Small and Medium Enterprises
The term small and medium enterprises is given to businesses which have a smaller turnover, and that usually means between £500,000 and £1,000,000 per annum. The number of business in this category steadily increases each year, and in the most recent figures show there were just under three million small and medium enterprises in the country.
The businesses are often those manufacturing to a specialist market, or providing a service which could be described as a ‘one man band’. However these businesses contribute a lot to the economy and figures show that some £3.2 million was generated by these small operations.
Jobs are also created and in this area, and smebritain.co.uk reveals that close to 23,000 people are employed by small and medium enterprises across the United Kingdom. The highest employment was found in London and the South East. Starting a small or medium sized business can be difficult and will inevitably mean a visit to the bank for support.
A good business plan is vital along with cost and profit projections. Banks are very careful about small businesses which they see as a big risk. However on the positive side the government and websites such as smebritain.co.uk are keen to help with business development.
Most city Chambers of Commerce have networking meetings, and business advisers who can help in the early days of a small business. Support can also come from organisations within a particular industry et started so the entrepreneur can get started knowing there is general support around from people who are aware of the pitfalls, as well as the potential.