It’s always reassuring to read media stories that provide positive reinforcement on the importance of small business, and so this week it was refreshing to read a new and insightful piece of research by global print group, Vistaprint, discussing ‘the real value of micro-business’, in a report designed to measure their impact not just in the UK, but around the globe.
Defined by the ONS as recruiting between 1-9 employees, a record 96% of businesses in the UK are now defined as ‘micro’, employing 17.3% of the total UK workforce, and contributing significantly towards the broader £1.8 trillion annual SME turnover, proving Britain’s smaller businesses are fundamentally important to our domestic economy.
Using the latest data from leading research bodies, The European Commission and the OECD, the report gives insight into how the numbers of UK micro-businesses compare globally and the results are impressive, with Britain ranked fourth, thanks to a density of 81 micro-businesses per 1000 people, and just behind the USA in the global top ten.
It adds increased focus to the need for a more robust financial support mechanism for micro-businesses, to give them the backing they need to thrive and grow and to become competitive globally, not just domestically.
Small businesses are without doubt, the backbone of our economy and more must be done to nurture their success. As a provider of finance to UK small businesses, this is certainly at the top of our agenda.
At LDF, we continue to develop our business loan purposes to UK small business owners to ensure that they have access to a broad range of facilities that directly support their business vision, whether that be to invest in new equipment, to expand, to recruit, to better market themselves or simply to spread the cost of an unexpected bill.
At LDF, we make money work for your business.