It’s been said by many that SMEs represent the backbone of the UK economy. We took a look at some of the statistics from the Department for Business Innovation and Skills report and created an infographic to highlight some of the key findings.
- In 2013, there were around 4.9 million small businesses in the UK which employed 24.3 million people and had a combined turnover of £3,300 billion. Almost all of these businesses (99.2 per cent) were small (0 to 49 employees).
- 99.9 per cent of private sector businesses are SMEs, employing an estimated 14.4 million people, 59.3 per cent of private sector employment. Their estimated combined annual turnover of £1,600 billion accounted for 48.1 per cent of private sector turnover.
- With 841,000 private sector businesses, London had more firms than any other region in the UK. The south east had the second largest number of businesses with 791,000. Together these regions account for almost a third of all firms.
- Small and Medium Sized Enterprises (SMEs) fall into three categories: Micro: 0-9 employees, Small: 10-49 employees and Medium: 50-249 employees.
VAs are often employed by SMEs as they struggle to afford to pay full-time salaries, sick pay, maternity leave and paid holiday.
It is estimated that the true cost of an employee is over double and often up to triple the cost of their annual salary in terms of benefits and liabilities.
–Justine Curtis of the UK Association of Virtual Assistants
UK Small Business Statistics