With so much focus in the media on major corporations, it can be easy to think that economically speaking, massive companies with thousands of employees are the key to the employment market and the economy as a whole. In actual fact, micro, small and medium sized enterprises make up 99.9 per cent of all private UK companies, and account for 48 per cent of private business turnover, at a value of £3,300 billion in 2013. SMEs, as they are usually referred to in business, also provided 59.3 per cent of UK private sector jobs last year. As a fairly recently formed SME based in Manchester, marketing company Glowing Global explain why they are proud to be among the smaller private companies that play such an important role in the nation’s economy:
‘People often lose sight of just how important small businesses are, in just about every single sector of the UK market. Even the big corporations tend to rely on services small and medium sized companies provide’ began Ricco Katona, managing director at Pure Insight.
‘A lot of the time, SMEs are started by people who are passionate about their industries and keen to make a difference. This is certainly something we see a lot in our clients, and one of the reasons Glowing Global was formed.’ He continued.
‘The term ‘SME’ generally refers to a company with between 1 and 250 people, which covers a fairly vast array of different businesses. However, when you look at the statistics from last year and see that nearly 63 per cent of UK businesses were sole proprietorships, that is, what economists call ‘micro businesses’, it is clear that the companies at the small end of the SME scale are pretty vital.’
In actual fact, sole proprietorships accounted for 3.7 million businesses in the UK in 2015.
Glowing Global went into business earlier this year and are already seeing sizeable profits from their first quarter as a result of a strong sales strategy and a determination to offer clients genuinely effective and innovative marketing solutions. As well as being an SME themselves, many of their clients fall into this category.
‘In any kind of business services industry, SMEs really rely on each other. You can’t do everything in house when you have a small business, so using supporting businesses allows you to focus on what you do best. We feel very positive about being part of this culture, and we are working to ensure our success so far will continue well into the future.’