COVID-19 Rebuild: Local Authorities And Business Networks To Play A Key Role In Small Business Success

COVID-19 Rebuild: Local Authorities And Business Networks To Play A Key Role In Small Business Success
COVID-19 Rebuild: Local Authorities And Business Networks To Play A Key Role In Small Business Success

Categories :

By citiesabc resources - Oct 01, 2020

· 23% of UK’s top performing businesses have been supported by local enterprise partnerships and growth hubs
· Similarly, 30% of Britain’s strongest businesses have obtained external finance in the last 3 years
· New findings come as part of an independent, holistic study into small business success, commissioned by Allica Bank to support British businesses

A new study, commissioned by business bank, Allica Bank, shows that a high level of engagement and interaction with external institutions and resources, is central to SMEs’ prospects of success.

The study analysed data from over 1,000 companies and ranked their success on a scale that evaluated factors including productivity, growth, consistency and outlook. To measure SMEs’ external engagement, survey respondents were asked whether or not they had engaged with local enterprise partnerships, growth hubs, or external financial advisers, as well as whether they had obtained credit or sought re-financing advice, in the last three years.

The benefit to small businesses in making the most of external resources are clear to see, with a quarter (23%) of the UK’s top performing SMEs – those in the top tenth percentile – actively engaging their local enterprise partnership or growth hub in the last three years. This compares to just 16% of all other small businesses. With such a clear benefit to businesses, these external networks must not only be protected but prioritised by any Government plans to rebuild the economy post-COVID.

Similarly, of the top performing SMEs in the country, 30% have obtained external credit in the past three years, compared to less than a quarter (24%) of all other businesses. This figure drops even further for the weakest performing businesses – those in the ninetieth percentile – where just 12% of businesses have obtained external financial support in recent years.

Chris Weller, Chief Commercial Officer, Allica Bank, said: “At Allica Bank we understand that no two businesses are the same. We also know that no-one knows a business as well as its owners and managers. But they can’t be expected to be experts on everything.

“In the UK there is a wealth of external advice and support for small businesses and we urge each and every business out there to tap in to the external resources around them. Third-parties, such as business clubs, chambers of commerce, local enterprise partnerships and trade bodies, can be invaluable sources of advice and further resources. And although they have excelled in their given field, business owners may still lack knowledge in many other areas of running and growing a business. Therefore, engaging with third parties can give business owners the kinds of insight – and fresh perspectives – they need to succeed.

“As the economy and the country comes to terms with the impact of the COVID-19 pandemic, it is important these vital SME resources are protected and given the funding they need to continue providing invaluable insight and support to small businesses up and down the country.”

Allica Bank's SME Guide to Success identified six 'rules to success' that were more likely to be displayed by top-performing SMEs compared to their counterparts. The full report contains a wealth of additional data and insight into each of these topics.

As part of its mission to empower small businesses, Allica Bank is making the findings freely available and running a series of free online workshops with relevant partner organisations for businesses to attend.

Tags

Decentralisation, Fungibility, Validation, Side Chains…. Quickswap’s Sameep Singhania Unearths The Foundations Of Blockchain At Dinis Guarda Youtube Podcast

Decentralisation, Fungibility, Validation, Side Chains…. Quickswap’s Sameep Singhania Unearths The Foundations Of Blockchain At Dinis Guarda Youtube Podcast

May 20, 2022
How To Achieve Carbon Neutrality By 2050

How To Achieve Carbon Neutrality By 2050

May 19, 2022
Dubai’s Museum of the Future and Binance NFT Launch The Most Beautiful NFTs in the Metaverse

Dubai’s Museum of the Future and Binance NFT Launch The Most Beautiful NFTs in the Metaverse

May 18, 2022
Andy Warhol’s Pop Art Queen Goes On Sale To Mark Platinum Jubilee

Andy Warhol’s Pop Art Queen Goes On Sale To Mark Platinum Jubilee

May 16, 2022
These Are The Most NFT Obsessed States in America

These Are The Most NFT Obsessed States in America

May 13, 2022
NFT Artist Andrea Bonaceto To Transform Oxford Street With Monumental Interactive Digital Exhibition In Partnership With W1 Curates

NFT Artist Andrea Bonaceto To Transform Oxford Street With Monumental Interactive Digital Exhibition In Partnership With W1 Curates

May 13, 2022
Lars Rottweiler, Mbanq Founder, Explains BaaS, Digital Banking And Fintech at Dinis Guarda YouTube Podcast

Lars Rottweiler, Mbanq Founder, Explains BaaS, Digital Banking And Fintech at Dinis Guarda YouTube Podcast

May 12, 2022
Boson Protocol Awarded as Technology Pioneer by The World Economic Forum 

Boson Protocol Awarded as Technology Pioneer by The World Economic Forum 

May 10, 2022
Productivity And Wellbeing Of Employees: Hybrid Work Promises A Holistic Growth For Businesses In Future

Productivity And Wellbeing Of Employees: Hybrid Work Promises A Holistic Growth For Businesses In Future

May 09, 2022
10 Industries Where Metaverse Ingression Could Make The World A Better Place

10 Industries Where Metaverse Ingression Could Make The World A Better Place

May 06, 2022