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UK small businesses expect to make two-thirds of their yearly revenue over Christmas

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A small business owner shows a t-shirt to a potential male client
Over 2/3 of UK consumers plan to spend around £250 shopping at small businesses | Photo: Mart Production

Despite the cost of living crisis, new research from technology platform Intuit QuickBooks reveals that small businesses (SMBs) expect to cash in from the upcoming festive season. Three quarters (75%) of small businesses in the UK predict they will generate more revenue this holiday season compared to 2021, with an estimated revenue of £460K per small business between November and January – equivalent to two-thirds of their total annual revenue on average.

This is supported by 67% of UK consumers who say they plan to spend as much around Christmas or more than they did last year, with an average budget of £671. Small businesses stand out as the go-to destination for holiday gifts as nearly half (47%) agree they offer the best customer service. On average, they plan to spend £250 at SMBs — equivalent to 37% of their total budget.

“After yet another challenging year, small businesses will be hoping for a strong festive season to boost their cash reserves. But with recruitment and supply issues, and the potential for consumers to reduce spending should inflation rise further, they need to have a plan. Those businesses looking to make the most of the holiday season will need to fully embrace digital and enhance their online offering to make the most of this opportunity.”, says Nick Williams, UK Product Director at Intuit QuickBooks. 

In fact, over three-quarters (78%) of UK consumers say inflation is pushing them to shop online more, and they are also more likely to buy from small businesses that have their own websites. Despite this, only half of the small businesses surveyed in the UK (53%) currently have a business website with many using social media marketplaces or third-party e-commerce solutions instead.

However, the growing cost of living pressures could impact this positive forecast, with 8 in 10 (88%) consumers admitting they will cut spending if the economy worsens.

Besides the cost of living, the report, which surveyed 12,700 customers and businesses owners in the UK, US, and Canada, highlights other challenges faced by entrepreneurs of businesses with up to 100 employees. Among UK small businesses, 89% predict inventory or product shortfalls, and 9 in 10 (96%) are experiencing shipping or fulfillment challenges.

Although over 50% of small businesses are hiring seasonal workers to help them out with anticipated extra demand, 95% of those with current job openings are having difficulty hiring.

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The Häagen-Dazs Rose Project announces 50 nominees

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Kim Rihal, founder of social enterprise Equal Education, is one of the 50 women shortlisted for The Häagen-Dazs Rose Project
Kim Rihal, founder of social enterprise Equal Education, is one of the 50 women shortlisted for The Häagen-Dazs Rose Project

Earlier this year, on International Women’s Day 2023, Häagen-Dazs launched ‘The Rose Project’, a global initiative with a $100,000 (USD) bursary grant inviting nominations to recognise unsung trailblazing women in honour of the brand’s female co-founder Rose Mattus. Yesterday, 23 November, on what would have been Rose Mattus’ birthday, Häagen-Dazs announced the top 50 #WomenWhoDontHoldBack nominees being shortlisted for their achievements and its five globally accomplished Häagen-Dazs Rose Project judges.

Over 2,500 applications were received for The Häagen-Dazs Rose Project putting forward pioneering efforts and societal contributions made by women across the globe. From these, 50 talented and inspirational women have been shortlisted and will be put forward to win one of five monetary grants of $20,000 (USD), which will be announced on International Women’s Day 2024, to continue their exceptional work, unleash their potential or give to a cause they are passionate about. The top 50 shortlist includes women from 17 countries hailing from across Europe, Asia, Africa & Middle East, Australia and the Americas.

The all-female judging panel from across the world has been handpicked for the final selection stage of The Häagen-Dazs Rose Project includes. UK-based author, broadcaster and philanthropist Katie Piper, fashion entrepreneur and advocate for women’s fertility issues, Velda Tan from Singapore and Spanish entrepreneur and creative director Inés Arroyo, are amongst the judges.

“International Women’s Day 2023 marked the launch of The Häagen-Dazs Rose Project to honour the legacy of our co-founder, Rose Mattus, and create a fund platform to provide opportunities to women across all fields around the world who are truly deserving of support and recognition. We were thrilled to receive thousands of nominations across countries and our #WomenWhoDontHoldBack Top 50 shortlist is a compelling and diverse mosaic of trailblazing female narratives that moved us and serve as an inspiration to women everywhere”, says Aurélie Lory, Häagen-Dazs spokesperson.

To find out more about the story of each entrepreneur shortlisted for The Häagen-Dazs Rose Project, visit: https://iwd.haagen-dazs.global/en/.

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47% of women feel their workplace is not combatting inequality

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Katherine Maher, CEO, Web Summit, on Centre Stage during day one of Web Summit 2023 at the Altice Arena in Lisbon, Portugal
Katherine Maher, CEO, Web Summit, on Centre Stage during day one of Web Summit 2023 | Photo: Eóin Noonan/Web Summit

The proportion of women who feel that their workplace is not taking appropriate measures to combat gender inequality has nearly doubled in a year, a new survey has revealed.

Web Summit, the world’s largest technology event taking place in Lisbon this week, has released its third annual State of Gender Equity in Tech report, which is based on a survey distributed among its women in tech community.

76.1 percent of respondents feel empowered to pursue and/or hold a leadership position; fewer respondents (41.8 %) feel the need to choose between family and career when compared to 2022 (50.4 %); and there is at least one woman in a senior management position in 80.4 percent of respondents’ companies, a similar proportion to last year (81.3%).

The survey found that 70.5 percent of respondents feel pressure to prove their worth compared to male counterparts, while 77.2 percent feel they need to work harder to prove themselves because of their gender.

Over three quarters of respondents (76.1 %) feel empowered to pursue and/or hold a leadership position. And almost half of respondents think that their workplace is not taking appropriate measures to combat gender inequality, increasing from 26 percent in 2022 to 47
percent in 2023.

“While it is encouraging to see progress in some areas, such as those feeling the need to choose between their family and career, there are also some deeply concerning trends within this report. Seeing an increase in those who report having experienced sexism in the workplace in the last year is disheartening in 2023. We hope that this kind of research can breed some positives, and that it will push workplaces – and women within these workplaces – to broach these topics and make progress in these areas,” said Carolyn Quinlan, VP of community at Web Summit.

Last year, 42 percent of attendees at Web Summit were women and 33 percent of speakers were women. In 2023 these numbers have slightly improved with 43 percent of attendees and 38 percent of speakers on stage being women this year.

The women in tech programme at this year’s Web Summit is at capacity, and the women in tech programme at Web Summit Rio 2023 reached capacity in record time.

The WebSummit 2023 is running from November 13th to 16th in Lisbon, Portugal.

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Krispy Kreme to give away free donuts on World Kindness Day

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A box of Krispy Kreme donuts opened and with donuts inside
The company, founded in 1937, is giving away 60,000 free doughnuts around the world today | Photo: Clément Proust

American multinational doughnut company and coffeehouse chain, Krispy Kreme, is celebrating “World Kindness Day” today by distributing free donuts in the US and the UK.

The chain is giving away a box of a dozen glazed donuts for free with no purchase necessary. But only the first 500 guests that visit each participating Krispy Kreme US stores on “World Kindness Day”, Monday November 13th, will be able to get a free box of donuts.

Krispy Kreme often gives away free or discounted donuts to generate buzz on special occasions. The company, founded in 1937, traditionally gives out free donuts to customers on National Donut Day, celebrated on the first Friday of June of each year. And in July, a dozen of glazed donuts were sold for 86 cents to celebrate its 86th birthday.

Thousands of free donuts are also expected to be given away today across Krispy Kreme stores in the United Kingdom, with customers being encouraged to ask for the World Kindness Day offer. No purchase necessary.

The company, which operates in over 30 countries around the world, said it wants the brand associated with World Kindness Day to make “meaningful connections” with customers.

“World Kindness Day is an opportunity to make a positive difference by being generous,” Dave Skena, Krispy Kreme’s global chief brand officer, said in a release. “Simple gestures of caring and thanks, including sharing a sweet treat, is a great way to do that.”

Krispy Kreme said that it’s considering expanding a limited partnership it has with McDonald’s to sell more of its donuts at the latter’s location.

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