Mastercard and Enterprise Nation have partnered up to launch the ‘Make a Plan’ app which aims to support small and medium-sized enterprises (SMEs) by building an “interactive business action plan”.
Business tools can be accessed on the app to help small and micro firms improve upon their capabilities and understanding of technological software.
Developed by Strive UK, the Make a Plan app seeks to empower 650,000 SMEs in the UK over the next three years. Mastercard states that, according to its data, 70% of early stage business owners say they want to develop a cash flow plan.
The app helps achieve this by sending users to a ‘one stop shop’. Here users will be able to access relevant resources, programmes and digital tools to help company owners build their firm. Owners also have the ability to generate digital business action plans to track their progress and performance on their phone.
Emma Jones, Founder of Enterprise Nation, said: “This is a totally new approach to deploying curated support and advice to business owners. They will be able to very quickly build a learning action plan and identify support areas that will have the most positive impact on the business.
“While you don’t have to be an expert in everything to start a successful business, understanding the basics to a decent standard can significantly increase your confidence and resilience – as well as your chances of success.”
Enterprise Nation research believes that more than one in 10 working age adults in the UK plan to start a business within the next three months. Equating to three million individuals who will seek early business support.
Mastercard and Enterprise Nation insist the Make a Plan app has come at the right time as there feels to be an upward trend of new business owners, with more planning on becoming one in the future.
Natasha Jamal, Vice President, Social Impact, Mastercard Centre for Inclusive Growth, remarked: “There is an explosive growth opportunity for the UK’s micro and small business sector, but it can only be realised if they receive the right guidance and support. For small business owners, trying to identify which digital tools are the right ones for their business can be a daunting task.
“The Strive app and one-stop-shop simplifies this by giving time-poor business owners all the resources and guidance they need to grow their business in one place.”
In addition, data from Enterprise Nation shows 70% of early-stage businesses are looking for advice on how to build and improve their cash flow plan, while 55% of more mature growing businesses are looking to establish a financial reporting routine.
