The research comes as BizSmart® releases its annual ‘Scale-up Challenge’ report, which provides an in-depth analysis into common growth challenges, together with insight into why a massive 96% of business owners fail to reach seven-figures.
Kevin Brent, founder and managing director of BizSmart®, said: “Out of the 6 million SMEs in the UK, 5.7 million are defined as micro businesses, which means they employ 0 – 9 people. 96% of all businesses fall into this category and they account for 33% of UK employment but only21% of the entire turnover. In contrast - and according to the ScaleUp Institute – although there are less than 7,500 ‘scaleups’ in the UK, they contribute 50% of the SME economy.
Kevin Brent, founder and managing director of BizSmart®, said: “Out of the 6 million SMEs in the UK, 5.7 million are defined as micro businesses, which means they employ 0 – 9 people. 96% of all businesses fall into this category and they account for 33% of UK employment but only21% of the entire turnover. In contrast - and according to the ScaleUp Institute – although there are less than 7,500 ‘scaleups’ in the UK, they contribute 50% of the SME economy.
