SME. The backbone of your community

A healthy economy requires small business growth and sustainability. When small businesses are healthy and prosperous, the community-at-large benefits and prospers, too.

Small Business Is The Backbone Of The Community

There are 5.7 million small businesses in the UK (2017). These businesses employ 60% of the workforce and account for 51% of transactions throughout the year. Together, small businesses pack a large punch that provides stability to the UK workforce.

In addition to privately owned small businesses, franchised businesses have grown significantly in the past decades. Restaurants, petrol stations, coffee shops, and retail outlets across the country all provide franchise opportunities and employment.

Entrepreneurs Drive Small Businesses

We are an entrepreneurial country. The spirit of entrepreneurship is deeply ingrained in our culture, and small business owners are the men and women who take their ideas and bring them to life.

The community members who act on the dream are the men and women who comprise the backbone of the community. They provide jobs for their neighbors, donate to local charities, support community events, and do everything they can to ensure their business provides goods and services the community needs and counts on.

Since 2000, the number of small businesses across the country has increased a staggering 60%.

Small Businesses Are Becoming More Successful

Opening a business is a considerable risk, but business owners have become highly skilled at managing these risks. The small business failure rate has dropped 30% since 1977. This is due to better training, better education, and greater access to information.

SMEs have learned lessons from the past and have used them to strengthen their operations and streamline the processes they utilise. The result is that small businesses are highly adept, flexible, and capable of changing their operations to meet market needs without having to cut through corporate red tape first.

The result is that small businesses can maintain their viability and vitality as the market changes and consumer sentiment evolves.

Small Businesses offer a stable future

Whatever your Political beliefs on the merits of the EU, the wealth and strength of the UK economy will continue to rely heavily on our entrepreneurs and SME's. New start up's in your community need support, think about your next purchase or trade, could you give that business locally and support your economy?

Rosia Bay

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