The Government has committed to supporting 5.5 million small businesses by updating its Help to Grow campaign and introducing a new Small Business Council next month.

 As the backbone of the nation’s economy, SMEs play an indispensable role, comprising a staggering 99.9% of all businesses in the UK. Their collective impact is profound, with SMEs providing employment opportunities to over 27 million individuals and contributing £4.5 trillion in annual turnover.

In recognition of their significance, the Government has unveiled ambitious plans to bolster support for SMEs, setting 2024 as “the year of the SME.” Central to this strategy is the revitalisation of the Help to Grow campaign, which serves as a vital resource hub for SMEs seeking guidance and assistance. Notably, the campaign has been augmented with the introduction of the Help to Grow management scheme, a rigorous 12-week program tailored to enhance leadership capabilities within SMEs. This initiative, heavily subsidised by the Government, has already garnered significant traction, with nearly 8,000 businesses enrolled and plans to reach a target of 30,000 beneficiaries.

However, the Government’s commitment extends beyond mere policy adjustments. The creation of the Small Business Council marks a significant step forward in ensuring that the voices of SMEs are heard at the highest levels of decision-making. By providing a dedicated platform for SME leaders to engage directly with policymakers, the council aims to address the specific challenges and concerns facing small businesses across the nation.

Business and Trade Secretary, Kemi Badenoch, emphasised the vital role of SMEs in driving economic prosperity and fostering vibrant local communities. She underscored the Government’s unwavering commitment to supporting SMEs, asserting that the Small Business Council will serve as a conduit for delivering targeted solutions and driving tangible outcomes for businesses of all sizes.

As the Help to Grow campaign gains momentum and the Small Business Council takes shape, the stage is set for a transformative era in which SMEs can thrive, innovate, and contribute to the enduring prosperity of the UK economy.