£300 per month can make an economical difference George
November 4, 2011 1 Comment
We were really pleased to get a letter this week from North Somerset Council informing us we are eligible for Small Business rates relief and the rates on our office (which is a pretty standard 7 room upstairs/downstairs building in a quiet area of Weston-super-Mare) will be reduced by some £300 per month.
We had been given the heads up by our accountants our rates were too high and that we could bring them down by contacting the local council. Following a few conversations and some form filling, lo and behold, the official notification arrives that we are now some £300 better off per month.
So what you might think? Who cares? Well I do! Why?
Because I care about seeing UK Plc move away from the current economic doom and gloom and to do that, companies & people need to produce things and those same people and companies need to buy things.
Putting £300 per month in the pocket of a small business intouchcrm CAN make a difference. We have grown nicely as a company over the last 12-18 months (although we don’t have to publish it, I have no problems in sharing the fact that our latest annual accounts show a profitable revenue of circa £500k) and we are upbeat about the future.
However, you don’t need to be a rocket scientist to work out that because of the Eurozone debt crisis many are nervous about what is going to happen economically over the next few years. Uncertainty causes people and companies to err on the side of caution when it comes to investment which is not going to help drive the growth the country needs.
So, when a small business like ours gets £300 per month back in our pocket that we didn’t expect, we can choose to use it. We may decide to invest in some additional products for the office (which we would buy from a local supplier like Stonehill in Bristol) or we might decide to purchase some other services from a local contractor, such as additional time from a Search Engine Optimization specialist like http://ben-smith.net/ we have recently started working with. The key thing is, as its money we hadn’t planned for in our budgets, we will use it on things which in turn puts money into the pockets of other people who intend spend, with the subsequent local economic benefit.
The more companies that do this (from financial plans the government must have already allocated) the better it will be. However, the crazy thing about it all is that we weren’t made aware of it in any official capacity. If it wasn’t for the sharp eye of our accountants we would be none the wiser and so in turn would not be spending the extra money that we plan to. It made me wonder how many other companies across the UK could be doing the same thing and if say 50,000 small businesses across the country are aware of this, it could be £15m going back into the economy each month just from a simple awareness and promotion campaign.
So, take 2 things from this blog. Firstly, if you run a small business check with your accountants that you’re paying the correct level of business rates. Best to be told no than not know at all. The second thing is that even something small like this could make a difference in both the financial sense and an increase in the feel good factor as companies celebrate new orders and sales.
So, help yourself Mr Osborne. £300 per month can make a difference and with a decent awareness campaign, it could help take UK PLC from 0.5% growth to 1.5% and out of these tough economic times.