Pauline Trotter
Measuring success - BT launch of UK small business week
We recently attended the launch of Small Business Week 2007 - an event promoting the 4 million plus small businesses in the UK and extending fast into the rapidly growing home business sector, currently estimated to employ 2.1 million people. Government figures show that small businesses account for 47% of the UK's private sector workforce and contribute £967 billion to the economy. By many measures the UK is recognised as having one of the most favourable environments for encouraging new start ups as well as the lowest barriers to entry. But there is a recognition that more can be done - Small Business Week is aimed at helping small businesses achieve long-term success. Comment: SMEs have long been an under-served sector and any initiative to move their needs up the agenda is a good thing. This is clearly an important market for BT. BT Business's Bill Murphy commented that while the industrial revolution may have killed the cottage economy, the networking revolution has brought it roaring back. BT pointed to its recently launched Tradespace and Business Insight as examples of offerings designed specifically to provide advice to, and facilitate the development of, small business communities. It also presented some research that it had sponsored (conducted by Enterprise Nation), which looked at the needs of 1650 small companies (startups, home-based businesses and growing enterprises) in the UK regions. This included the findings that small businesses feel they lack expert knowledge in finance (37%), HR (30%) and sales and marketing (25%). New technology has brought many benefits, including productivity improvements and reduced administration, as well as the ability to reach new markets. Most currently go to the Internet as the first port of call for advice. The panel discussion involving representatives from initiative supporters BT Business, the British Chambers of Commerce, the Royal Bank of Scotland and Everywoman began by focussing on what more can be done to help businesses grow. The most interesting debate was around the meaning of 'success'. In an audience that appeared to heavily represent the many home-based businesses making up the UK SME sector, participants challenged the received wisdom that growth is the only measure of success in business. Government and agencies should do more to embrace small sustainable businesses which don't necessarily want to grow in employee terms, but nevertheless need as much support and encouragement as those that do.
