SME & Proud! The Contribution of SMEs to the UK Economy
I started my first business when I was 12, a car cleaning round servicing the neighbours on the street where I lived in a suburb of Chesterfield.
I’ve subsequently, started 5 other businesses in my career, some didn’t work out so well but I’m pleased to say that others have thrived. So I’m obviously an SME entrepreneur at heart and what’s more I’m proud to be one. I’m proud to be part of a large, but unique, group of people who are the innovators, the risk takers and the job creators in this country.
There are over 4.9 million SME businesses in the UK providing 8.1% of total jobs in economy, that’s 23.4 million people. In fact large companies and corporations only account for 0.4% of all the private sector businesses based here in the UK - and here are some more facts about SMEs that you might not be aware of:
We have combined turnover of £3,3bn
We export over £1.1b of our products and services
We are responsible for employing 24.3 million people
We file over 6,000 European patents a year
18% of SMEs are female led
Female led SMEs contribute £50bn to the economy
SMEs are growing successfully 10% reported growth over the last year
400,000 SMEs reported growth of over 50%
The evidence is clear, the contribution made by Small Medium Size Enterprise to the UK Economy is immense. SMEs are not only the backbone of UK economy but are also the driving force.
There are more SME businesses in the UK than ever before and there are more businesses starting up than ever before. However 50% off all start-ups fail within the first 5 years. That’s why it’s important that SMEs get the support they need to help them flourish and prosper.
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If you feel you need some support with your business growth challenges please get in touch, we would be more that happy to help.
The Telegraph – The Importance of SME’s to the UK economy / Federation of Small Businesses / BIS / Citrix Report