Steer issue 25 Aug/Sept 2019 - Page 14



HOW TO
Who
www.menow.co.uk
BENEFITS?
Just who benefits when a small business is successful?
The easy answer is ‘everyone’, but the devil is in the detail.
So here are some numbers...
There are 5.4 million private micro-businesses in the
United Kingdom*. A micro-business is classified as any
business that has fewer than 10 employees. You might be
a little surprised to know that of those, 4.5 million have
no employees, are under the VAT threshold and are not
registered for PAYE.
If just 1% of these 5.4m businesses could each fill an
extra five appointments a month (assuming that each
transaction generates on average £60) this is the impact
this would have:
• 54,000 businesses filling five more appointments a
month - just over one a week
• 270,000 more transactions a month - 3.2m more
per year
• Increasing their combined revenue by £16.2m per
month, or £194.4m per year
That’s a lot of money.
5.4m ‘Micro’ UK Business Total
• 4.5m of which have no employees
1% = 54 000 Business
5 extra appointments per month
3.2m more transactions per year
£194.4m more revenue per year
14 STEER YOUR BUSINESS
What if they could do more?
But what if these small businesses filled 15, 20 or 30 more
appointments a month?
The average sole trader/micro-business owner works
a nine-hour day (I know – some work a lot more) for six
days a week. That’s potentially 216 hour-long appointments available each month per person, and obviously
that increases based on the number of staff.
So, two staff would total 432 appointments a month,
four equals 864 total appointments, etc…
Now, not all of those potential working hours are filled
with appointments, so there’s scope to fill some of them.
What if 1% were able to fill more of those slots?
(Note: if 1% of small businesses in the US alone filled
five extra appointments per month, this would generate
$13.4bn a year).
So, who would benefit from this?
Well, credit/debit payment systems such as Square & iZettle. They charge on average 1.75% per transaction.
Our 1% of the small business pool in the UK will have
generated an extra £3.4m for them a year just from filling
five more appointments each month. If they fill an extra 30
a month then Square & iZettle benefit from an additional
£20.4m per year.

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