I've been asked this a lot in the last week. Apologies for the lazy use of acronyms. It stands for Small and Medium-sized Enterprises, i.e. Small Businesses.
There are various definitions of what constitutes an SME. But things that stand out for me (and show just how vital we are as a group to the UK - especially now) are that;
- "out of a total of 4.8m UK businesses, less than 1% were large corporations (i.e. over 250 employees)"
- "the majority of the [UK] workforce is employed by SMEs. Statistics [] show that out of 4.7 million businesses in the UK, 99.3% were small firms with fewer than 50 employees, and 0.6% were medium firms with 50-249 employees."
So where are they and why is their voice always drowned out by the 1%? We all know the answer is time and resource but if ever there was a time for government to make an extra effort to tip it’s ears towards the SME community….
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You have entered two figures for the total number of businesses in the UK - 4.8 million and then 4.7 million - a 700 000 difference is significant. Interesting and informative blog though!
ReplyDeleteHilarious how this is a business blog and you still can't behave like civilised humans.
ReplyDeleteAlthough I have to admit, interesting.