Why The Economy Grows When Your Small Business Grows

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Why The Economy Grows When Your Small Business Grows

 

In this short podcast episode, I share why Business Leaders Coach is explicitly on a mission to help small and medium-sized businesses grow from start-up to scaleup.

I give a very high-level overview of why the economy grows when leaders choose to grow their businesses.

 

Key Points:

The UK private sector comprises largely of non-employing businesses and small employers, as shown in Table A. SMEs (small and medium-sized enterprises) account for 99.9% of the business population (5.6 million businesses). At the start of 2021:

 

  • there were estimated to be 5.6 million UK private sector businesses
  • 4 million of these had employees and 4.2 million had no employees
  • therefore, 75% of businesses did not employ anyone aside from the owner(s)
  • there were 5.548 million small businesses (with 0 to 49 employees), 99.2% of the total business population
  • there were 35,600 medium-sized businesses (with 50 to 249 employees), 0.6% of the total business population
  • a further 7,700 businesses were large businesses (with 250 or more employees), 0.1% of the total business population

 

The 7,700 large businesses in the UK make a major contribution to employment and turnover. Nonetheless, SMEs account for three fifths of the employment and around half of turnover in the UK private sector. At the start of 2021:

  • total employment in SMEs was 16.3 million (61% of the total), whilst turnover was estimated at £2.3 trillion (52%)
  • employment in small businesses was 12.9 million (48%) and turnover £1.6 trillion (36%)
  • employment in medium-sized businesses was 3.5 million (13%) and turnover £0.7 trillion (16%)
  • employment in large businesses was 10.6 million (39%) and turnover £2.1 trillion (48%)

 

Statistics taken from gov.uk find out more here

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