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MICRO BUSINESSES ENCOURAGED TO EMBRACE TECH FOR SUCCESS IN 2020
The government is encouraging micro business owners to take advantage of funding to help them embrace technology to drive growth in their businesses.
It’s strongly believed that those companies – even smaller ones – which embrace technology will last the test of time and will be the successes of the future. It’s estimated that a concerted effort by micro businesses to embrace technology could be the biggest driver of productivity in the UK – an estimated £18.8 billion annually. Currently this is being lost because of a lack of digital skills.
This new funding – currently distributed between ‘business schools’ across the UK which are accredited by the Small Business Charter – is part of the Leading To Grow programme to help micro business owners to embrace technology in their own business to generate income and increase efficiency. Sadly there are no providers in Swindon, Wiltshire or the South West at the moment. However on speaking to the Small Business Charter team this week, they are hopeful that this will change soon.
Making small changes for micro businesses can potentially have a massive impact on the UK economy and here’s why:
- Since 2010 SMEs have created 73 per cent of all new private sector jobs.
- In 2016 more than 99 per cent of all enterprises were SMEs.
- These employed 15.7 million people – 60 per cent of total business employment.
- Turnover of these businesses was £1.8 trillion. (47 per cent of total UK business turnover)
- 54 per cent of these SMEs are micro businesses employing 0 to nine people – generating just under 40 per cent of the turnover of all SMEs.
If UK SMEs were 100 businesses:
- 18 would be professional and technical services.
- 12 would be in construction.
- 8 in business administration.
- 8 in ICT.
- 8 in retail.
- 6 in arts, entertainment & recreation.
- 6 in accommodation & food services.
- 6 in agriculture, forestry & fishing.
The rest are all other sectors with smaller percentages.
One of the key reasons micro business owners do not embrace these resources is concern over cost and the amount of time it will take. Another fact is that small business owners often feel overwhelmed about all the possibilities of digital and therefore do little or nothing.
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