The UK definition of a small or medium-sized enterprise (SME) is a business that employs fewer than...
Resource guide: A guide for larger enterprises
Large businesses make up just 0.1% of the UK’s economy, but provide employment for 39% of people in work. Running a large company, and being a financial provider for so many people, can be a stressful task with many challenges. Fortunately, Interbacs has compiled this resource guide, which is packed full of useful tips designed to help larger enterprises.
What makes you a large business?
A large business in the UK is one that is classed as having 250 or more employees. According to government data, there were 8,000 businesses classed as ‘large’ in 2021. This is a relatively miniscule figure within a sector boasting 5.6 million private sector businesses (which is actually a 6.5% reduction on the previous year).
Despite only accounting for 0.1% of the country’s economy, large businesses produce 48% of the turnover of UK companies. This is in stark contrast to micro companies (businesses that have fewer than nine employees), which make up 95% of the UK’s economy but just 14% of the turnover.
Businesses classed as ‘large’ by the UK government are huge enterprises like Tesco, Aviva, HSBC, Vodafone, Barclays, Sainsbury’s, and many more. The companies you mostly deal with on a day-to-day basis, whether it’s your weekly shop, banking needs, or energy providers are more than likely classed as large enterprises in the UK.
Things you need to consider for your company
In order to run a successful large business, you have different processes than a small or medium-sized enterprise will have. But you must always be on your toes and know the steps to prevent failure. Consider these steps to ensure you run a successful business:
- Continue on the path of what’s worked and made you successful
- Keep a clear budget and manage your cash flow responsibly because the financial security of your employees’ relies on you
- Always try to innovate to scale up and grow your business further
What services you’ll be looking for and why
Despite being a large company, you will still have talent gaps in your staff that can be fulfilled to help you get even bigger and better. Here are some things you will need as a large enterprise:
- Brand identity
Considering there are so many staff members on the books, a proper accountancy team or service is needed to ensure everything runs smoothly and that your financial records are correct. It also helps to keep a large company afloat and heading in the right direction financially.
Despite being a company with more than 250 employees, a lot of people may not actually know you or what you offer. In order to reach out to these potential customers, you’ll need to improve your brand identity. That includes all kinds of services like social media outreach and blogging. The aim is to achieve a more refined identity across the board, with consistent colouring on all signage, products, and services.
A company of your size still needs a recruitment team and strategy to bring in the best of the best. You’ll have staff that leave, like every company does, so you’ll want to ensure the best possible replacements are brought in.
You may think you have everything figured out in terms of marketing, but there are always smarter people out there with more expert knowledge for you to tap into. Using a digital agency can help transform your business and take it to the next level.
Whether you’re a physical store that customers can visit or a purely online presence, you’ll need a website. It’s a go-to for customers when trying to find out information about your company, or when attempting to purchase items or services. Websites also provide key information, like opening hours and prices. Without a website, your business can struggle and stagnate in the digital age.
As a large business, you’ll likely have many customers to collect money from. It's very important to have a robust payment system that can be integrated with your accounts and CRM software. A solid system that keeps a full history of all payment actions can help to satisfy auditors as well as enabling reconciliation with bank accounts.
There may be thousands of suppliers and staff that need to be paid so it's important to be able to process those payments as easily as possible.
How Interbacs can help you
At Interbacs, we can offer market-leading Direct Debit solutions. If you’re looking for financial guidance, or would like to pass over control of Direct Debits, then consider Interbacs and the services we offer. As a large enterprise, it’s likely you will need a large scalable solution. Our cloud platform can easily handle hundreds of users accessing your data and processing millions of pounds on a daily basis.
You may also need a higher degree of automation which could allow payment automation without the need for human intervention.
As one of the first Bacs Solution Suppliers in the UK, we have a wealth of experience in delivering first-class Direct Debit systems. We have a range of products and services that can help you to manage your cash flow, from our Bacs Approved Bureau to our InterPay Bacs payment software.
Our Direct Debit solutions make signing up new customers a quick, easy and streamlined process. You can browse our complete selection of Direct Debit payment solutions below.
Interbacs can work with your IT or marketing team to integrate your choice of payment software and modules into your existing CRM or accounting packages using our powerful API. The result is more efficiency, better productivity and greater profitability.
Contact Interbacs now
If you’re in the process of scaling up your already large business, save yourself valuable time and money with reliable and professional payment solutions from Interbacs. For more information about any of our products or services, please contact us.