31 Jul Government’s Small Business Strategy launched – ‘an important step forward’
The Government has today launched its Small Business Strategy – with a focus on tackling late payments and improving access to finance.
Authors of our recent ‘Levelling the Playing Field’ report – which reflects the views of more than 100 business owners, investors and other experts – have welcomed the strategy. Hugh Goulbourne and Joe Jervis have said:
“This strategy is an important step forward. Small- and-medium businesses across the country have been telling us that they need better access to finance to scale-up and drive growth, and much more help from regulators in disputes with larger firms.
“We look forward to working with Ministers on going further in delivering the recommendations in our report so that smaller businesses can fulfil their growth potential. This includes the creation of a Business, Innovation and Growth Unit, which would bring together access to finance, smarter regulation, fairer procurement, and streamlined governance all in one place.”
Hugh, Joe, and Sarah Edwards MP presented our paper to the Small Business Minister, Gareth Thomas, on 2nd June with an offer to collaborate further, building on our key recommendations from “Levelling the Playing Field” in order to help SMBs drive growth.
Our report champions:
- A new Business Investment and Growth (BIG) Unit: A central hub to coordinate SMB support across the UK, making them central to economic planning – going beyond the current Business Gowth Service.
- Regional innovation: Boosting growth beyond traditional areas, starting with a North-East Innovation Corridor and expanding to other high-potential regions.
- Improved access to finance: Offering training and coaching for businesses who are cautious about taking on external finance.
- Fairer public procurement: Ensuring British businesses can work more easily with public authorities.
- Simplified business operations: A unified portal for government interactions and streamlined processes.
- Better cashflow: Mandating E-invoicing and a “one-stop” portal for grant applications.?
We want to empower British businesses everywhere to drive forward a new era of growth and prosperity. We’ll keep working with policymakers to do so.
