The Marches Growth Hub is backing a new campaign to celebrate and promote small businesses in the region.
It has lent its support to the Small Wonders initiative by the British Business Bank, which aims to highlight the contribution of small businesses to the economy ahead of the annual Small Business Saturday on December 2.
New polling* from ICM, the independent research company – commissioned by British Business Bank – reveals how the contribution of the UK’s small businesses go unrecognised by the public.
Small businesses make up 99.3% of the total UK business population. 98% of the survey respondents underestimated this share, however, with three in four thinking that small businesses accounted for fewer than 60% of the UK’s business population.
The contribution of small businesses to UK private sector turnover is also vastly undervalued. Only one in five (21%) correctly identified their £1.3 trillion, or 33%, contribution to UK private sector turnover. All other respondents thought small businesses’ economic contribution was lower.
The British Business Bank is the Government owned bank that is working in partnership with the Marches Local Enterprise Partnership and nine other LEPs to provide funding to help SMEs start up and grow through the Midlands Engine Investment Fund.
SMEs form a large part of the commercial sector in the Marches and play an important role in creating a healthy economy and job creation.
They are Small Wonders and we are delighted to join this campaign and recognise their importance. Nationally, small business owners and the self employed generate more than £1 trillion a year and it’s vital that shoppers continue to support as they face a tough trading environment.
* For this survey, a small business is defined as a business with 1-49 employees.
The survey was carried out using ICM Unlimited Litmus Omnibus, with online interviews taking place from 3 November to 5 November 2017. ICM Unlimited interviewed a nationally representative sample of 2,023 adults in Great Britain.