an annual turnover of less than £6.5 million.

Written by Rachel Miller.

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