Small business advice is currently somewhat lacking in the UK. With our section on small business advice, we hope to assist in this change and help you thrive in these tough times. Having started out small ourselves, we recognise the trials and tribulations involved, hence our aim to support. Whether you are a start-up or simply stuck in a rut, we do understand.
Although the UK is beginning to celebrate the small business sector by government run plans offering small business advice, together with recognising the nation’s best sole traders, micro businesses and small companies. However, the perception of this vital sector still has a long way to go. We personally feel that the small business community should be commended for its efforts and contribution to Britain’s economy. The Department for Business Innovation and Skills estimated that at the start of 2014, 99.3% of UK private sector businesses were SMEs, with their £1.6 trillion annual turnover accounting for 47% of private sector turnover.
Small and medium-sized enterprises (SMEs) or small and medium-sized business (SMBs) are businesses whose personnel fall below certain limits. The abbreviation ‘SME’ is used in the European Union and by international organizations such as the World Trade Organisation (WTO). In the UK, a company is defined as being an SME if it meets two out of three criteria: it has a turnover of less than £25m, it has fewer than 250 employees, it has gross assets of less than £12.5m. Small enterprises outnumber large companies by a wide margin and also employ many