SMEs represent over 99% of UK businesses, but only one in five Brits realise it

Despite there being 5.5 million small and medium sized businesses in the UK which make up 99.8% of all of the UK's firms, only 21% of Brits know the number is that large.

That's the finding of a new report by Constant Contact, which is currently running a competition with Enterprise Nation for small businesses to win a TV ad on Channel 4.

The study looked at consumer attitudes towards small businesses in the UK, Australia, Canada, and the US.

Despite the lack of knowledge about how many SMEs there are in the UK, the study found strong support for small businesses. 82% of global consumers said small firms positively impact their lives, 83% would be upset if their favourite small business closed and 40% admitted they'd feel devastated.

Two fifths of global consumers said they visit a small business at least once a week, with Brits showing a preference for wellness and retail shops.

Across all four countries, the most loved small business types were:

1. Restaurants, bars,
and other
food and drink businesses

2. Grocery stores

3. Retail and speciality shops

4. Locally owned franchises

5. Personal care and wellness facilities

The report concluded:

"Consumers around the world consistently choose small businesses not just for what they sell, but for what they represent: quality, character, and community.

"So, whether you're a consumer choosing where to spend, a business owner wondering what matters most, or a journalist looking to capture the spirit of local economies, the main message is simple: Small businesses matter more than most people realise, and much more than they're often given credit for."