Small businesses set to see a boost in exports and growth with new expert panel
As part of the government’s plan to support small businesses and boost global exports a new Board of Trade has been unveiled.
The new look Board, announced by the business and trade secretary, will be charged with helping businesses, including the country’s 5.5 million SMEs, to boost their exports and help super-charge growth for the economy as part of the Plan for Change.
Made up of a range of CEOs and business leaders, each member has been handpicked due to their expertise and knowledge in their respective fields.
The new Board members include Apprentice star and entrepreneur Mike Soutar, BT group chief executive Allison Kirkby, and Michelle Ovens CBE, the founder of Small Business Britain.
These advisors will be advocates and ambassadors for their sector, supporting businesses, especially SMEs, so they can trade more and grow.
Business and Trade Secretary Jonathan Reynolds said: “Small businesses are the driving force of our economy, both at a local and national level, which is why, as part of our Plan for Change we’re determined to ensure that all SMEs have the tools at their disposal to thrive.”
The new Board of Trade will be another tool in our arsenal to get more businesses trading around the world and taking advantage of our fantastic FTAs. This won’t be a chin-stroking talking shop, because I’ll be urging them to boost exports and get more SMEs trading across all their sectors.
Because we know that when more small firms export, it leads to more jobs and higher wages and grows the economy.
The announcement comes in the backdrop of a flagship policy event at Wilton Park which is bringing together government, trade bodies, small businesses and other experts to help inform the government’s wider Small Business Strategy that will be published later this year.
A key part of the government’s growth mission and Plan for Change, the three-day summit is aimed at tackling the everyday issues SMEs face to help them to scale up, grow and thrive.
The event will be attended by SME representatives and Export Champions like Exeat’s Laura Ward MBE, Creative Nature’s Julianne Ponan MBE and Burren Balsamics’s Bob McDonald.
In addition to this, business groups, local government officials, representatives from regional Growth Hubs and experts from the world of finance will attend to offer their key insights to the event.
This means that small businesses, who help grow the economy, will have a real seat at the table to generate the policies that matter most to them.
Discussions will include ways to encourage entrepreneurship and speed up adoption of new digital technologies amongst SMEs, how to build a business support service that promotes growth and productivity, ways to better access finance and how to boost the number of SMEs that export overseas.
A key issue faced by small firms is access to finance, who often rely on finance to help them start up, expand and grow. That’s why a major Call for Evidence is being launched to gather information on the issue.
It will look specifically at the current demand for finance, measures the private sector can implement to boost funding, as well as the barriers to growth for hard-to-reach groups including those with disabilities and ethnic minorities.
Small Business minister Gareth Thomas said: “For small businesses, getting off the ground is one of the hardest parts of scaling up, and central to that is the ability to access finance.”
That’s why this Call for Evidence will be important to allow us to see what more needs to be done to support SMEs so they can go for growth.
Simon Groom, CEO of MagnifyB said: “We are delighted to see the government addressing the critical issue of SME finance. At MagnifyB, we know firsthand the urgent need for change and understand how SMEs can unlock their data in everyday apps, like QuickBooks, to boost productivity, improve cashflow and expand access to finance. We look forward to working with the Government to help ensure these insights help widen access to the traditionally underfunded.”
The announcement is the latest in a series of measures to boost the number of high-growth SMEs across the country.
The government has already announced that it will launch a major consultation to tackle the scourge of late payments, while the Budget protected a million small firms from National Insurance increases, extended business rates relief and announced a new Business Growth Service to make it easier and quicker for SMEs to access and benefit from the right government advice and support for their business.
The event sponsored by Intuit and Goldman Sachs, will be convened by Wilton Park, an executive agency of the FCDO that has been key to developing the UK’s foreign policies for nearly eight decades. It has hosted world leaders and has been central to developing work around a wide range of policies across government.
Michelle Ovens CBE, Board of Trade adviser and founder of Small Business Britain said: I am thrilled to be appointed Adviser to the Board of Trade and look forward to the honour of contributing to the Board’s work. In particular, I am excited at the opportunities small businesses have to export and expand, the great growth and ambition we can open up, and the impact this can have on the whole of the UK economy. Almost all businesses in the UK are small businesses, employing millions and creating and supporting communities. Work to support their growth supports us all.
Mike Soutar, Board of Trade adviser, portfolio director and entrepreneur said: ”I’m passionate about helping businesses – particularly fast-growth SMEs – to seize international opportunities. The UK has world-class talent, and turning that potential into globally competitive businesses requires the right networks.”
Laura Ward, founder of EXEAT said: “The Department for Business and Trade has been instrumental in EXEAT’s journey as a global exporter. By providing us with a comprehensive international toolkit including essential training through the Export Academy, access to funding, and ongoing support from our International Trade Advisor, DBT has set us up for long-term international success and remains a key and valued partner in our global growth.”
Dorian Payne, managing director at Castell Group, and 10,000 Small Businesses UK graduate said: “As a business owner who has grown from zero, through the micro and small stages, to now leading a medium-sized company, I’ve seen firsthand the challenges SMEs face when trying to grow — whether it’s accessing finance, scaling operations, or breaking into new markets.”
SMEs are the backbone of our economy, and it’s vital we create the right environment for them to thrive. Discussions like those happening at Wilton Park are essential to breaking down barriers to growth and ensuring SMEs have the support they need to succeed.
The new board advisers are:
Omar Ali
Mike Hawes OBE
Dame Vivian Hunt DBE
Allison Kirkby
Paul Lindley OBE
Catherine McGuinness CBE
Michelle Ovens CBE
Mike Soutar
Sarah Walker
Dr Charles Woodburn CBE