Over the last year, the High Street has suffered some of the worst losses in the last few years. Big names, like Maplins and Toys R Us, have gone under and House of Fraser was recently taken over by Sports Direct. Even the household name of Debenhams is having to scale back to combat the crisis it’s facing.
For small businesses, who do not carry the weight of these retail giants, business has proven tough; they have also been hit by a lack of footfall and increasing business rates. However, with the Autumn Budget, a glimmer of light has appeared, giving a much-needed respite to many ‘bricks-and-mortar’ small businesses.
The Chancellor, Phillip Hammond, has cut business rates by one third over a two-year period for businesses with a rateable value of £51,000 or less, which would save businesses c. £6,000 p.a., according to the Budget announcement. In addition, small businesses will only have to contribute 5% to the apprenticeship levy and the VAT threshold won’t change – all good news for small businesses.
Not only is this good news for small businesses, it’s also good news for the High Street, particularly in local towns and cities where the diversity of small independent businesses is what gives them their own unique character and appeal.
This might be one of the best budgets that small businesses have seen in the recent years. And it’s an opportunity to capitalise and build upon if you happen to fall in this category. With this unexpected reprieve for your small business, you no longer have to worry about surviving – you can now focus on thriving and increasing your customer base.
It needn’t be difficult either because we’ve got the technology to support you in growing your business at the touch of a button with our Zapp ActiveApp. This easy, cost-effective app is great for helping prospective customers find you at the touch of a button.
This targeted, strategic app ensures that people who are looking for a service or business like yours will always find you, which is a great and essential addition to your marketing strategy. It is also a proactive way for you to make yourself available to your customers. Plus, more people are turning to apps for convenience and ease in finding solutions that save them time.
The Budget has provided a window of opportunity for small businesses that have been struggling under the heavy yoke of business rates. Now that yoke has been lifted, it is your chance to move forward toward growth and greater security.