Family businesses in strong position to survive downturn

Low-risk approach, long-term view and lower borrowing advantageous in today’s business environment –
UK businesses can learn from adopting elements of the family business model

A new report entitled ‘Family Business: In Safe Hands?’ published today (2nd March) by Barclays Wealth and the Economist Intelligence Unit (EIU), suggests that family businesses have leadership values and particular characteristics which may position them well to ride out the economic downturn.

Broadcaster seeks a wider audience

Sportsmedia, started by flamboyent entrepreneur Jonny Gould, began by offering sponsored broadcasts to local radio stations; but diversification into new channels and topics has left its founder with growing pangs. “I have no idea how you write a business proposal,” Jonny Gould was told by his father. “But make sure there are no spelling mistakes and work out how much it’s going to cost you first!”

Celebrations for 350th anniversary of the cheque marred by plans to kill off the payment method

As one banking organisation celebrates the 350th anniversary of the cheque, another is deciding when to kill it off as a method of payment.

On Monday, London based business leaders attended a function at the Bank of England Museum, 350 years to the day since the first cheque was signed. The reception was organised by the Cheque and Credit Clearing Company, which has commemorated the occasion in a report charting the life and times of the preferred method of payment for small businesses. However amid the celebrations, the Forum of Private Business (FPB) is warning that the Payments Council is preparing a ‘roadmap’ that is likely to decide when the cheque will be abolished.

Worrall Thompson a victim of the credit crunch or just normal banking procedure?

The celebrity chef Antony Worrall Thompson has blamed his bank after putting his restaurant chain into administration last Friday.

Sixty staff lost their jobs after four of Worrall Thompson’s restaurants stopped trading. The chef has used his own savings to keep two more outlets running, and has criticised Lloyds Banking Group for refusing him an additional £200,000 increase on his current £200,000 overdraft to help the business through the next few months. However we have taken the lid off the boiling pot and think that many UK business owners will sympathise with AWT, but are surprised at his ‘It’s the Credit Crunch what did it’ explanation.