What does the budget mean for businesses and how can SMEs still grow?

What does the budget mean for businesses and how can SMEs still grow?

The first budget of the new Labour government has been much anticipated, and Wednesday’s announcement had everyone glued to the news. Families, workers, savers and borrowers were all wondering what the budget meant for them. And entrepreneurs and CEOs were wondering, “what does the budget mean for businesses?”

In this blog, we look at what additional payments and reductions businesses need to cover, and how Get Ahead can help. 

What does the budget mean for businesses? 

The rise in employers’ National Insurance contributions (NICs) was not unexpected, but it has still raised the costs of taking on employees. 

In addition, the increase to interest rates means that business loan repayments will increase – another cost to business owners. 

It’s easy to see that, with these cost increases, business owners will be looking to make any savings they can. 

One way that small businesses can save is by taking advantage of the increased employment allowance, whereby they don’t have to pay NI on the first £10,500. 

Another way to save is to consider outsourcing instead of employing. Whether you’re new to outsourcing or you’ve used the model for years, Get Ahead is here to help.

How Get Ahead supports businesses impacted by the 2024 budget

Get Ahead is an established outsourcing agency. We work on a regional basis: business owners approach our regional directors in search of practical, back-office support. The regional director then connects the business owner with one of our virtual experts who delivers the required work.

There are a number of reasons why our business model gives businesses better value for money than conventional employment:

No NICs, sick pay, annual leave or pension contributions

    All our virtual experts are self-employed. This means that our clients only pay for our experts’ work and don’t have any other financial responsibilities towards them. 

    Remote working

    Our virtual experts work from home, meaning you don’t have to provide office facilities or tech hardware. This could save you renting office space, freeing up more of your profits to grow your business.

    Only pay for hours worked

    When you employ someone, you continue to pay them even when they’re on a tea break, watering the plants or signing team birthday cards. But with our outsourcing model, you only pay for the work they do for your business. We are also completely flexible – there’s no need to commit to paying for the same number of hours every month. 

    Your virtual team

    Get Ahead’s virtual experts can work seamlessly with your other employees, or even form your entire team. Use outsourced work to plug skills gaps or provide support for project work. Alternatively, let us hand pick a group of people with the specific skills you need to take your business forward in a cost-effective way. 

    We believe you’ll see considerable savings when you outsource, enabling you to meet the new increased payments while still growing your business. 

    Find out more about the financial advantages of outsourcing here.

    HR outsourcing and accounts outsourcing solutions for UK businesses

    Unlike typical virtual assistant agencies, we offer a wide range of back-office services, including finance and HR outsourcing. Our finance experts can review your systems and might find other savings, like unused subscriptions and unpaid invoices. This could mean freeing up funds to cover the increased business costs, without having to let any of your current team go. 

    Our HR experts can help you stay compliant with the new rules, ensuring that you’re making the correct contributions and doing right by your employees. And if you find yourself in the unfortunate position of having to reduce the number of people you employ, our HR experts can help you manage the situation so it’s legal, fair and handled appropriately. 

    Get in touch to find out more

    If our blog has got you thinking about ways to save money after the 2024 budget, we’d love to hear from you. We offer a range of outsourced back-office support, including administration, bookkeeping, marketing, social media, finance, HR and more. Visit our service pages here, or get in touch with your local regional director for a friendly, no-obligation chat. 

    Find out more about our services or call 01483 332 220 to discuss in more detail.