News highlights from w/c 1st December 2014
Facebook to filter out promotional posts from January 2015
We might be a little behind in sharing the news reported by the Wall Street Journal on November 27th, but it’s important to know that Facebook has plans to clamp down on unpaid promotions. This could pretty much be any marketing content small businesses post on their page without paying for advertising. This is pretty big news for local businesses that rely on Facebook as one of the core channels to reach customers, making it increasingly important to strengthen all others.
Lack of an online presence sees small businesses missing out
At the weekend there was a disappointing news story in smallbusiness.co.uk saying that many small businesses missed out on revenue potential during the huge ‘Black Friday’ sales weekend. The article shared figures from a Department of Business, Innovation & Skills report, which highlighted that although there is a huge drive to support local businesses, 55% of people said they find it difficult as many small businesses aren’t online.
This message was reinforced on Thursday by thisismoney.co.uk. The research was again used to highlight that small businesses are missing out on billions of pounds due to not improving their digital presence. Interestingly, Simon Devonshire, government entrepreneur-in-residence likened having a website to having a landline – which used to be a mark of authenticity for a company.
But it’s not all doom and gloom… good news on SME finance:
On Wednesday, the BBC reported on the Autumn statement highlighting that the treasury has pledged £400mn to extend government-backed venture capital funds focused on SMEs and that an additional £500mn of new bank lending will be available through the Enterprise Finance Guarantee Scheme. This will guarantee a bank loan to 75% of SMEs – the “lifeblood of our economy”.
And finally... looking ahead to Small Business Saturday
There were so many stories on the big event this Saturday that it’s been difficult to choose which to highlight. It’s great to see that across the country small businesses and local councils are gearing up for what will be a celebration of UK entrepreneurship. Good luck to everyone taking part!