SME. It may only be three letters, but what it represents is the beating heart of the British economy and the hopes and dreams of millions of individuals and families.
We recently conducted a piece of research taking a look at how SMEs were faring post pandemic. To our surprise we found that a worrying ‘guidance gap’ is beginning to emerge, with many SMEs not knowing where to turn for help or advice. There are many reasons as to why this is occurring, however our insights also revealed that 71% of sole traders didn’t identify as a SME and therefore were not aware of all the help and support they were entitled to and only 11% of SMEs had sought advice from a large business or mentor in the past year.
With all the help that’s available to SMEs, it’s clear then that more work needs to be done to raise awareness of these throughout the SME community. For instance, if you’re a small business owner are you aware of the range of government supported schemes designed to provide support – whether guidance based or financial - to small businesses?
Looking for support can be a daunting process for many small business owners, but it doesn’t need to feel so arduous. Fortunately, I’ve highlighted a few helpful avenues below to help get you started – (also worth noting that as I am not a financial adviser – any information on financial support provided below is for insight and guidance only):
Andrew Stevens is Head of UK Small & Medium Business at Vodafone, and leads a team providing insight, expertise, and SME-focused tech solutions for the UK’s growing network of small and medium businesses.
Available Monday to Friday, 8am-6pm, our friendly team are here to provide guidance and support on the topics that matter to your business.