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How to choose the right computer equipment for your business to increase your productivity and efficiency without it costing the earth.

Business software helps you complete a range of tasks. Choose the right software, provide support and train your staff with our introduction.

It is highly likely that you depend on the internet for some aspects of your business. Find out how you can use the internet more effectively.

Good communication with customers, partners and suppliers is vital for business success. This summary explores business communication methods.

How would you cope if your IT system failed or was breached? We cover the main IT security issues and how to protect against them.

Good IT management can help you choose, use and implement IT. Our overview helps you manage IT in a way that maximises the return on your investment.

IT support is vital if you rely on your IT system. But how can you set up an effective safety net in case things go wrong? We explore the options.

Getting the right IT is just the first step. Appropriate training, policies and working practices can help you maximise return on your IT investment.

Small business owners say they are ignored by their banks

20 June 2023

Seven in ten small business owners say their bank ignores them and even "actively discriminates against them in favour of larger companies" according to a new survey.

Most small business owners believe that their banks favour bigger businesses and don't do enough to support them. These are the findings of a new poll of 500 UK small business owners conducted by Censuswide on behalf of fintech platform HedgeFlows.

The findings show that 70% of small business owners say their bank "actively discriminates against them in favour of larger companies". A substantial majority also feel ignored by their bank, with 73% saying they struggle to secure a meeting with their bank or financial manager, leading to delays in business planning.

Lack of support from banks

In particular, those businesses looking to expand overseas are not getting the support they need from their banks, with 72% of small business owners saying that their bank provides very limited support around international payments and further support is needed to give them the confidence to expand.

Worryingly, 69% say their company would benefit from international expansion, but 65% say they currently lack the financial expertise to open an office overseas. Additionally, 78% admit that their company has limited cash reserves in the face of rising inflation and an uncertain economy.

High trading costs

SME bosses also say that plans for international and overseas trade are being scuppered by high trading costs; 72% say bank transfer fees abroad are too high and should be reduced for smaller companies.

"It's absurd that so many of our most ambitious and fast-growing businesses feel left out in the cold by their bank and unable to access the level of service enjoyed by their super-size counterparts. The time has come to equip SMEs with a level playing field to expand internationally, giving them access to a suite of services required to manage overseas transactions, currency conversions and cashflows. These privileges are already enjoyed by larger enterprises and should be available to businesses of all sizes." Neh Thaker, co-founder of HedgeFlows.

How to find the best bank account for your business

More and more small business owners are looking for a new business bank account. The past few years have seen an influx of new online banks, offering incentives to switch and promising higher levels of service.

The good news for small business owners is that once they have found the best business bank account for their needs, it is quick and easy to switch thanks to the Current Account Switch Service. This service can be used by small businesses and charities with less than 50 employees and an annual turnover of less than £6.5 million.

Written by Rachel Miller.

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