‘Mid-sized businesses’ (MSBs) describes the 10,000 or so firms in the UK which do not fall into the category of either SMEs or the biggest firms. They represent just 0.2% of all UK firms – yet account for around one fifth of private-sector employment and turnover. They are a diverse population, cover a range of sectors and regions and are often well-established, successful companies.
MSBs should be proud of the contribution they make to their local economy and to the UK. This Growth Review seeks to highlight that contribution, and identify what actions Government can take, working in partnership with others, to unlock further growth.
There is evidence of untapped growth potential in many of these businesses, compared with other businesses in the UK and internationally. The CBI suggests that up to £50bn extra could be added to GDP within ten years if this potential were unlocked.
We want to help unlock this potential by:
- celebrating our Hidden Champions
- helping businesses to support businesses
- harnessing leadership capability
- encouraging export as a strategy for growth
- supporting access to finance for investment and growth
- promoting greater resource efficiency
Taskforce to boost links with business schools
The Business Schools Task Force was established in November 2011 to advise Government on how business schools can better engage with Mid-Sized Businesses (MSBs) to support their economic growth. A range of UK business schools and business representatives consulted with employers and representative bodies to review existing collaboration, and to recommend a practical and achievable framework how to build on existing good practice. Business Schools MSB Task Force report (PDF, 498 Kb)
This is not just about Government action. We are looking to the whole business community to drive growth for MSBs. Businesses, their representative groups and advisors have committed to do more to promote opportunities, mobilise networks and support MSBs to grow.