Achieving economic ‘growth’ is a crucial national mission that has eluded successive governments. The Growth Agenda outlines the huge untapped potential within the UK’s small business economy and the interventions – inspired and developed by leaders of high potential businesses – that could kickstart productivity and catalyse long-term growth.

The Growth Shots

In November 2024, 59 entrepreneurs, leading some of the UK’s most exciting and ambitious small businesses, were brought together to develop policy ideas that would make a meaningful difference to their own businesses, and the wider economy.

These ‘Growth Shots’ are targeted, high-impact and actionable interventions. They include short-term tactical initiatives and longer-term systemic changes.

The sessions to facilitate these Growth Shots were moderated by Goldman Sachs, with input from a panel of senior business stakeholders, before being presented directly to policymakers at a roundtable at No. 10 Downing Street.

Examples of the Growth Shots include:  

• Growth Shot #1 (Quick win) – The Small Business Investment Summit: mirroring the government’s International Investment Summit, the Summit could bring investors together with exciting, high growth small businesses and create a moment to recognise the power and importance of small firms to our economy
• Growth Shot #2 (Building momentum) – The AI Mission: to ensure the UK keeps pace with AI developments, an AI leadership training course developed by leading business schools and in partnership with industry – could create AI champions within small businesses
• Growth Shot #3 (Fundamental change) – National Employability Programme: embedding greater enterprise education in the curriculum and activities aimed at young people, such as the Duke of Edinburgh Award to foster an enterprise-ready talent pool, with the skills that employers truly need

Charlotte Keenan, Head of the Goldman Sachs 10,000 Small Businesses UK programme, a business education programme for high potential businesses in the UK, explains: “Growth is the pressing national mission and unlocking it is perhaps the greatest challenge that consecutive governments have faced. It’s time for Government to back the people who are growing businesses here and now.

“Through our Generation Growth campaign, small business leaders across the country came up with 18 practical, deliverable ideas and we hope government will incorporate these ideas into its programme for growth. The true lesson of this report, however, is that our future economic growth is going to be built on the success of the entrepreneurs and business leaders who are building companies and creating jobs. They are full of creativity, energy and ideas that must be harnessed by government as its shapes its future growth agenda.”

Business and Trade Secretary Jonathan Reynolds said: “Small businesses are the lifeblood of the UK economy and are excellent problem-solvers who offer an invaluable perspective on the challenges we face. That is why it is so exciting to see the solutions that they have put forward in this report.

“We are committed to offering SMEs the stability, reform and investment they need to thrive. These businesses are our partners in delivering our mission for economic growth – if anyone can kickstart it, they can.”

The Growth Agenda

The Growth Agenda is a solutions focused document developed by small businesses, for small businesses. The content of the document has been developed based on the direct insights of small business leaders through a series of convenings held across the UK over the last 12 months. This report offers 18 actionable 'Growth Shots' to catalyse long-term productivity and economic activity, including a range of quick wins, momentum builders and fundamental changes. Rather than a policy wishlist, these ‘Growth Shots’ are a series of practical ideas that could be implemented with government support.

The Growth Agenda builds on the findings of The Small Business Manifesto which we published in 2024. The Small Business Manifesto identified a number of key challenges that entrepreneurs face based on a survey of 550+  high potential small businesses:

• 55% of fast-growth small business owners said they were unable to access the talent they need
• A third (37%) were unable to access the finance they need to grow
• A fifth (20%) said they are held back by a ‘lack of understanding of international markets’
• Digital infrastructure topped the list of infrastructure challenges, ahead of rail and road
• 70% did not think the UK is being ambitious enough in encouraging the transition to a net-zero economy

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