The UK runs on small businesses and for many of us, the success of our own companies is what keeps us going in life. Recently, there has been a shift with working towards supporting small businesses instead of big businesses.
This can be seen with many large businesses such as Coca Cola and Amazon using smaller companies to manufacture their products rather than their own production facilities which not only supports the small business but also brings in more work and helps them afford to hire more people. In this article, we will look at ways you can support small companies that are based in the UK.
Why Support Small Business?
Small businesses play a vital role in the UK economy. They account for around 60% of all UK GDP and employ over two million people.
Small businesses are more likely to be family-owned and operated, and they generate more than three times as much revenue as large corporations.
Small businesses also tend to be more innovative and entrepreneurial, which means they are more likely to create new jobs and drive economic growth.
Here are five reasons why you should support small businesses:
- They generate more jobs than large corporations.
- They are more likely to be family-owned and -operated, generating economic value for their owners and employees.
- They are more innovative and entrepreneurial, driving economic growth and creating new jobs.
- They contribute disproportionately to the UK’s high levels of entrepreneurship, innovation and economic growth.
- They’re a part of the community, supporting local economies and contributing to social wellbeing.
How to support small business in the UK?
Supporting small businesses in the UK can be a daunting task, but there are a number of ways that you can help.
Here are five tips to get started:
- Donate your time or money
It’s often the case that small businesses need more support than larger ones – from expert advice to financial donations. If you have time to spare, volunteer your services or give money to local organisations that support small businesses.
- Share your favourite small business stories
There’s nothing quite as motivating as hearing about an inspiring success story from a local clothing business owner. Share your own experiences and anecdotes about supporting small businesses on social media, in blogs and in other forums. It can really help to promote awareness and encourage others to get involved too!
- Join or form a business association
Many smaller businesses don’t have the resources or infrastructure to get involved in trade associations or other professional networks, but this doesn’t mean you can’t support them. Joining an organisation like The British Chambers of Commerce (BCC) or The National Small Business Council (NSBC) can provide valuable support and networking opportunities for members. Or consider starting your own business association if there are others in your area doing the same.
- Speak out and write letters to the editor
This is a powerful way to support small businesses on social media and to also get your views heard by newspaper editors and other industry leaders. If you have misconceptions or concerns about a local company, this is a great way to let them know directly, without having to reach out through official channels (although they may welcome the opportunity).
- Help with awareness campaigns
The surest way for people to learn more about a new brand? Encourage them with an informative campaign using social media channels! Consider starting one yourself, or encourage others in your industry to do so, so that people find out about what you do and how they can help.
The Pros and Cons of Supporting a Small Business
There are many pros and cons to supporting a small business, so it’s important to weigh up the benefits and drawbacks before taking any action.
Pros of Supporting a Small Business:
- You can help increase economic growth in your community.
- Supporting a small business often leads to job creation, which is great for the local economy.
- You can feel good about helping your local business succeed.
- It can be fun to explore new businesses and get involved in their community spirit.
Cons of Supporting a Small Business:
- It can be difficult to know where to start when supporting a small business.
- There is usually more risk associated with supporting a small business than with backing a larger enterprise.
- It may be harder to get reimbursement for donations or investment in a small business.
What are the Benefits of Supporting a Small Business?
There are a number of benefits to supporting small businesses, both for the individual and the business itself. First and foremost, when you support a small business, you’re helping to create jobs. In fact, according to the Small Business Administration (SBA), every dollar spent by an individual on products and services from a small business generates two additional jobs.
Additionally, small businesses tend to be more innovative and entrepreneurial than larger businesses, which can lead to new ideas and better products. And finally, supporting a small business can show your commitment to innovation and entrepreneurship – two values that are increasingly important in today’s economy.
Conclusion
Small businesses are the backbone of the UK economy and play a vital role in driving innovation, creating jobs and contributing to economic growth. However, as small businesses face increasing pressure from larger competitors and increased regulation, it can be difficult to stay afloat – especially if you don’t have access to the right resources or support.
Fortunately, there are many resources available to small business owners that can help them stay afloat and competitive – from funding advice and mentorship programmes to networking events and online tools. If you want to support your local small business community, make sure you take advantage of these resources!