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Watch our service insight to gain more understanding of the options that can be available and how you can start taking the right steps to safeguard the long term future of your business.

The team at Hart Shaw Business Recovery & Insolvency have helped to turn around and keep trading over 60% of the troubled businesses that have sought help and advice from us.

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More UK start-ups survive first year of business than European counterparts

Sheffield based Hart Shaw has commented on a recent study that shows more of Britain’ start-ups are surviving their first year of business than their European peers.

The research conducted by Rosseau Associates highlights that of the 234,000 UK businesses launched in 2011, 93 per cent of start-ups survived their first year of business. This compares to an average survival rate of 83 per cent across Europe.

Britain’s start-up scene has enjoyed considerably more robust health than Europe’s other major economies of France (79 per cent) and Germany (78 per cent), and has experienced the strongest economic growth in Europe as a whole.

Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw said: “This is very encouraging news for Britain’s SMEs and shows that we really are leading the way. Despite the tough economic conditions of recent years, the recession appears to have created innovation and entrepreneurs, so Britain’s start-ups are clearly flourishing. Add to that the recent Enterprise Bill and perhaps we will see an even higher survival rate in the coming years.

“Business Secretary Sajid Javid said last month that small businesses are ‘Britain’s engine room’ and at Hart Shaw, we’re proud to be able to assist SMEs and offer a range of services for business owners.”

If you would like advice on how to grow your business and achieve success, please contact Christopher on 0114 251 8850 or chris.brown@hartshaw.co.uk.

Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw

 

 

 

 

 

 

 

 

 

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Have you checked for fraud and error?

Businesses are being advised to check their accounts regularly to identify errors and fraudulent acts that could potentially harm their business.

It comes after a new report produced by the Centre for Counter Fraud Studies at the University of Portsmouth uncovered an increase in the amount of fraud and error found within UK businesses and the public sector during the last year.

Their research revealed that these mistakes cost organisations more than £98.6 billion a year in turnover. It also discovered that losses from these activities as a percentage of annual expenditure increased by 18 per cent from 2010/11 to 2012/13.

The report’s figures are based upon valid loss measurement exercises, which estimate fraud in an organisation by checking one type of its expenditure for fraud and extrapolating it across the other areas of the business.

Fraudulent actions and errors can easily be missed within a busy business, but failing to spot them and rectify the problem could soon eat into profits and turnover.

This report highlights what a significant issue this is in the UK and with many small and medium-sized enterprises already facing issues with late payments; this is the last thing they need.

However, by ensuring you have a robust set of accounts and a monitoring system in place you can identify problems and deal with them quickly.

Many firms need to create a culture that makes reporting fraud and errors in the workplace second nature. Tougher internal guidelines should also be put in place to reduce complacency and prevent mistakes from happening in the future.

For further details please contact Christopher Brown, Business Recovery & Insolvency Partner on T: 0114 251 8850 or email: chris.brown@hartshaw.co.uk.

Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw

 

 

 

 

 

 

 

 

 

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