Month: May 2023

SME Networking: Top Tips to Get You Started

MOMENTUM Business Support Business Support
A person holding out their open hand with a group of people connected above it

Networking can sometimes seem like a daunting task, but it really is crucial to your business’s success. Whether you are just starting out or have been in business for years, building a strong network can help you gain new business, find support, and build valuable relationships. In this blog, we’ll cover the do’s and don’ts of networking, as well as some top tips and benefits to help you make the most of it!

Do’s and Don’ts:

When it comes to networking, there are some important do’s and don’ts to keep in mind. Firstly, do attend events and meetups that are relevant to your business or industry to make valuable connections. Secondly, do have a clear idea of what you want to achieve from attending the event. Thirdly, do bring plenty of business cards to hand out. On the flip side, don’t just sell yourself and your business, instead listen to what other people have to say and try to build relationships. Don’t ask for too much too soon, instead build up a relationship before asking someone for a favour. Finally, don’t forget to follow up after the event with an email or message.

Networking Tips:

To make the most of your networking events, there are a few tricks that can help. Firstly, be curious and ask questions to show interest in the other person. Secondly, make eye contact and smile to present yourself as friendly and approachable. Thirdly, avoid being pushy or aggressive in your approach and instead build relationships organically. Finally, use social media to stay in touch with your new connections after the event by adding them on LinkedIn.

Benefits of Networking:

Networking offers many benefits for SME owners. Firstly, it can lead to new business opportunities and referrals. By building relationships, you can get your name out there and attract new business. Secondly, it provides support and advice from like-minded individuals. SME owners often face similar challenges, so networking can provide a valuable support system. Thirdly, it can help you stay up to date with industry trends and news. By attending events and talking to others in your industry, you can keep informed.

In conclusion, networking is a vital part of being a SME owner. By following the do’s and don’ts, using our networking tips, and understanding the benefits of networking, you can build valuable relationships and grow your business. So, get out there and start networking today!

If you’d like to learn more about our networking tips or require any other business support, get in touch. We would love to answer any of your questions and discuss your needs!

E: makeithappen@mbsmih.com T: 01903 688789

10 Intriguing Facts About UK Small Businesses

MOMENTUM Business Support Business Support
Two people standing infront of their small business while leaning against a door with a sign which reads "Open"

As the heartbeat of UK’s economy, small businesses have always been a formidable force. The innovative solutions that they bring to the table and the entrepreneurial spirit that they uphold make them a vital segment of the global market. Want to know more? Check out these 10 intriguing facts about UK small businesses:

  1. There are over 5.9 million small businesses in the UK –
    As of 2022, there are over 5.9 million small businesses in the UK, which account for 99.3% of all UK businesses. This figure has been on the rise for the past decade.
  2. Small businesses employ over 16.8 million people in the UK –
    Small businesses are responsible for creating most jobs within the country. 16.8 million people are employed by UK small businesses, making them an indispensable part of the country’s economy.
  3. 89% of small businesses are sole traders –
    According to the UK’s government data, around 89% of small businesses are sole traders. This statistic indicates the importance of entrepreneurship in the UK’s economy, with a majority of small businesses being led by ambitious entrepreneurs.
  4. UK small businesses make up nearly half of total UK revenue –
    Small businesses in the UK generated £2.3 trillion in revenue in 2022, which equals almost half of the country’s total revenue. This statistic proves the immense impact of small businesses on the country’s economy.
  5. Small online businesses generated £33.3 billion in 2022 –
    The e-commerce revolution has dramatically impacted small businesses, especially those that operate online. As of 2022, small online businesses generated £33.3 billion in sales, which is expected to increase significantly with new digitisation trends.
  6. Almost half of small businesses are operated from home –
    A significant proportion of UK small businesses are run from home, with 49% being operated from a residential property. This trend is increasing due to the flexibility it offers and increasing digitisation.
  7. 20% of small businesses fail within the first year of operation –
    Starting a small business can be risky, and data shows that only 80% of startups survive their first year. However, this statistic is still an all-time high compared to previous years.
  8. The number of small businesses has increased by 66% since 2000 –
    Over the past two decades, the number of small businesses in the UK has increased by 66%, which is a testament to the innovative spirit of the country.
  9. Women make up 40% of small business owners in the UK –
    Female entrepreneurs have been on the rise in recent years, with women making up 40% of small business owners in the UK. An encouraging trend for gender equality in business.
  10. London has the highest number of small businesses in the UK –
    Unsurprisingly, the UK capital boasts the highest number of small businesses in the country. Around 26.7% of all small businesses in the UK are based in London.

In conclusion, small businesses continue to be a crucial part of the UK economy, playing an essential role in creating jobs and generating revenue. These ten intriguing facts about UK small businesses highlight the entrepreneurial spirit of the country and the continuing evolution of the small business landscape.

If you’d like to find out more insightful facts about small businesses or require any other business support, our team would love to help! Get in touch:

E: makeithappen@mbsmih.com  T: 01903 688789.