The challenges faces by small and medium sized Businesses. Business Management (Essay Sample)
The paper expounds on the challenges faces by small and medium sized Businesses. Apart from this, the paper provides viable solutions to these challengessource..
The economy of the United Kingdom has a huge impact on many other economies across the globe. As evidenced and postulated by experts in the field of trends in global economies, it has been established that the impact of small and medium-sized business enterprises in existence in the United Kingdom has a huge impact on the general economy of the United Kingdom. These business enterprises can regenerate weak and local economies, therefore, making a huge impact on the overall economy of a given country; in this case study, the United Kingdom. As researchers have evidenced, the economy of the North East territories of the United Kingdom including the affluent area of Gosforth or the suburb of Byker are flourish and have a strong economy whereby towns such as Gateshead are not.
This advancement in terms of economic growth of the afore-mentioned towns in the United Kingdom can be majorly attributed to the growth of small and medium-sized business popularly known as SMEs in the said areas. Although these business enterprises and organizations do not earn as much as large corporations earn, they contribute hugely to the growth of an economy. In doing so, as scholars in this field have evidenced and postulated, SMEs represent 99.5 of employment in the employment sector, contributing a massive 16.1 million employment opportunities across the globe. Also, in doing so, this sector leads to a massive input of 1.9 trillion pounds to the economy if the United Kingdom according to a report published by FSB in the year 2017.
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