Last Saturday marked the annual celebration of Small Business Saturday across the UK. The concept was launched in 2013 to highlight the importance of small businesses and their battle against the larger national and international organisations.
A firm with fewer than 50 employees is considered a small business, in the UK this accounts for 99% of all companies. According to the UK Federation of Small Businesses:
- Small businesses account for 99.3% of all private sector businesses at the start of 2015 and 99.9% were small or medium-sized (SMEs).
- Total employment in SMEs was 15.6 million; 60% of all private sector employment in the UK.
- The combined annual turnover of SMEs was £1.8 trillion, 47% of all private sector turnover in the UK.
- Estimated that for every pound spent at an independent company, around 70p stays in the local economy.
This means that one way or another small business affects every single person in the UK.
Small Business Saturday celebrates these incredible entrepreneurs. Last year UK traders took over £504m on the day from an estimated 16.5 million people – a 20% increase in footfall on 2013.
Small organisations battle every day against larger companies who can offer lower prices and have more resources to deal with issues such as administration, tax and staffing.
Wayne Edwards, local entrepreneur (Less4Ink/Less4OfficeSupplies) and Chairman of the Halesowen Chamber of Trade is an advocate of supporting local business. “If Halesowen’s residents continue to support local business, we can really get the West Midlands economy moving again and creating more jobs for local people. It’s something we’re truly passionate about.”
By buying local you help:
- SME’s to become established for the long-term
- Improve your town centre as a shopping and entertainment destination.
- Create more jobs for local people
So make sure all year round you support your local community and buy local.