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Most contractors rely on their mobile devices to run a business

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A new survey from Lloyds Bank has revealed that there is a new generation of small business contractors – the ‘Smartphone entrepreneur’.

These ‘smartphone entrepreneurs’ are those who are making increasing use of their mobile devices.

According to the Lloyds Bank report, which surveyed over 1,000 UK smaller sized businesses with a turnover of £25m, three out of four smartphone entrepreneurs, feel that having one is both critical and important to the smooth running of their business.

The majority of small business owners (71%) who use a smartphone said that it enables them to respond quicker to orders, queries and complaints, while over half (55%) said that it makes it possible for them to carry on running their business and work less from one location, even when on holiday.

Those using smartphones said that they save on average an hour a day from using mobile technology – equating to approximately 33 business days a year.

When asked to look ahead over the next five years, 62% of small businesses that use smartphones believe that mobile technology will ultimately improve their efficiency and profitability.

Nick Williams, Consumer Digital Director for Lloyds Bank, commented, “The new generation of smartphone entrepreneurs are seeing clear benefits from using mobile technology. It gives them greater flexibility in how they run their business as well as significant time and cost savings.

“However there are still many small businesses that could be missing out on trade by not using technology to their advantage. We want to help businesses understand the benefits of technology so that they can interact with their customers in new ways and find new opportunities for growth.”

What expenses can you claim as a contractor? Read our comprehensive contractors guide to company expenses for information on what you can claim, how expenses affect your tax bill and what is classed as a valid business expense.

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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