Everyone should support Small Business Saturday
There’s no end to my admiration for the UK’S small businesses. Millions of entrepreneurs emerged out of the last recession to achieve success, culminating in the number of British businesses hitting a record high last year.
Our small businesses now account for £1.8 trillion in annual turnover, showing tremendous spirit and strength to plough their own furrow at a time of momentous uncertainty for the UK.
They’ve done the hard work of starting and building their businesses, and a little long-term support from government and big business can make a huge difference. For most independents, new customers and stronger relationships with regulars can also brighten their outlook for this crucial period ahead.
Today, Small Business Saturday marks its fifth anniversary, encouraging everyone to shop locally and making a lasting impact for small companies. Last year saw £717m spent with independents on the day and we should urge everyone to get out and give them another big boost this weekend ahead of the busy lead-up to Christmas.
Increasing engagement and participation at a local level is vitally important – and government and corporate businesses must also answer the call to give more support for the independent firms that we all rely upon. Through initiatives improving routes to finance and apprenticeship training, I prioritised making life easier for UK enterprise whilst in government. Commitments such as these must be made again.
There needs to be a greater appreciation for our small businesses, what they contribute to our economic prosperity and the dynamic role they play in forming our local communities.
Everyone in Britain with a good idea should have the opportunity to turn it into a business, with financial support and advice to help them realise their ambitions. It’s clear that we need to improve the conditions for doing business now more than ever before, with the talent shortage and a weaker pound causes for concern for many of our small and medium-sized enterprises (SMES) this year.
Small businesses breathed a huge sigh of relief when the Chancellor announced that the Government would not be reducing the VAT registration threshold. Whilst the changes to business rates are
‘We need an environment where small businesses can truly thrive. Government must level the playing field’
welcome, small companies would have wanted to see a rates freeze announced in last week’s Budget. Small businesses also need the Government to do more to support exports and tackle late payments.
The new industrial strategy announced earlier this week set out the challenges the UK needs to overcome if British business is to compete on the global stage. The Government must now deliver on its commitment to improving technical skills, new physical and digital infrastructure, as well as increasing investment in research and development. It should also urgently accelerate a review into steps that can boost productivity and growth among SMES, as well as the “Future of Urban Mobility” strategy. Addressing the skills shortage must also be at the top of the agenda. Small business owners are passionate and knowledgeable assets to our economy.
But they need confident and capable young people to help them take their companies forward. This talent can only be developed through new investment and structural changes within our education system to improve skill levels.
We need to create an environment where our small businesses can truly thrive. Government must lead the way by levelling the playing field and removing more of the barriers that prevent businesses succeeding.
Many of our local councils have seen the role that they can play in attracting more people to their independent shops. Whether it’s free parking, funding for street parties or other initiatives, local authorities can do their bit to make doing business easier and bring communities together. We need to see councils all around the UK take action, with ideas to support small businesses put into practice throughout the year.
The life of an entrepreneur can be exciting and fulfilling and Britain’s small business owners are known for relishing the competition and challenges they face. But more must also be done to foster valuable partnerships and greater collaboration within the business community.
With that in mind, this Small Business Saturday should again serve as a reminder of how much we depend on our community businesses. Recent research by the campaign found that an overwhelming number of independents highly value connections with their customers and neighbours, with 90pc saying it’s important for businesses to play an active part in their local community.
It takes outstanding enthusiasm and resilience to persevere in business and overcome the hurdles you face. This is why we need engaged and loyal communities, where businesses have more opportunities to help one another. Supporting our small businesses benefits us all and this is where we must start in order to drive the UK’S economic growth and productivity forward.
Sir Vince Cable MP is leader of the Liberal Democrats and former Secretary of State for Business, Innovation and Skills