10 ways to help small businesses grow
Posted: Mon 28th Oct 2013
What would be the impact on the British economy if every one of the UK's small businesses were to grow by 10% - and what would it take to make that happen?
These are the questions we're asking in new research we're conducting with cloud-based accounts and payroll software providers Sage One.
Record numbers
Start-ups and micro businesses account for 95% of all British businesses, provide employment for 7.8 million people and already contribute 20% of private-sector turnover.
And we're seeing record numbers of them, according to official statistics. And yet despite this, the basic support micro businesses need to expand their company by a small fraction doesn't exist, our campaign argues.
Framework for growth
Through our 10% Growth Campaign with Sage One, we'd like to develop a framework we hope will help achieve an increase in micro sector growth, providing a dramatic boost to the British economy and a more even distribution of wealth through lowering unemployment levels.
Enterprise Nation founder Emma Jones says:
"The measurement of growth has historically been focused on the performance of big businesses. And it's clear these companies are no longer providing anywhere near the growth we need to secure wealth and reduce unemployment.
"Yet all evidence points to the record number of small businesses that are on the verge of growth.
"If we could focus on thinking differently - and finding a way to help them to grow by a realistic 10% or 15%, rather than just leaving that bit to chance, we think this could deliver a decisive boost to the economy that will benefit everyone."
How you can help
Our 10% Growth Campaign hopes to find out how micro businesses are funding their own growth, what help they think would improve or speed up that process and where their long-term expectations lie.
We're going to produce a report that we'll present to government ministers, which will offer recommendations about the intervention needed to accelerate small business growth by 10%.
Let's help UK small businesses grow!
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