THE BLOG

Let's Help Small Businesses to Grow by 10%

29/08/2013 16:29 BST | Updated 28/10/2013 09:12 GMT

What would be the impact on the British economy if every single one of the UK's micro businesses were to grow by 10 per cent - and what would it take to make it happen?

These are the questions being examined in research that we at Enterprise Nation are conducting with cloud-based accounts and payroll software provider Sage One in our new 10% Growth Campaign.

Start-up and micro businesses account for 95% of all British businesses, provide employment for 7.8 million people, already contribute 20% of private sector turnover - and we are seeing record numbers of them, according to official statistics.

We think finding ways to take these businesses to the next level is critical.

Through research, we are seeking to develop a framework which will help achieve this increase in micro sector growth bringing with it a redistribution of wealth through lowering unemployment levels.

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 per cent, rather than just leaving that bit to chance, we think this could deliver a decisive boost to the economy that will benefit everyone.

The 10% Growth Campaign seeks 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.

Lisa Ewens, category manager for Sage One said: "There is so much potential sitting within the small business sector to make a real impact on the growth of the UK's economy. By identifying the key issues facing micro businesses we can collectively help to unlock their potential and provide support that is relevant and useful. By working closely with many small businesses, Sage One understands that support is a vital tool to help increase confidence and supply knowledge to SMEs to help them succeed. Listening to them closely and ensuring their needs are being heard is the first step to creating the foundations for future business growth."

The campaign is set to produce a report and we are going to present the findings to Government Ministers offering recommendations about the intervention needed to accelerate small business growth by 10 per cent.

That's why it's important for everyone to take part and have their say. Our Small Business Survey is hosted on the Enterprise Nation website. To take part, businesses should go to www.enterprisenation.com/growth