The National Enterprise Network (NEN) hosted a meeting with the Department of Business and Trade on 8 January 2025, to address the Business Growth Service, an integral part of the UK government’s small business strategy to be published this year. It brought together a diverse group of organisations to discuss solutions for supporting entrepreneurs and small businesses.
The strategy focuses on five pillars: high streets, finance, markets, business capabilities, and the wider environment.
A key focus of the discussion was the need to simplify business support programmes, ensuring they are more accessible and easier to navigate for entrepreneurs. Concerns were raised about the impact of funding cuts on local authorities and the fragmentation of support services, with attendees calling for better coordination between central and local government. The stigma around entrepreneurship was also highlighted, alongside the need to foster a more supportive culture that encourages innovation and enterprise.
The group explored how the strategy could improve access to finance and procurement opportunities. Practical issues facing larger small businesses, such as rising energy costs, logistical challenges, and infrastructure concerns, were also on the agenda. Additionally, the importance of nurturing youth entrepreneurship was discussed, with a call for more targeted initiatives to inspire the next generation of business leaders.
Attendees proposed several actions for the Department for Business and Trade (DBT) to consider. These include:
- Gather more detailed intelligence on the urgency and timing pressures around funding gaps and staff retention
- Explore how the small business strategy can help with simplification and coordination of the business support landscape, including the role of central government versus local/devolved authorities.
- Engage with growth hubs and local business support organisations to understand what’s working well with existing programmes and avoid constantly reinventing the wheel.
- Explore how the strategy can better address practical, operational challenges that larger small businesses face, such as infrastructure and logistics issues.
- Explore how a more holistic approach to measuring social value can be used to support SMEs, in particular equipping businesses with the necessary skills to meet procurement demands
The meeting concluded with a shared commitment to reconvene in February 2025 to continue refining the small business strategy and discuss the Growth Business Service.
Representatives from leading organisations across the country, as well as NEN members, participated in the discussion, including Buckingham Business First, North East BIC, Staffs Chamber of Commerce, Menta, Let’s Do Business, Digital Boost, Tedco, Evolve Advisory, PNE, Stanta, BEC, Umi, Business Information Point, NWES, NBV, and Business for London.
The NEN remains dedicated to ensuring that small businesses are empowered to thrive and contribute to the UK’s economic growth.