Large businesses make up just 0.1% of the UK’s economy, but provide employment for 39% of people in...
Resource guide: A guide for SME businesses
The UK definition of a small or medium-sized enterprise (SME) is a business that employs fewer than 250 people. In the European Union (EU), SMEs are classed as businesses with fewer than 250 employees and a turnover of less than €50 million, or a balance sheet total of less than €43 million.
Fortunately, Interbacs has a resource guide for you, so continue reading to enhance your knowledge and your business.
What makes you an SME business?
SMEs are the centre of the UK economy. They make up over 99% of the nation’s business population, with 5.6 millions SMEs in the United Kingdom in 2021. There are certain criteria a business must fall under in order to be classed as SME, and it can be difficult to know how to make the next step to build and grow.
Because they make up such a huge portion of the UK economy, SMEs are a key driver of economic growth and sustainability. Small businesses, which have fewer than 10 employees, cover 96% of the UK economy.
If your company matches the above criteria then congratulations because your business is officially recognised as an SME.
What things you need to consider for your company
In order to run a successful SME business, you must first make sure you’re clear on what it is you’re selling or providing, and know the steps to prevent failure. Consider these steps to ensure you run a successful business:
- Have a clear idea on what it is you offer to customers
- Keep a clear budget and manage your cash flow
- Do your market research and formulate a clear business plan
What services you’ll be looking for and WHY
There are various services a company of your size needs in order to thrive and grow. Here are some ideas for what you may need, as well as an explanation detailing exactly why you need them.
An accountant can be extremely helpful when it comes to filing your tax return and processing payroll. It is possible to look after the financial books yourself, but an accountant can save you time and money.
In order to make your customers aware of who you are, you must ensure you have clear and attention-grabbing branding. Use consistent colouring and font styles throughout the business.
For your business to succeed and grow, you’ll need to make money which means opening up a revenue stream. Collecting payments from customers can be difficult to do manually, so consider setting up automated Direct Debits to provide a steady stream of income. If you can set your regular clients up on Direct Debit you can easily collect funds directly from their bank accounts, meaning you don’t have to spend time chasing payments. It means you can spend your time working on your core business.
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 may struggle in 2022.
How Interbacs can help you along the way
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 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 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.