"The data indicates a notable resurgence in the SME sector, with the number of small businesses rising to an impressive 5.68 million, which accounts for 99.18% of the total business population. This 3.5% increase, equating to 191,000 new businesses since last year, is a testament to the resilience and entrepreneurial spirit driving our economy, and it is heartening to see so many individuals taking the initiative to establish their own ventures."
"While the number of SMEs is on the rise, we must address the slight decline in employing businesses, which decreased by 9,000 to 1.42 million. This trend suggests that many new enterprises may be starting without the immediate intention of hiring, or perhaps are opting for non-employing structures. The emergence of 4.27 million non-employing businesses raises important questions about income stability and long-term growth prospects;"
"with only 1.42 million businesses employing any staff, it's crucial for entrepreneurs to consider how they might transition from self-employment to hiring. Creating strong and sustainable business models which create new UK-wide employment opportunities will go a long way to 'unsticking' the economy. The concentration of small and medium-sized enterprises in key sectors like Construction, Professional Services, and Retail presents both opportunities and vulnerabilities."
SME numbers increased to 5.68 million, representing 99.18% of all businesses, a 3.5% rise with 191,000 new enterprises. Employment among businesses fell by 9,000 to 1.42 million, while non-employing businesses rose to 4.27 million. Many new enterprises may start without immediate hiring intentions or adopt non-employing structures, raising concerns about income stability and long-term growth. Entrepreneurs need strategies to transition from self-employment to hiring to boost employment and economic dynamism. Strong, sustainable business models that create UK-wide jobs can help revive economic momentum. Key sectors with SME concentration include Construction, Professional Services, and Retail.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]