Does the UK Government’s ‘Small Business Plan’ live up to expectations?

On the 31 July, the UK Government launched its Small Business Plan that it hopes will unlock the full potential of the country’s 5.5 million small and medium-sized enterprises (SMEs). Called “Backing Your Business”, the plan sets out a multi-year strategy aimed at helping SMEs grow, boost productivity, and navigate a smoother path to success. 

So, does this new blueprint live up to expectations? UMi’s CEO, Nicki Clark, shares her thoughts below. 

 “At UMi, we see first-hand the incredible impact that small businesses have, but also the challenges they face on a day-to-day basis. The government’s Small Business Plan, including the launch of the Business Growth Service, is a positive step towards making it easier for small businesses to find and access the support and finance they need to survive and thrive.   

“The UK Government has invested significant time and effort in engaging the business community and doing so in a way that has ensured as much participation and breadth of insight as possible. The result of which is a plan that is balanced in providing support to all small businesses and one that can be integrated in the broader national industrial strategy and local growth plans.   

“We know that accessing the right finance at the right time, securing more sales alongside having a productive engaged team, are the key ingredients to helping any business succeed. The Small Business Plan also reflects this and aligns several important commitments and activities to support with that. This includes a new procurement education programme, additional investment in the growth guarantee scheme and start up loans, as well as investment in supporting access to apprenticeships and the development of T-level skills.  

“The benefit of these investments will only be realised in full if businesses can easily find and use them. The introduction of Business.Gov is therefore a welcome introduction to helping navigate publicly funded support, and this complements our UMi Sat Nav – an online tool for business leaders that was designed to take the hard work out of finding (and using) the best advice and finance from both the private, public and social sectors.   

“We know that digital tools are really important channels, but we also know that over 78% of people, regardless of the quality of digital information, will still want to speak to someone and will need additional capacity to implement plans and actions. Therefore, the ongoing investment in accessing hands on expertise is vital to converting understanding into practical action for small businesses.” 

If you’re interested in learning more about what the Small Business Plan really means for your business, or the businesses you support, take a look at our article on Sat Nav. Here we break down the key elements of the plan and explain why it matters.