Recap: A Fireside Chat with Small Business Britain

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Hello Seller Community,

Thank you for joining us for our Fireside Chat with Michelle Ovens CBE from Small Business Britain and Derek Corcoran, the Chief Officer for Squareup International Ltd. Thank you for attending and your participation. 

We have put together this event recap for those who couldn’t attend and for those who attended to review the resources and topics. We hope that the post will provide additional information and resources that you are looking for. 

You can also watch the chat on our event platform. Please make sure to sign in with the email address you used to register for the event!

What We Learnt

Trends and opportunities

Combine online and in-person shopping 

• A digital offering can complement the bricks-and-mortar experience, enable businesses to expand their reach and make new connections, regardless of location, providing a variety of opportunities to build stronger relationships with customers with shared interests. By going online, you can create a hybrid experience of online and offline that could result in increased sales and repeat customers by meeting customers where they want. For example, customers can shop online from their phones, in bed, at 3am and then pick up the item in store the next day. 

• Going online can also unlock new opportunities, especially if your target customers are between 25-44 years as online is where they are shopping. Research shows that 73% of consumers have bought products directly from social media in the past months - direct to consumer selling is on the rise, consumers are making a purchase without even leaving Instagram. 

Embed technology in the background for a successful business

• As businesses expand beyond physical stores and explore new products, good technology can help you streamline processes and improve the running of your businesses. Having inventory management software that synchronises between both the online store and in-store Point of Sale in particular will help with stock control, understanding forecasts and avoiding poor customer experience by preventing overselling.

Become a sustainable business

• A big part of sustainability is doing less, spending less and cutting costs. It means less waste and can also bring in more consumers, as people want to buy from businesses that share their value. A study by Nielson found that 66% of respondents are willing to pay more for a sustainable product. In addition to this, there are various government incentives available to businesses who are looking to become more sustainable, including tax exemption for those who opt for energy-efficient technology. 
• It might sound daunting to take the leap into the world of green, but the Town Square team has put together a list of ten eco-friendly business ideas to help kick start your transition into eco-friendly business. 

Finding resources

There are a raft of both financial and technical support measures designed to help small businesses expand in the UK. You can find a more detailed guide to UK government grants for small businesses but we have pulled out some key measures below:

• Funding Circle UK which provides peer-to-peer loans across the country, with sole traders able to access secured loans of up to £1,000,000 through the scheme. 
• Be The Business provides free mentoring and guidance for SMEs over 12 weeks or 12 months. 
• Help To Grow gives eligible businesses 50% off, up to £5,000 in approved Digital Accounting, Customer Relationship Management and eCommerce software.
• For start up businesses, British Business Bank provides loans of up to £25,000 — as well as mentoring and advice — to make sure budding businesses get the best start. 
• Discuss your options with your local enterprise hubs for financial support from your local councils. 

Small Business Britain also have many campaigns and initiatives to support small business owners, including:

• Small and Mighty Enterprise Programme is a six-week programme to supercharge sole traders and micro businesses, concludes with a growth plan to support the next year of business opportunity. It will be delivered entirely online, allowing access from anywhere in the UK with flexible learning enabling opportunities for all. You can register to be first to hear about the next round of Small & Mighty in January 2023. 
• f:Entrepreneur is a campaign highlighting inspiring female business leaders across the UK. Through events, content and story-telling, f:Entrepreneur showcases role models to help and inspire all small businesses.
• d:Entrepreneur tells the stories of businesses led by disabled entrepreneurs to raise profile, awareness and to celebrate success. 
• i:Entrepreneur is a campaign to tell the inspiring stories of businesses led by entrepreneurs of diverse backgrounds, to raise their profile, and ensure their successes are celebrated across the economy not as a minority, but for the incredible value they bring in their own right.

Learning from other sellers

As we mentioned, we have seen consumer behaviour shifted since the pandemic especially when it comes to how they browse and pay. The Deli Downstairs — a cafe turned deli in Hackney — is a great example of a business that has pivoted and adapted jumping on new opportunities. 

Sophie, one of the owners of the deli, immediately started doing deliveries in reaction to lockdown to minimise the queue but also to make sure they could get food to local customers who were isolating or shielding. 

The Deli also introduced an interesting new feature to the store. They had to expand their product range dramatically and very quickly, as they were reacting to what people needed. They had a list on a clipboard by the door and they just said if you need something tell us and we’ll get it in. This is where having a solid and easy inventory management system is a necessity to make the process of adding new items to your online store easy. Click & Collect was not something that they anticipated doing but it works really well for them and it’s worked particularly well for gifts which they weren’t expecting. People send an order for delivery to a friend of theirs who lives locally as a hamper.

Aries Bakehouse is another great example of a business who quickly embraced online trends. They launched an online shop only recently during the pandemic which they have kept going, which allowed customers to pre-order goods, and minimised customer-staff contact as items were pre-bagged. The online shop has also been pivotal in helping to reduce food waste as it allows Jackie, the owner, to plan what she needs to bake each day.

The online shop is a way for them to advertise the business, using their popularity on Instagram to drive customers to the online shop and giving live updates on product availability and specials.

Questions from Sellers, Answered

What resources (financial aid/grants and information) are available to help a sole practitioner business expand? Where can a business like this go to get guidance and/or mentorship?

In addition to the resources we shared above, there are local resources you can find:

• Invest to Grow provides loans and grants to support private sector businesses across the East Midlands to innovate, grow and create jobs.
• If you are based in Coventry or Warwick and are exercising difficulty accessing funding you can avail of the Business loan scheme (CWRT) - Coventry and Warwickshire.

There are also other supports that are designed to support sustainable practices and digitalisation for scaling businesses, such as the following:

• SME Energy Efficiency Scheme (SMEES) provides guidance and funding for businesses in the Tees Valley looking to improve their energy efficiency.

• Made Smarter West of England provides support and potential grants to help manufacturing SMEs adopt Industrial Digital Technologies (IDT) to enable their development and growth.
• Alternative Raw Materials with Low Impact (ARLI) has a support programme offering technical assistance to develop innovative products and sustainable alternatives to traditional materials.

• Accelerating Thermal Energy Technology Adoption (ATETA) offers a support programme offering technical help to develop sustainable energy-related products and processes that enable growth.

With costs going up every year for restaurant owners, what are some of the ways that they have been able to lower their payroll costs through using their Square products in innovative ways as well increase their turnover by using their Square products?

Alongside The Deli Downstairs and Aries Bakehouse, we’ve seen many food and beverage businesses pivot especially coming out of lockdown especially in online spaces. Two businesses who have had success with using Square Online to boost their sales and reduced wait time are 400 Degrees Pizzeria and TODAY BREAD. You can read more about how they adapt their business models in our Town Square blog.

The Floodgate, an experiential drink-and-do venue also has success in upgrading the technology they use to keep everything organised and keeping track of d.... They use Square Registers, Square Terminal for taking tableside payments and iPads with Square for Restaurants to keep food and drink orders flowing smoothly. Customers can book their games online before coming to the venue using Square Online with an Appointedd integration, and they can also place orders at their table using QR codes.

Square also recently launched Square for Restaurants Mobile Point of Sale which will speed up the order entry process as staff can send orders to the kitchen straight from the side of the table, freeing up their time so they can cover more tables with fewer steps. 

We’re still paying off business start up costs but need additional equipment to speed up and improve our production methods and grow. We’re nervous about taking on additional debt at a time when customers' disposable income is disappearing. Any thoughts and advice on growth spending during a cost of living crisis? Many thanks

You can avail of the Recovery Loan Scheme as small businesses, which are designed to help businesses navigate these challenges. You can find more information about the scheme and how to apply for them on the British Business Bank website. Other businesses have had successes with more creative avenues, such as crowdfunding, which is where establishing a relationship with your customers will be important. 

Before you make any changes to your business operations, it will be important to know how your business currently performs and understand your customers needs. Having data about your business and a clear view of what is happening can help you make a plan for the future. In addition to reviewing your reports for past trends and summaries, you should consider collecting feedback from customers. It is an incredible way to connect to your customers. And as a bonus, it helps you improve your business by shaping it around your customers needs. 

In addition, consider branching into email marketing to maintain your relationship with customers and grow your business. You can also expand into new avenues and start running a loyalty programme to reward your customers while simultaneously encouraging repeat purchases. 

Why is Square not part of Amex Shop Small Business

Over the past year, Square has launched two AMEX Shop Small campaigns in the UK - December 2021 and June 2022. Please note our team will contact all sellers who are eligible directly before any Shop Small campaign starts. If you haven’t received an email from us regarding this in the past , it means you didn’t meet the eligibility criteria for that round but we’ll get in touch if you are eligible for any future campaigns.

When will iPhone tap to pay be launched in the UK?

We don’t have any timeline to share right now but we are always looking to bring more features to the UK. We recommend keeping an eye on our social media and website for updates on when this will be available in the UK. We would also encourage you to check out our Beta Community to join and potentially get access to new features first when we test them out.

This material has been prepared for informational purposes only and should not be deemed to be or used as legal, employment, or health & safety advice. For guidance or advice specific to your business, consult with a qualified professional.