A new survey has revealed that members of the public underestimate the contribution made by small businesses in the UK.
According to the survey, which was commissioned by the British Business Bank
, 98% of respondents underestimated the number of small businesses. They account for 99.3% of the total UK business population, however 75% of survey respondents thought they accounted for less than 60%
The contribution of small businesses to UK private sector turnover is also vastly undervalued. Only one in five (21%) correctly identified their £1.3 trillion, or 33%, contribution to UK private sector turnover. All other respondents thought small businesses’ economic contribution was lower.
The research was commissioned as part of the British Business Bank’s ‘Small Wonders’ campaign, which aims to showcase and celebrate the huge contribution of small businesses to the UK economy and society.
“The British Business Bank turned three years old at the start of November,” explained Keith Morgan, CEO of the British Business Bank. “We want to raise awareness of the incredible achievements of small businesses and reflect on their enormous contribution to our economy and society. They are Small Wonders and we encourage the public and our partners to get involved in recognising their importance.”
“Small firms are undoubtedly the unsung heroes of UK society,” added Mike Cherry, National Chairman, the Federation of Small Businesses. “It’s critical that we rally UK-wide support for small business owners and the self-employed so they can go on contributing more than £1 trillion to the economy annually.”
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