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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.

Businesses count the cost of the pandemic

30 June 2020

New surveys show that three in ten business leaders have permanently streamlined their teams because of the coronavirus crisis and one in ten small firms have lost all their business.

New research has highlighted the extent to which businesses have been damaged by the economic effects of the COVID-19 pandemic.

A survey by accountancy firm Theta Financial Reporting has found that 29% of business leaders say they have streamlined their team because of the coronavirus crisis, as they have discovered that some roles are surplus to requirements. One-third of UK workers (35%) say their business will return to the office with a smaller team with people handling more varied responsibilities.

However, 45% of employers say they see the working environment changing for the better due to the impact of COVID-19. Yet 24% of Brits say their employer hasn't explored any flexible working options to help them or their colleagues return to work.

Chris Biggs, managing director and founder of Theta Financial Reporting, said: "Many businesses have adapted to working away from the office and business leaders are seeing this improve with smaller teams. This often makes them easier to manage, less bulky and more flexible to a broader range of tasks. This will have a significant impact on how our workplaces will look beyond lockdown."

Research conducted by 3Gem on behalf of the business banking app Amaiz has found that 10% of small businesses say they lost all of their business as a direct result of the lockdown and one-third report that the pandemic has been "very damaging".

The headline findings of the survey are:

  • 35% of firms have lost more than 30% of their business;
  • 48% have lost more than 20% of their business;
  • 31% say they have struggled to get paid during the crisis;
  • 25% say they have found it difficult to pay suppliers.

The findings show some cause for optimism though, with 59% of small businesses saying it will take less than six months to return to the previous levels of turnover. However, just under 5% say they will never recover.

Meanwhile, new research by Legal & General has found that Brits continue to be concerned about the impact of the pandemic on their own finances. It found that:

  • 29% of those polled said their finances have taken a real hit because of coronavirus;
  • Over half of the UK are worried that the economy will not recover in the long term;
  • 44% of under-35s are worried about job security (compared to 25% of the general population);
  • Nine out of ten people now plan to start saving for a rainy day.

Written by Rachel Miller.