Partner Article

Top SMEs boost UK economy

5% of the UK SME population account for two thirds of private sector employment, indicating that high growth SMEs are playing a vital part in the UK economy.

The Santander Breakthrough Growth Champions Report indicated that the top companies have shown resilience during the recession, creating around 173,000 jobs, in comparison to other similar sized businesses who made more than 400,000 people redundant.

To help companies identify top characteristics linked to growth, the report listed a number of top traits, including strong teamwork and relationships and high levels of ambition. The report also noted that a proactive approach to cash and credit management was vital.

Interestingly, the probability of achieving growth was indicated by these statistics, rather than any particular industry or geographic region.

John Williams, Head of Santander’s Breakthrough programme said: This research shows a small group of businesses make an extraordinary contribution to the UK economy.

“Banks have a responsibility to support businesses to accelerate growth at all stages of their lifecycle.

Using the common characteristics exhibited by Growth Champions, we can identify the fast-growth businesses of the future and provide the support they need to help them fulfil their potential.“

The most successful business came from across a number of sectors, including social work, complementary medicine and engineering, and were spread evenly across the whole of the UK.

This was posted in Bdaily's Members' News section by Ruth Mitchell .