'Heavy challenges' for Newham's small businesses in 2016
PUBLISHED: 15:00 03 January 2016
The Federation of Small Businesses (FSB) has warned borough firms face tough challenges in the New Year.
Steve Warwick, the FSB’s Greater London chair, says 2016 will be a year for small businesses to make big decisions, warning of “heavy challenges” across the capital.
“We are regarded as one of the leading capitals to do business with,” he said. “London offers significant opportunities in terms of inward investment.
“However, it is vitally important that we continue to make the capital a ‘small business friendly capital’.”
He called on the next mayor of London to back the 99.4 per cent of businesses across the capital that are regarded as small businesses by recognising the difficulties small firms face in London.
“The proportional cost of doing business for a one person ‘micro’ business in the capital is huge compared to a business that employs 249 members of staff – and yet the term ‘SME’ groups both business types into the same category,” he said. “We must be smarter and recognise the great chasm between the micros and the mediums.”