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10 Facts about UK SME’s

With it being National Micro, Small and Medium Enterprise Day, here are 10 facts that you might not know about SME’s in the UK.

  • In 2018, there were 5.7 million SME’s in the UK.
  • 1 million people are employed by UK SME businesses. This represents 60% of the entire UK employed population.
  • In January 2016, SME’s in the UK had a combined turnover of £1.9 trillion. This represents 51% of the entire UK private sector business turnover.
  • Over the past 3 years, 60% of SME businesses sought some form of external funding, yet46% of UK SMEs have experienced barriers when trying to access finance.
  • 99.9% of businesses in Britain are SMEs and they generate 51% of all UK business turnover.
  • Medium-size businesses with 50-249 employees generate the most profit by far at almost £200,000 per year.
  • A monthly survey carried out between February 2016 and January 2018 revealed attracting customers to be the biggest challenge for UK SMEs, with 79% of the 537 businesses surveyed listing it as their biggest concern.
  • SMEs in the UK lose more than £2bn every year due to late payments with roughly £14bn of payments still outstanding. 
  • SMEs account for at least 99.5% of the businesses in every main industry sector.
  • Micro, Small and Medium Enterprises account on average for 60-70% of total employment.