Partner Article

A strategy worth celebrating – backing small businesses

By Jamie Ollivere, chief executive of RTC North

The launch of Backing Your Business: Our Plan for Small and Medium-Sized Businesses is a moment of genuine optimism. It’s not just a much-needed strategy; it’s a well balanced plan that recognises the potential of small and medium sized enterprises (SMEs) to power the UK’s economic growth, productivity, and competitiveness.

What’s particularly welcome is how the strategy positions itself not in isolation, but as part of an integrated national framework alongside the UK’s Industrial Strategy, Trade Strategy and the Devolution Bill. This coherence is vital. 

For too long, fragmented funding pots and disconnected delivery models (as we saw with UKSPF) have diluted the impact of good intentions. Now, with the Business Growth Service providing a national system and Growth Hubs coordinating local delivery through a continued focus on devolution, we have a clear pathway to align strategy, funding and execution towards a common goal.

The strategy strikes a balance between backing innovation, leveraging technology, boosting trade, and supporting the everyday economy. It recognises that productivity doesn’t just come from frontier tech firms and unicorns, it comes from thriving high streets, professional services, and community rooted businesses that create jobs, circulate wealth and make a difference to people’s everyday lives.

It was also great to see a strong focus on enterprise education for young people. They are the entrepreneurs, engineers, and innovators of tomorrow.

Embedding a culture of enterprise early, especially when aligned with increased emphasis on STEM education, will help to develop the cultural dynamic needed for longer-term global competitiveness.

Among the practical actions outlined, the commitment to legislate against late payments stands out. This is potentially a game-changing measure. It could release millions in working capital for small businesses, capital that can be reinvested into development, recruitment, innovation, and growth. Payment practices, however, need to be properly policed and the consequences felt.

Of course, implementation is where the challenge lies. But the direction is clear and it’s encouraging. The strategy isn’t just about removing barriers, it’s about unlocking opportunities, encouraging entrepreneurship, supporting SMEs to win public sector contracts and opening up new markets at home and abroad. At its heart, it’s a call to empower people to spot, create, and seize opportunities and that’s exactly what this country needs.

One statistic makes the importance of this strategy crystal clear: ‘if SMEs collectively were to grow by just 1 per cent, it could deliver a £320 billion boost to the economy by 2030’. That’s transformational.

At RTC North, we’re proud to be part of this mission. We look forward to working with local, regional, national and international stakeholders to ensure this strategy delivers on its promise and creates the conditions for people and businesses to thrive.

You can read the Backing Your Business, our plan for small and medium sized businesses, here.

This was posted in Bdaily's Members' News section by RTC North .