The Government has unveiled an initiative aimed at bolstering support for the UK's SMEs in a commitment to creating an optimal business environment.
Spearheaded by the Department for Business and Trade, the new approach includes the establishment of a Small Business Council, the revitalisation of the Help to Grow campaign, and the introduction of the new Lilac Review, which focuses on disability inclusivity.
Small Business Council
In a significant move towards supporting small firms, the Government is set to launch the Small Business Council next month, bringing together leaders from SMEs across the nation. The new body aims to provide a dedicated platform for small businesses to articulate their needs directly to the Government.
Considering that nearly 99.9% of businesses in the UK fall into the category of small enterprises, the initiative underscores the Government's recognition of SMEs' as crucial drivers of the economy.
Help to Grow
The updated Help to Grow campaign will serve as a central hub offering a comprehensive array of support and advice for SMEs.
Functioning as a 'one-stop shop', this campaign includes resources to help businesses identify accessible funding, host webinars, and provide foundational guidance for first-time entrepreneurs.
The revamped campaign website features a step-by-step guide, offering practical advice for aspiring entrepreneurs seeking to establish and grow their enterprises.
As part of the initiative, the Government will continue to invest in the Help to Grow: Management Course - a 12-week program designed to enhance leadership and management skills for SMEs. With a 90% Government subsidy, this program has already supported nearly 8,000 businesses, and the ambition is to assist up to 30,000 enterprises over its lifetime.
Building on this success, Help to Grow: Management Essentials is slated to launch in April 2024, catering to SME leaders and senior managers making strategic decisions.
To mark the rollout of these initiatives, the Prime Minister hosted a panel event in Downing Street featuring small business leaders across different industries. The event aimed to further the discussion on starting and scaling successful businesses in the UK, leveraging talent, technology, and existing support structures.
Business and Trade Secretary Kemi Badenoch said:
"Small businesses are the lifeblood of our local communities and drive the UK's economy, supporting jobs and wages across the country.
"We are taking action to ensure that they have the support, tools, and guidance they need to thrive - because when small businesses succeed, the UK succeeds."
The Lilac Review
The Government's pledge has extended beyond traditional business support, as evidenced by the launch of The Lilac Review in collaboration with Small Business Britain.
This independent review aims to tackle inequalities faced by disabled business owners, aligning with broader efforts to improve inclusivity and diversity in the business landscape.
The Government says it is actively addressing the issue of late payments, a persistent challenge for small businesses. This is evidenced by the Prompt Payment and Cashflow Review in 2023, signalling a determination to prosecute large firms that consistently flout payment practice reporting regulations.
The comprehensive package of measures includes:
- financial support through the British Business Bank
- extending business rates relief
- freezing alcohol duty
- providing various forms of assistance tailored to the needs of SMEs.
With a focus on creating economic conditions for small businesses to thrive, the Government aims to solidify the UK's position as the best place in the world to do business.
The measures are hoped to play a vital role in building a resilient and varied SME pool, thereby contributing to broader economic stability and growth.
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