‘How to Start and Restart’ is a new report by Small Business Britain, produced with support from TSB Bank.
Small Business Britain champions and supports the UK’s 5.5 million small businesses through a series of campaigns, networks, training, and reports. In December 2023, it surveyed more than 1,000 small businesses from across the UK.
The study found 42% of small firms want more help with business planning, with over half (53%) saying they need support with sales and marketing, while 32% want help with finance and 34% with digital.
The survey also identified a big gap in start-up skills and support, with only 23% of new businesses getting help with business planning, and just 16% seeking help with finance. Instead, 76% cite their personal skills as the key factor in their success and 31% put it down to ‘luck’.
Calling for a ‘re-set’ for the nation’s small businesses and greater support for the growing wave of new start-ups to spark growth in 2024, ‘How to Start and Restart’ shares guidance to help firms navigate current economic difficulties and prepare for the future.
Small Business Britain founder Michelle Ovens CBE said: “In recent years we’ve seen businesses navigating crisis after crisis, and the news that the UK is now technically in recession will sadly be another dent to confidence. Many of those businesses are really exhausted, but hopefully the recession will be swift and mild. In the meantime, we need to find ways to help our nation’s small business through, and to ‘re-start’ and rediscover that entrepreneurial zeal again to spark new opportunities.
“The UK economy has seen a phenomenal number of businesses starting up, triggered not least by the downturn. Our research shows more needs to be done to support these tiny businesses to grow strategically and drive the economic growth our country so badly needs.”
The ‘How to Start & Restart’ report is available free to downloadat https://smallbusinessbritain.uk/how-to-start-and-restart
https://smallbusinessbritain.uk
