More established businesses are turning to their local enterprise agencies for support.
New statistics released by the National Enterprise Network (NEN), the country’s leading representative of business support for micro, small and start-up businesses, show a massive increase in the numbers of established businesses seeking help.
Over 100,000 of the country’s established businesses have turned to NEN’s business support agencies over the past five years, with a massive increase in numbers in the just the last year alone of more than 10%.
The increase in established businesses supported underlines the message from NEN’s 2023 Business Barometer which showed that 99% of start-ups and small businesses surveyed, said they required immediate support having suffered significant increases in the cost of energy, goods and services and staff wages, as well a rise in the cost of debt and late payment by customers.
Alex Till, NEN chair, and chief executive of business support agency MENTA, said: “Our business communities have been crying out for help over the past few years as they struggled to survive and thrive in a difficult economic climate.
“We welcome the new government’s commitment to be ‘pro-business’ and look forward to working with them in their mission to drive enterprising communities.”
The latest figures released by NEN show their members also supported more than 70,370 entrepreneurs on the first steps towards running their own businesses, helped in the creation of 22,874 new businesses and 30,653 new jobs. The total number of established businesses supported was 106,711.
NEN’s member organisations focus on supporting the businesses which make the country’s MSME (micro, small and medium-sized enterprises) economy. Not-for-profit organisations they work on the ground in local communities, addressing the skills gaps and needs of new, emerging and existing microbusinesses by providing 24/7 access to a range of business support at a local level including 1:1 advice, support and business mentoring.
The MSME business sector comprises six million entrepreneurs, small and micro businesses accounts for 50% of the country’s GDP, 50% of its growth and 75% of its innovation. In addition it supports 33% of overall employment equalling nine million employees.
Businesses wanting to take part in the NEN’s 2024 Business Barometer should go here: https://www.smartsurvey.co.uk/s/CFILKM/