Gift Focus - Mar/Apr 2020 (Issue 118)

93 FSB BUSINESS FEATURE warmly welcomed. This needs to continue to be extended until a more fit-for-purpose system is developed, which doesn’t involve big tax demands before a business has seen a penny in turnover let alone actual profit. Employment costs – from wages to auto-enrolment pensions – are another major factor for many on the high street, in businesses that are heavily labour-dependent. Addressing this, by the Government offsetting other employment costs, such as employer national insurance, would be a much-needed way of easing some of the financial pressure. The longer-term challenge for high streets, however, doesn’t end there. The role that they play in both communities and the economy, and how they can be supported to innovate and transform, is the bigger picture. Local authorities have an important role to play, whether it’s encouraging shoppers with better parking provision and reduced charges, or providing free wifi and modern street furniture with USB ports. It will take imagination and commitment, but local leaders don’t need to do it alone. Our latest research at FSB reveals that among small businesses on or near the high street, almost a third feel they already form part of the local leadership shaping the future of the area they’re based in; a further one-in-five would like to be involved. This reinforces just how much small businesses are at the heart of communities, not just providing jobs and prosperity, but willing to work hard to make sure they can continue to do so long into the future. Keeping high streets relevant is also key, and part of that will have to involve new ways of thinking what their purpose is and the ways in which premises can be used. One possibility would be to include shared working spaces, providing office facilities and the chance to work around other people. Where larger retail units become available and landlords struggle to fill them, could they be shared by a number of small businesses instead of entirely occupied by one larger one? That kind of concept, in some instances, could also be applied to ensuring banking services remain on offer on the high street. In recent years, the main banking chains have closed vast swathes of branches, leaving small business customers without in-person services, or even without a convenient way of depositing cash. This has been another major factor in reducing footfall, giving customers one less reason to visit the high street. A better solution – for customers, small businesses and communities – might be to create shared spaces – a banking counter in one corner, a coffee shop in another. Just because a bank might not need a large, traditional branch it doesn’t have to lurch to the other extreme of pulling out of an area entirely. Independent high street businesses are part of the fabric of local communities, giving areas an identity as well as significant economic benefits. Many of them are well placed to thrive and be attractive to consumers long into the future, but they need creative, strategic action to make sure the locations in which they are based are fit for the 2020s and beyond. ABOUT FSB As the UK’s business support group, FSB is the voice of the UK’s small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that’s led by its members, for its members. As the UK’s leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed. FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK’s Celebrating Small Business Awards. More information is available at www.fsb.org.uk . You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.