by Becky Johnston, Marketing Executive, The Business Show
SMEs can bring about significant growth and innovation to their local economies.
Small businesses opening in the UK are on a constant rise; at the beginning of 2018, we saw the number of SMEs hit 5.8 million. As part of the economy what we would like to understand is do we as individuals know of the benefits that SMEs bring to the local economy?
Two of the most important benefits SMEs bring to our economy are growth and innovation. Unlike larger companies, SMEs are more likely to provide a niche service with a personalised customer experience targeted at a specific audience. SMEs provide the main source of employment in the UK, which on average accounts for about 70% of jobs. In emerging economies, the OEDC states that SMEs contribute up to 45% of total employment. The importance of multiple SMEs in your local economy is job creation for local people, thus lowering unemployment. In turn, there is the benefit of employees’ income being spent locally, which brings about a positive multiplier effect, leading to a greater increase in real GDP.
The Business Show’s mission and passion has always been to help entrepreneurs and SMEs to grow and develop, so we can increase and expand on these proven benefits that truly help our local economies to flourish. The Business Show provides all the tools to reach your business goals, from inspiring keynote talks to interactive master classes and filling your black book with names and numbers from everyone you will ever need in the business world via our famous speed networking sessions – what more could you need? The Business Show will really help you every step of the way towards your success.
This November will see the 42nd edition of The Business Show at ExCeL London. To receive your free tickets and discover exactly what we have in store for you just click here.
Image provided by The Business Show