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Limited company contractors need to develop digital skills

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Limited company contractors could be risking future growth due to ‘technology blind spots’, finds latest Lloyds Bank report.

The first UK Business Digital Index, carried out by Lloyds Bank in association with Accenture and Go ON UK, has found that thousands of UK small businesses and charities could be jeopardising their future growth prospects due to not seeing the benefits of digital technology, and not doing enough to develop digital skills.

Findings revealed that only half of UK businesses and charities have their own website; 11% do not have access to or use the internet.

Even some of the businesses that do have their own websites aren’t reaching their full potential – only one in five (18%) allow customers to purchase goods/services or donate from their site and only a fraction (4%) can take payments in different currencies online, which limits their ability to export to other markets.

Miguel-Ángel Rodríguez-Sola, Group Director for Digital, Marketing & Customer Development at Lloyds Banking Group commented on the findings, “Most businesses do use digital technology in some shape or form. However there is a real blind spot for many firms who are doing the basics but can’t see the benefits of doing more.

“Businesses that are willing to invest for the long term could reap huge rewards from digital technology.  

“Some of the benefits are quick wins, but businesses that really do focus on making digital technology a priority may even find that they can capitalise more easily on growth opportunities and that their confidence continues to rise.”

What’s life really like as a contractor? Visit our Life as a Contractor case studies hub for real life stories on working through your own Limited company, taking money out of your Limited company, understanding IR35 and much more.

If you have any questions about contracting or would like further tax and Limited Company advice please contact our New business team on 01442 275789 or email newbusiness@sjdaccountancy.com.

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