Small and medium businesses have long been highlighted as powering economic recovery. Now a Barclays Business report shows that when families get into business they grow! First generation family-owned SMEs currently contribute £180 billion a year in GVA (gross value added) to the UK economy. That’s more than the overall manufacturing and wholesale or retail sectors. And this family business contribution is forecast to rise by 21% to £218 billion in 2018.
Family-run SMEs make up around half of all SMEs at 2.42 million businesses – this is the highest number of family SME businesses since the 2008 recession. Revenue from first generation small and medium family businesses currently stands at £540 billion a year and is predicted to grow by 22% by 2018 – an increase of £121 billion.
It’s a favourable outlook for those innovative family-owned SMEs and of course for all the many businesses that support and supply this market.
If you’re in an SME with ambitious plans or if your job is to attract and retain SME businesses, then why not talk to Marketing Zone about your next marketing challenge. You can call Mark on 07801 419800, email mark@marketingzone.co.uk or tweet @MarketingZoneUK.