sme case study

SMEs in the UK: Case

Whenever the world of business is talked about, it brings up the images of huge corporations employing thousands of people. The big players indeed tend to be the ones that dominate all the headlines and take up all the column spaces in the business sections of all the national newspapers.

The reality in the United Kingdom is that there are millions of people working for themselves or are employed by the so-called Small and Medium Sized Enterprises (SMEs).

It is these SMEs which make up the backbone of the economy and the statistics speak for themselves. They are the unsung heroes who keep the economic engine running.

According to the official figures released by the government, there are currently around 4.9 million small businesses in the UK which employ 24.3 million people and have a combined turnover of £3,300 billion.

Small businesses play a crucial role when it comes to driving the economy forward and without them we would not be able to compete on the international stage.

There may be many obstacles that are facing entrepreneurs but the great thing is that there has never been a shortage of people looking to start their own. Many of these businesses have either been able to enter the foreign market or are looking to do so in the future.

SMEs are there to stay in the UK and are even growing stronger by the day.