Small Business Speaks
12 NOV 2018 - Small Business Speaks. This week, one of the largest gatherings of high growth small businesses will occur in the Palace of Westminster. Goldman Sachs 10,000 Small Businesses UK, speaking directly to decision makers, at the heart of political power.
Charlotte Keenan, head of our Office of Corporate Engagement in EMEA, discusses what will be top of mind for small business owners speaking to policy makers in the Palace of Westminster.
What will they say? That collectively, they are the heartbeat of our economy: dynamic and transformative, growing and innovating. That this group alone generates £2.8 billion in collective revenue and sustains over 40,000 jobs. That individually, each is striving to grow, to create jobs, to find new markets, refine new products. To overcome challenges, internal and external. That they need a business environment that encourages entrepreneurship and supports scaling up. An environment that attracts the best talent, that inspires innovation, and that facilitates internationalisation
Since 2010, Goldman Sachs has been supporting these small business leaders across the UK with an intensive, applied business education programme, creating the roadmap for their future growth. Giving business owners the leadership tools not just to survive, but to thrive. We know that it works. In our most comprehensive ever impact report, released this week, the results speak for themselves. 10,000 Small Businesses UK alumni are growing revenue at 16 times the rate of other UK small businesses and creating jobs at a rate 13 times the national average. Participating businesses double their revenue in the first two years after graduating and create 54% more jobs. We encourage these businesses to look upwards and outwards, to step back to step up and give them the tools – whether they are financial, strategic or behavioural – to grow. Their productivity accordingly improves, increasing nearly 30% over a 5 year period versus other high growth small businesses.
This matters. It matters because each business creates its own ecosystem. An ecosystem of interconnected families, of supply chains, of people and becomes a local champion of growth. Each acts as a catalyst and a multiplier: a growth hero. It matters because it stimulates further growth amongst all those whom they touch, inspiring and energising those around them. And growing regional economies are good for all of us.
So, as we look to the year ahead and a period of change, businesses need to seize their local and global opportunities. The private and public sector need to continue to work together to help businesses do just this. For these small businesses are the secret to sustainable job creation, to wage growth, to boosting top and bottom lines, to long-term prosperity and the key to solving the productivity puzzle.