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Practical steps to prevent credit card and payment fraud as an independent cycling retailer

4 Dec 2024

As credit card fraud becomes increasingly sophisticated, taking these steps could help you stay ahead of the fraudsters…
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Scottish retailers call for urgent business rates support as gap widens with rest of UK

29 Nov 2024

Scottish independent retailers, including those in the cycling sector, are urging the Scottish Government to provide crucial business rates relief in its upcoming budget, as the disparity in... Read more…

Bira and ACT welcome new House of Lords report on high street regeneration

28 Nov 2024

Independent retailers back call for local leadership and simplified funding.
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Seven-in-ten cycle traders boycott Black Friday as cost pressures mount

26 Nov 2024

Seven in ten cycle retailers across the UK will boycott this year's Black Friday sales event, according to a survey of the bicycle trade by the ACT.
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Cycling club raising funds for youth bike maintenance workshops and 'go slow' inclusivity initiative

21 Nov 2024

A local cycling club is raising money and seeking donations and assistance in order to teach bike maintenance to young people through a series of workshops in 2025.
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Bira meets with Treasury members to discuss Budget concerns and business rate reform proposal

17 Nov 2024

Bira has held a meeting with members of the Treasury team to discuss concerns following its robust response to the Government’s recent Budget announcement.
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ACT teams up with Saledock to supercharge bike shop efficiency and customer experience

14 Nov 2024

The ACT has announced a dynamic partnership with Saledock - an all-in-one POS, eCommerce, and inventory management platform tailor-made for bike shops and workshops.
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'Devastating and out of touch' - independent retailers react to Budget bombshell

1 Nov 2024

Independent retailers across Britain have reacted with dismay to yesterday's Budget, with many warning of store closures, job losses and cancelled expansion plans.
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Devastating Budget Delivers Triple Blow to Independent Retailers, Says ACT and Bira

30 Oct 2024

The British Independent Retailers Association (Bira) and the ACT have condemned today's Budget as the most damaging for independent retailers in recent memory, with... Read more…

Retailers paying one-third of all UK business rates despite making up only 9% of economy

30 Oct 2024

Retailers and hospitality businesses are paying three times their economic share in business rates, according to analysis by the British Retail Consortium (BRC) and UK Hospitality.
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Eight in Ten Small Businesses Taking Positive Steps to Strengthen Their Enterprises in 2024

Posted on in Business News

Eight in ten small business owners (81%) are planning to develop their companies in 2024, according to new research from Novuna Business Finance. The research shows that over a third (33%) are focusing on new initiatives to increase income, whilst a fifth (20%) are looking to reduce their fixed costs.

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With around nine in ten small businesses (89%) saying that they still feel the pressures from the cost-of-living crisis, there is an emphasis on increasing business income and sales this year across all sectors. Small businesses in the media and marketing sector were the most likely to say they are looking at new ways to improve their income and sales (52%), followed by small businesses in retail (42%) and IT and telecoms (40%).

 Nationally, the top five initiatives small business owners are focusing on to secure growth include: 

  • Increasing new business income/ sales – 33%
  • Reducing fixed costs – 20%
  • Diversifying the business, offering new service lines/ products – 18%
  • Planning ahead with business budgeting – 18%
  • Building up financial reserves – 17%

Across the UK, small businesses in the North East of England are the most likely to be prioritising particular strategies to strengthen their enterprise (89%), followed by small businesses in London (86%), and the South East (84%).

Rather than recruiting new employees, one in four (25%) hospitality and leisure businesses and over a fifth (23%) of manufacturing businesses are spending time investing in the people who already work at the company in the year ahead.

Top strategies used by small businesses to become stronger in 2024:

  • Increasing new business income/ sales – 33%
  • Reducing fixed costs – 20%
  • Diversifying the business, offering new service lines/ products – 18%
  • Planning ahead with business budgeting – 18%
  • Building up financial reserves – 17%
  • Advertising online to increase awareness or sales 14%
  • Spending time investing in the people that already work at the company – 13%
  • Invest more money in marketing the business to raise awareness of our brand and services – 11%
  • Expanding into new geographical markets – 10%
  • Not applicable – my business is not planning to prioritise anything in particular to make our business stronger – 19%

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