Are SME’s the backbone of the economy?

In 2013 there were an estimated 4.9 million businesses in the UK which employed 24.3 million people, and had a combined turnover of £3,300 billion. SMEs accounted for 99.9 per cent of of all private sector businesses in the UK, 59.3 per cent of private sector employment and 48.1 per cent of private sector turnover. SMEs employed 14.4 million people and had a combined turnover of £1,600 billion and small businesses alone accounted for 47 per cent of private sector employment and 33.1 per cent of turnover.

SME’s are the driver of the economy and will ultimately lead the country out of the recession. It is therefore essential to ensure that they are not forced out of business by the ever growing multi nationals such as supermarkets.

Local councils could tighten the rules on granting planning permission to the local supermarkets but that would probably face a lot of opposition.

The better option would be to inform business owners of various ways to cut their cost and become more competitive and profitable.

Improve That Price is a free tool that gives users the ability to compete with the bigger players by comparing their own wholesale suppliers and choosing the ones that offer the best all round deal. On average users can save 7%.

To improve the COS by 7% can make a massive difference to any business.

It does seems clear that SME’s are the backbone of the economy.

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