Small And Medium Enterprises Are Vital To The Economy
They contribute a massive amount ...
Posted by Roger Eddowes on 30/08/2022 @ 8:00AM
Small and Medium Enterprises, more commonly known as SMEs, are vital to the UK economy. With an employee count of between one and 249 employees, they contribute more than £2 trillion in turnover and employ over 44% of the British workforce ...
Small and medium enterprises contribute a massive amount to the economy!
A recent study looked at the latest ONS and Government data to see which industries had the most Small And Medium Enterprises. Apparently, the hospitality industry came at the top with 69.8% being SMEs and the wholesale and retail trade came second with more than 48%. Real Estate came third.
Agriculture, Forestry and Fishing had a surprising number of SMEs with over 50,000 SMEs making up 33% of the 150,000 total businesses!
The study also looked at the UK regions and discovered that Northern Ireland had the most SMEs in the UK, with Scotland second. In England, the East Midlands is the most industrious area with 100,300 SMEs making up 27.3% of the 367,400 businesses in the area.
Regarding skills for entry-level positions, Microsoft Office proficiency is the most common request on job adverts appearing in 61% of the jobs analysed. High attention to detail, good time management and self-motivation also ranked highly.
With over 1.4 million British companies classed as Small and Medium Enterprises with a combined turnover of more than £2 trillion each year, it is essential they are given the support they need to grow and continue making such a significant economic contribution.
But conversely, we must also ensure the workforce is well trained to help Small And Medium Enterprises deliver and adapt to the challenges we're all facing right now.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about Small And Medium Enterprises or the support that is available right now, it may be a great idea to give me a call on 01908 774320 and let's see how I can help you.
Don't forget to stay updated with our daily social media posts on Facebook.
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
No unauthorised use, duplication, distribution or modification to any original content contained within this blog is permitted without prior written permission of the author. All other trademarks and registered names are acknowledged.
