The future for small businesses
We are currently in a state of uncertainty in many different aspects, and for businesses it can be a very daunting time. After the past few years we have had, it is now about rebuilding the UK economy.
Speaking recently at Elite Business Live, Paul Scully, Department for Business, Energy and Industrial Strategy and Minister said: “We want and need small businesses to be a part of that.”
There is a number of initiatives the Government are trying to help with, as Paul explained the Help to Grow Scheme is designed specially for small businesses, and although there is some scepticism about what these business leaders and mentors know about entrepreneurship, there is often a knowledge and so many layers of value they can provide.
Paul also expressed his delight to see COVID hadn’t stalled female-led businesses, as figures show not enough funding and investment is going to these, and he said: “Going forward this will be one of our priorities.”
There has also been the launch of the startup loans company by the British Business Bank, created a few years ago now but designed to help provide loans, but not just that a level of mentorship and support to entrepreneurs.
Also talking at Elite Business Live Adnan Ahmed, Head of Strategy at Starling Bank said SMEs are the backbone of the UK. “Innovation in our economy is so important right now, that is why it is essential that businesses are supported in every way they can be.”
Innovation is a contrast to progress as you cannot just stop once you have achieved something. Successful innovation allows founders to add value to business to create and increase profits. One of the biggest challenges some new businesses are facing is the lack of innovation and therefore businesses plateauing. Adnan added: “Innovation helps you stay ahead of the competition, if you have a solution or product you believe in you should push it.”
Also adding on encouraging more female-led businesses to the landscape, Adnan said: “Female-led startups are great, but we need to see more female owned scale-ups, and to do this it is about support and offerings to help these female entrepreneurs get to the next level.”