The Forum of Private Business (FPB) has called for a strict regime to be put in place by the next government, to ensure fair and ethical behaviour.
A survey of 2,000 people has revealed how 76 per cent believe profits are the main focus for large companies, ahead of an ethical code of practice. Respondents also believe that penalties should be issued to those companies that have acted in an unfair manner towards small businesses. The general opinion, as indicated by the survey, is that large corporations don’t appear to be concerned about small firms.
According to Phil Orford, the chief executive of FPB, people of Britain are losing trust in the large companies of the UK and are calling on the next government to act on their concerns. Orford commented:
“From tax avoidance and high street domination to late payment and supply chain abuse – every week our members tell us that some of the biggest names in British business are threatening their livelihoods.”
Orford believes that politicians must intervene to ensure fair behaviour. He called for a balance between attracting some of the largest businesses in the world and maintaining the protection of the UK’s smaller companies.
How small firms can compete against corporate giants
Although large corporations have seemingly unlimited funds and resources available, small companies have generally greater flexibility and energy, which will help them prepare to fight back against the large companies. To stand any chance of succeeding in the corporate world, you have to identify your unique selling points and strengths. Think: what do you offer that a large company doesn’t?
Start with research so that you can identify your target audience and know what they are looking for. Continue to research as you trade, as markets are prone to change and you want to be able to plan ahead if possible. Thorough research will also help you to identify where you can maximise opportunity and any potential pitfalls.
Know your industry
Benchmarking may be useful, so that you discover how you differ from some of the most successful companies and see how you can improve. Look at the standards required in the industry – how you can prove accreditation in your particular field.
Pay particular attention to cash flow, as any late payments from clients can create problems, which could affect the business.
If you want to have the confidence to trade in markets dominated by big brand names, contact us here at The Accountancy Partnership for advice.
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