Small and medium-sized businesses (SMBs) comprise the ‘engine room’ of the UK’s business economy.
Recent figures from the Department of Business Skills and Innovation underline their importance and reveal that SMBs make up 99% of all businesses and account for 59% of all private sector employment and 49% of all private sector turnover, so there’s nothing ‘small’ about their role in contributing to the economic recovery.
It’s also encouraging to see that the number of UK SMBs has grown hugely in the past decade, rising from 3.5 million in the UK in 2000 to 4.5 million in 2011, according to the Federation of Small Businesses.
But despite renewed optimism and growth, SMB organisations have endured tough times through the recession and must continue to maintain a tight rein on operational costs and overheads. Budgets for key areas such HR and IT remain closely guarded and …