Petty cash... companies sit on cash
⬤ While most surveys suggest that the confidence of small and medium-sized enterprises (SMEs) is improving, there is still a reluctance to borrow in order to invest. Data from the Bank of England suggests that SMEs have been repaying debt in greater numbers than borrowing, while other indicators show that many continue to sit on significant cash reserves. Such caution is understandable, but advisers are increasingly concerned that many businesses lack the firepower to capitalise on emerging opportunities as the economy recovers.
⬤ Employees continue to be the weakest link in organisations’ defences against cyber attacks. There have already been reports, so far unconfirmed, that the cyber attack that recently forced the NHS to cancel operations began with a phishing email. The incident underlines the importance of ensuring that all employees are on their guard against such attacks. Many firms are not doing enough to encourage ongoing vigilance, cyber-security specialists warn.
⬤ Businesses looking to improve the artificial intelligence (AI) skills of their employees may be eligible for financial support from a new government scheme. The Department for Science, Innovation and Technology has unveiled a new pilot scheme aimed at SMEs in the professional business-services sector. Cash grants must be used to invest in AI skills training, with awards of up to £10,000 available depending on the size of the company. More details of the Flexible AI Upskilling Fund Pilot are available on the Gov.UK website.