UK SME's form the springboard for the recovery of the national economy.
The number of UK businesses is at an all-time high, with nearly 3.2 million active businesses operating in the first half of last year (2014). And over 500,000 start-ups launched in Britain, another record.
But in April 2015 the Isle of Wight was identified as having the lowest growth rate in the country in the last year, according to a data from Companies House and the Office of National Statistics.
Islanders do still want to have a go – 541 companies were started in 2014, compared with 516 in 2013, bringing the total number of businesses operating on the Island to a record high. But 401 companies were dissolved, making our growth rate slightly less than half the national average.
Purpose – Progress – Pride
As FSB Chairman Mike Cherry put the national resurgence of business into context: “The number of start-ups we’ve been seeing is staggering but, if they don’t have the additional mentoring and support, many of them fail within the first three years.”
This blog is written to support local business owners in those difficult 'make or break' decisions. It offers real-life business stories that open eyes and spark thoughts toward new ways to improve business performance. Contributors are Island business owners willing to share their experience for the greater good.
Supporting, promoting and encouraging Island businesses is important for our sense of purpose and progress. And pride in achievement results, which then bolsters new ambition and growth.
That is the aim of this blog.