Business Franchise June

6
Needtoknow
ESSENTIAL UP-TO-DATE INFORMATION FOR FRANCHISES AND SMEs
OFT delays estate
Sowing the seed
agency rules
Finance South East has launched a £5 million Seed
Fund to provide an alternative source of funding for ■ The Ofﬁ ce of Fair Trading (OFT) has
ambitious companies seeking business development delayed the introduction of a compulsory
opportunities. The fund is ﬁ nanced by the South East ombudsman service for estate agents.
England Development Agency (SEEDA) and partners Under new laws, estate agents have to
from the public and private sector. Money is offered join an ombudsman scheme, which would
on a commercial investment hear complaints from customers. The
return basis and will programme was due to start in April and
focus on those ﬁ rms with four ombudsman services had applied
the highest potential for for endorsement from the OFT. The
success. Companies will need Consumers, Estate Agents and Redress
to demonstrate a clear competitive Act of 2007 can prevent an estate agent
advantage over competitors and from operating if it is not attached to an
commercially viable intellectual approved complaints service, which can
property. Ideally they will be able resolve disputes and offer compensation.
to have a product or service ready
AMERICAN DREAM
Only 60 per cent of estate agents were
for the market with strong UK Trade and registered at the start of
evidence of demand. See Investment is offering 2007 with a disproportionate
www.seeda.co.uk. marketing executives number of complaints relating
within SMEs the to ﬁ rms not registered. The
opportunity to ‘have a OFT says that it is still ironing
nice day’ in the USA. out issues with applicants.
They can attend a
prestigious marketing
programme at the
J.L. Kellogg School
Government ignores
of Management
in Chicago. The
its own rules
scholarship scheme is
designed to give UK ■ The Federation of Small
BUSINESS FAILURES RISE
SMEs a ﬁ rm grounding Businesses says the government
in the importance of is failing to meet its commitments
■ Global ﬁ nancial problems are having a clear impact effective marketing to common commencement
on SMEs, with corporate failures increasing for the in America. The dates and to reduce regulatory
ﬁ rst time in over a year. Figures from information intensive ﬁ ve-day burdens. The common dates were
services group Experian indicate that business failures course will present the designed to make the regulatory
rose by 8.5 per cent in the ﬁ rst quarter of 2008. The latest management environment more predictable,
downturn appears to be gathering pace across a theories and help but the government continues
wide range of sectors: Agriculture (up 109 per cent), attendees to develop to introduce new regulations
banking and ﬁ nance (36 per cent), retailing (36 per long-term business throughout the year. No
cent) and textiles and clothing (30 per cent). Experian relationships in less than 82 new pieces of
warns that ﬁ rms need to reduce their exposure to the competitive business legislation were
credit risk and exercise caution with the credit they US market. If you introduced in April but
extend towards both existing and new customers. are interested or other major changes will
However, franchising remains strong, with 93 per cent have any questions be implemented outside
of franchisees running a proﬁ table business, according email carole. this framework including
to the Natwest/bfa Survey 2007. thompson@ukti. the London Low Emission
gsi.gov.uk. Places Zone and changes to
are available for the Immigration, Asylum
Business to Consumer and Nationality Act. The
(September 21-26) government’s own survey of
and Business to the impact of red tape found
Business (September that over 90,000 SMEs would
28 – October 3). be inhibited from growing
because of additional bureaucracy.
June 2008 www.businessfranchise.com
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