During the pre-run to the UK election earlier this year, several campaign promises were made specifically for UK Small to medium sized businesses. This now means there are policies coming into play that will help these businesses grow.  In reality, the policies will probably impact all UK businesses.

The CBI (Confederation of British Industry) put together an action plan for the new government suggesting initiatives to get public finances back in order, maintain a competitive tax environment and to promote key sectors of the economy through industrial strategy. This has resulted in numerous business policies, here are five of the most important things small businesses need to know:

In-out European Union Referendum – The Government has promised that a referendum will take place before the end of 2017. For small businesses that want to trade outside the UK, the European Union offers the ability to easily trade across country boarders and to benefit from the upcoming deal between the USA and EU.

Business Rates to Be Reviewed – The UK policies around business rates are seen as antiquated and holding high street businesses back. the Government has promised a review in 2015 to ensure a fit-for-purpose system is in place by 2017.

Late Payments – Chasing payments is probably one of small businesses most difficult tasks, maintaing a decent cash flow can be a considerable challenge.  The Government has promised to further strengthen the Prompt Payment Code and set up a Small Business Conciliation Service (SBCS) where claims can be dealt with quickly.

New Digital Opportunities – There is now clear legislation in place from the EU on a ‘digital single market strategy’ enabling small businesses to engage in digital opportunities.  The CBI is continuing to campaign strongly for fast internet access and removal of e-commerce barriers.

Small Business Ministers – there are now two new small business ministers with seats on the UK Cabinet.  Anna Soubry who has been appointed Minister for Small Business, Industry and Enterprise and Sajid Javid who is the new Secretary of State for Business.

The CBI is the UK’s premier business lobbying organisation, providing a voice for employers at a national and international level.