What would be the impact on the British economy if every one of the UK's small businesses were to grow by 10 per cent - and what would it take to make that happen?These are the questions we're asking in new research we're conducting with cloud-based accounts and payroll software providers Sage One.
Record numbersStartups and micro businesses account for 95% of all British businesses, provide employment for 7.8 million people, already contribute 20% of private sector turnover - and we're seeing record numbers of them, according to official statistics. And yet despite this, the basic support micro businesses need to expand their company by a small fraction doesn't exist, our campaign argues.
Framework for growth
Through our 10% Growth Campaign with Sage One, we'd like to develop a framework we hope will help achieve an increase in micro sector growth, providing a dramatic boost to the British economy and a more even distribution of wealth through lowering unemployment levels.
"The measurement of growth has historically been focused on the performance of big businesses," says Enterprise Nation founder Emma Jones. "And it's clear these companies are no longer providing anywhere near the growth we need to secure wealth and reduce unemployment.
"Yet all evidence points to the record number of small businesses that are on the verge of growth.
"If we could focus on thinking differently – and finding a way to help them to grow by a realistic 10 or 15 per cent, rather than just leaving that bit to chance, we think this could deliver a decisive boost to the economy that will benefit everyone."
How you can helpOur 10% Growth Campaign hopes to find out how micro businesses are funding their own growth, what help they think would improve or speed up that process and where their long-term expectations lie. We're going to produce a report that we'll present to Government Ministers, which will offer recommendations about the intervention needed to accelerate small business growth by 10%.
Special offer from Sage One Payroll
For the month of September, Sage One are making their payroll software completely free to use until 5th April 2014!