SBC Business Magazine Spring 2024

Our Mission is to support Start-Ups and SMEs in the UK

In the UK, Small and Medium-sized Enterprises (SMEs) are defined by three main criteria: the number of employees, annual turnover, and balance sheet total. These criteria help to categorize businesses into micro, small, and medium-sized enterprises. This classification is crucial for policy formulation, statistical analysis, and the provision of targeted business support by the government and financial institutions.

The standard definitions used in the UK is aligned with the European Union’s SME definition, are as follows:

Micro Enterprises: These are businesses with fewer than 10 employees and either an annual turnover or a balance sheet total not exceeding €2 million.

Small Enterprises: Businesses that have fewer than 50 employees and either an annual turnover or a balance sheet total not exceeding €10 million.

Medium-sized Enterprises: These are businesses with fewer than 250 employees and either an annual turnover not exceeding €50 million or a balance sheet total not exceeding €43 million. (Source: BEIS)

The significance of SMEs in the UK economy is substantial. There are 5.7 million SMEs in the UK with a workforce of more than 16 million people and a turnover of approximately £1.9 Trillion (Source: BEIS). But this is not

just about numbers, it’s about the vitality of this sector of the economy. During the Covid period when everything else was on its knees, the SME sector reported unprecedented levels of growth. This resilience and capacity for growth, even amidst varying challenges, highlights the dynamic role of SMEs in fostering economic development.

We, at Silver Foxes, have worked with SMEs for over 30 years either as individuals or through the company. In the early days, the main requirement

was help with a business plan and finding finance. As the world moved on, the main requirement started to focus on digital presence, website creation, social media. More recently we are being asked to help with video creation, Google advertising and today dynamic technologies such as AI, Augmented Reality and Virtual Reality.

But there is one constant that has never changed. Most Start-Ups are sole practitioners working in isolation. They are lonely and need a sounding board. Not a business mentor or a business coach but someone to talk to. All the services above are important but they are nowhere near as important as being at the end of the phone, on email or in today’s environment on a virtual chat. Of course, there is no substitute to sitting down with someone and having a face-to-face chat.

In our experience, people start up their own business for one of three reasons. There are entrepreneurs out there who always intended to work in their own business. They do have a business vision and quite often have the basis of a plan in place. There are also people who are forced into working for themselves. They may have been laid off due to downsizing or other reorganisation, but the result is the same. These people are thrown in the deep end, usually without a plan and an urgent need to generate cash. The third group are the people who want a change of career and come to the marketplace, with a vision, some idea of a plan and often with some private funding. Our approach to all three groups is the same – we are

there to support them and help them through acting as a conduit to suppliers, customers, and third party outsourced support organisations. For example, they may need an accountant, a marketing company or even a production facility.

In 1992 the government set up the Business Link network of 40 offices across the UK to support Start-Ups and SMEs with advice, access to finance, and related support. This was phased out by the coalition government (circa 2008 -2012) as an austerity measure. Although it was meant to be replaced by local enterprise partnerships (LEPs), these are totally ineffective. Despite all their bullish words, successive administrations from the 2010 Cameron / Clegg coalition to the government of today, there is little or no support to this sector, despite its importance to the economy. The bulk of the money allocated to this sector is swallowed up in Quango salaries and administration charges. Less than 10% gets to the SMEs at the cliff face, who need it.

At Silver Foxes we have worked with over 300 Start-Ups and SMEs right across the economic landscape from sole proprietors to more established structures. At one end of the spectrum, small businesses such as nail bars, decorators and stand-alone IFAs have benefitted from our support. At the other end of the spectrum, small production companies, importers and exporters and other more formal organisations have used us to set up their

facilities and generate growth. In addition, we run courses and workshops for Start-Ups and people wanting to understand the basics of Digital Marketing, formally through City, University of London, and informally, both online through Zoom based webinars, and through Workshops / Masterclasses at scheduled events.

Our services include general business support and digital marketing support. For more details visit our website https:// silverfoxes.uk or contact us on the details below.

Silver Foxes is a marketing company focusing on supporting business Start-Ups and SMEs.

Our services include both business support and digital marketing.

If you are thinking of starting a business or have just started a business please take time to talk to us.

We would also like to talk to people running Start-Up Business Clubs

Contact details:

email: team@silverfoxes.uk

website: https://silverfoxes.uk

Phone: + 44(0) 330 330 8326

WhatsApp Martin: 07570 256726