A fresh era of small business support

A positive step for small businesses

We see first-hand the incredible impact 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 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 is a plan that is balanced in providing support to all small businesses, and one that can be integrated into the broader national industrial strategy and local growth plans.

We know that accessing the right finance at the right time, and securing more sales alongside a productive and engaged team, are the key ingredients to helping any business succeed.

The Small Business Plan reflects this and aligns several important commitments and activities to support 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.

But 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 step 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 the private, public and social sectors.

We know digital tools are really important channels, but we also know more than 78 per cent 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.

Nicki Clark, chief executive of UMi

A welcome plan – but match ambition with meaningful action

Small and medium-sized businesses not only employ more than one million people in the North East, but they are a powerful engine for regional growth too.

So it is encouraging to see the Government recognise this with a plan aiming to tackle some of their key challenges.

Access to finance and red tape have long been issues raised by our members.

The expansion of British Business Bank’s lending guarantee scheme and a new wave of start-up loans are positive steps, particularly for businesses in the early stages of growth.

We note the open consultation on tackling late payments.

We know this can cripple a small business, so proposals that strengthen enforcement and improve transparency could make a real difference.

The Chamber will be feeding into this consultation to ensure the voice of North East businesses is heard.

The plan also includes practical support for key sectors, from simplifying licensing for hospitality and the arts, to reviving high street premises and reducing business rates pressures.

Strengthened export support through a refreshed board of trade reflects the ambition needed to help more North East businesses grow internationally.

Supporting smaller businesses to build leadership skills, adopt new technologies and access apprenticeships is also a positive step.

The launch of the new Business Growth Service is a practical move to simplify what is too often a fragmented support landscape.

Giving businesses a single, clear route to relevant local and national support, based on their postcode and needs, should make it easier to find the help that is right for them.

Additional steps to simplify procurement processes and help smaller firms unlock the value of innovation and intellectual property are also encouraging.

However, the real test will be implementation.

Measures in the plan must be backed by meaningful enforcement, clear communication and strong uptake.

In a difficult trading environment, small businesses need action that delivers tangible results.

If delivered well, the Small Business Plan has the potential to unlock growth, build resilience and support a stronger and fairer North East economy.

Jennifer Rycroft, executive director of membership and international trade at the North East Chamber of Commerce