Champion the North East’s entrepreneurial spirit with Intuit QuickBooks

You don’t need to look far to see the drive and dedication of enterprise house owners within the North East of England. That’s why it’s stunning that the North East has the fewest sole dealer companies throughout the UK’s areas.

Intuit QuickBooks’ current analysis with Oxford Economics, ‘The Sole of the UK’, discovered that there are simply 80,000 sole dealer companies within the North East, far fewer elsewhere, and accounting for lower than 3% of the UK’s sole merchants.

Intuit QuickBooks has lengthy supported companies on this area by its Prosperity Hub – launched in Newcastle and designed to offer growth coaching to native SMEs and advise native college students on entrepreneurship. By this, many native companies have grown and thrive – and it’s important to strengthen the North East’s entrepreneurialism even additional, to make sure these figures rise within the years to return.

In reality, the North East Bigger Enterprise Summit, sponsored by Intuit and happening this week at Teesside Worldwide Airport, is testomony to this bustling enterprise panorama. The North East England Chamber of Commerce (NEECC) is bringing collectively enterprise house owners from throughout the area to showcase the successes of native companies and share tales with fellow enterprise leaders.

Paving the way in which

Whereas the spirit of entrepreneurialism is alive and properly within the North East, the statistics do paint a worrying image – not essentially for the current, however for the long run. Sole merchants, companies with no staff, are the spine of the UK economic system – they made up greater than half of all personal sector companies final 12 months. What’s extra, sole dealer standing has marked the beginning line for lots of the UK’s most profitable companies, so it’s important the North East has a robust pipeline.

If numbers of sole dealer companies are dwindling within the North East – and even worse, if this development continues – that famend entrepreneurial spirit may take a success in just a few years’ time, as fewer and fewer homegrown companies emerge.

So how can small companies develop and thrive on this atmosphere – and encourage extra individuals to take the leap and arrange on their very own

The digital driving pressure

The bottom line is know-how. With out the appropriate applied sciences, each enterprise proprietor now struggles to grasp their enterprise’s full potential – and Intuit QuickBooks’ analysis confirmed this. Enterprise house owners who noticed digital applied sciences as vital to the operating of their enterprise had been twice as more likely to count on their revenues to extend within the coming 12 months, versus those that relied on know-how much less. When analysing their revenues for the previous 12 months, those that mentioned digital was core to their operations had been an enormous 14 instances extra more likely to have seen stronger revenues than these not utilizing know-how in any respect.

With so many digital options on the desk, it may be onerous to know the place to show – however discovering the appropriate instruments could make operating a enterprise that bit simpler. 86% of QuickBooks prospects mentioned the software program helps them run their enterprise extra simply – be it sending invoices, managing bills, making ready and submitting tax returns, operating payroll, and even automating your books – by giving an instantaneous view of your small business’ funds, so you may make choices on the fly.

Supporting the following technology

Alongside know-how, companies want knowledgeable steering and assist, which is why Intuit launched the Prosperity Hub in Newcastle. Its work with Excelsior Academy has seen tons of of scholars get classes in sustainability, funds, and entrepreneurship – and that is only the start of Intuit’s work on this area.

The corporate are trying ahead to judging the ‘Entrepreneur of the 12 months’ Award on the NEECC Chamber Enterprise Awards this July, to have a good time the area’s brightest future enterprise leaders.

Whether or not you’re a sole dealer rising a enterprise from the ground-up, or a longtime enterprise proprietor persevering with to develop a thriving agency, one factor is for sure: the way forward for the North East’s entrepreneurial spirit will depend on you.

Rob Burlison, Head of Company Affairs, Intuit QuickBooks

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