Napoleon got it wrong. We really are a nation of small businesses, not (just) shopkeepers. According to the government, 99.9% of the 5 million UK businesses are SMEs (small and medium-sized enterprises), employing less than 250 people. It gets even better – 99% of businesses employ less than 50 people. In total, 75% of private sector businesses do not employ anyone beside the business owners. In some sectors, SMEs represent more than 70% of total private sector employment – including construction and real estate – while for manufacturing it is 58%.
But that’s enough stats – so what? Recognising its importance, the government through BIS has identified that the SME sector should be the engine for growth in the economy – AND IT IS PROVIDING HELP!
In November 2013, BIS announced an allocation from the British Business Bank’s investment programme and the launch of a campaign to help small firms grow.
Sadly still one of the world’s best kept secrets, also under the control of BIS, the GrowthAccelerator programme is now supporting over 10,000 businesses, helping companies to achieve their growth objectives, largely through coaching and training. AND it is providing funding to subsidise the costs significantly.
We think it’s a brilliant initiative – but then, we are working with high growth SMEs as business coaches covering Birmingham and the Midlands under the programme!
For more information on how we can help, please CLICK HERE.