Small firms key to future growth

Analysis shows that one in every five jobs in the UK was created by “high growth small businesses”* between 2015 and 2106.

The Small Business Report 2018*, produced by the Centre for Economic and Business Research (Cebr), highlights the significant economic value of the UK’s fastest growing smaller companies. It claims that, by helping 22,000 fast growing small businesses flourish, the UK could close its productivity gap with economic rivals.

“A tiny group of UK companies are punching well above their weight showing they can be a significant force in driving the country’s economic growth, increasing UK productivity, skills and employment,” Cebr says.

The research found that targeting policy at fast growing small businesses by improving access to finance and skills and investing in digital infrastructure could deliver a growth dividend.

Whilst late payments, uncertainty around regulations and laws, and the digitisation of tax remain some of the most frequent challenges facing small businesses, our SME business experts put processes in place which make it easier to run your business and to maintain effective management of your company’s working capital.

We assist with management accounts, enabling better control of your financial situation and awareness of the business in real time, enhancing planning for the peaks and troughs, and making sure you always know how your business is performing.

Our tax experts at Beavis Morgan are available to discuss ways to make your tax return easier by taking the hassle of dealing with HMRC away from you, so you don’t need to contact them directly.

For information about how we can assist you and your SME business by putting processes in place to benefit you now and plan ahead for the future, contact your usual Beavis Morgan Partner.

* High growth small businesses are defined as companies with more than 20 per cent average annual growth over three years, and between £1 and £20 million of annual turnover.

*Read the full Small Business 2018 report here.