Is 2015 a ‘golden age’ for small businesses?  

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Is 2015 a ‘golden age’ for small businesses?

A new report published today shows that small businesses are entering a ‘golden age’.

Complied by the Prime Minister’s Enterprise Advisor, Lord Young, the report reviews the changing face of business over the past 5 years. The current number of small firms now established in the UK stands at a record number of approximately 5.2 million. This is an increase of 760,000 in the last 5 years.

As part of the government’s long term plan to support businesses, create jobs and build a more resilient economy, Lord Young was appointed as the Prime Minister’s Enterprise Advisor in 2011, and since then has been asked to review support for small businesses and look at how new and developing businesses can grow.

A Change in Technology

“Technology has lowered the barriers to entry for people from all ages and backgrounds to make a business idea happen.”

The report identifies how our changing relationship with the internet has brought down barriers that might have once prevented a good idea from being turned into a viable business. The government’s drive to supply super-fast broadband around the country, which has now reached approximately 2 million homes and businesses, and the increasing use of tablet and smartphones providing on-the-go internet access, have made it easier for those working for themselves to reach customers and make sales.

A Change in Culture

The report also indicates a change in culture, with growing numbers of people choosing to be their own boss. Lord Young said: “In the past five years I have met countless numbers of inspiring entrepreneurs and small firms – from all ages and backgrounds and all reporting that starting a business is the most exciting and challenging thing they have ever done.”

The report reflects on the key developments that the government and its partners have supported to raise ambition about enterprise and enable entrepreneurs to build successful businesses. Lord Young added: “You can see the transformative effect on enterprise opportunities in the UK today. This is the golden age for small firms – there has never been a better time to start and grow a business.”

The Ongoing Trends

Additional key points that Young makes in his report are:

  • Social enterprises are on the rise
  • Governments are opening up a trillion pound sector procurement market to small firms
  • There has been an increase in funding initiatives over the last five years
  • It is now easier than ever before to find business support through different schemes such as the Business Growth Service.

The Enterprise Advisor’s report shows promising trends developing over the last 5 years for small businesses. If these trends continue, perhaps 2015 really will herald a ‘golden age’ for startups and entrepreneurs.

 

Read the full report here