A recent government announcement gave some good news for small and medium-sized enterprises or SMEs, as it revealed plans for government money in its targets for spending.
The plan
The announcement stated that small businesses will benefit from more than £7.4 billion a year by 2028. For the first time, individual departments have set their own targets, setting out the amount of money they intend to spend with SMEs. There is also a new requirement for the government departments to publish their yearly progress updates to make sure the spending commitments are met. This new announcement is in addition to the small business spending by the Ministry of Defence which is set to increase by a further £2.5 billion.
For small businesses working in a world dominated by global players, this is a welcome boost. If you have an SME, you may benefit from business coaching to boost your chances of success. To find a good business coach, use a relevant internet search for your area. For example, if you search for Gloucester business coaching, you will get results like randall-payne.co.uk/services/business-advisory/business-coaching/gloucester/.
The government’s reasons for the change
The government hopes that by increasing spending on SMEs, there will be a boost to local communities and more job creation. In particular, they hope it will help small British businesses scale up, perhaps being better able to compete for lucrative government contracts.
Previous examples of how this has worked include Durham-based UMi, which was selected to lead the Business Support Service, and South-East business Logan Construction, which won several government construction contracts.