SMEs or Big Businesses? Which are Dominant in your Area?
by Startacus Admin
In 2014 UK entrepreneurship reached a record high with some 581,173 new businesses being registered, the vast majority of which were freelancers and SMEs.
Indeed, the explosion in entrepreneurship which has taken place in recent years serves to highlight the substantial contribution that such businesses make to the economy, on both a local and national level. For example, did you know that freelancers and micro-businesses (those with fewer than 10 employees) account for 19 % of total UK business turnover?
But of course this rapid increase in business creation has not been evenly spread throughout the UK, with areas such as Warrington, Brighton, and Manchester seeing the strongest relative growth, and cities such as Glasgow, Edinburgh, and Sheffield lagging quite a way behind.
All of this got us thinking about SMEs and big businesses, and which size of enterprise occupied the most significant portion of the economy both in the UK as a whole, and within individual regions.
SME vs. Big Business- Who has the largest slice of your industry pie?
Hiscox has recently undertaken research which goes some way towards answering our questions.
They have compiled their findings into an interactive infographic / chart, which demonstrates rather well what proportion of turnover in 7 key industries is produced by SME’s (fewer than 250 employees) and big businesses (over 250 employees).
We’ve sifted through some of the key points from the infographic / chart for you and summarised them in the table below.
Of course there are many statistics that we would have expected from this interactive infographic, such as the fact that on average in England 81 % of real estate activities turnover is generated by SMEs. But conversely the data presented by Hiscox also posits some rather surprising figures including that 80% of arts entertainment and recreation activity industry turnover is produced by big businesses.
But perhaps the most interesting revelation made in these figures from Hiscox is that, in many regions SMEs represent 100% of turnover created by individual industries, making them much more dominant than we would have expected. The most common deviation from this extensive dominance can be found in the South East of England, London and East Anglia, where big business industry activities often represent a higher percentage of turnover when compared to the rest of England.
The reasons for such geographical discrepancies? We’d love to hear your thoughts! Feel free to comment below with your opinions or drop us a tweet to discuss further!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
The startup that provides university marketplaces and enables thousands of students to buy and sell stuff on campus.
Rent the Backyard will build a studio apartment in your backyard, splitting the rental profits with you 50/50. Intrigued?
Revive was created to bring new life to coffee waste, collecting and recycling used coffee grounds to create a palm oil alternative!
Chilled beers, wines and spirits delivered in one hour, thanks to Edinburgh-based startup Drinkly.
Bubblebum has had its flagship product named as one of the Most Innovative and Most Attractive at the Child Baby & Maternity Expo in China.
Influencer marketing remains largely unchartered territory for many businesses, so here are some tips for getting it right on the first go.
Step forward Raise Accelerator, Northern Ireland's first privately-run startup accelerator. We chatted to three founders from their first cohort.
Rich Maaghul, CEO of ODEM.io explores the future of education and how disruption will transform the way that we learn...
The app that helps you achieve your goal body with easy to follow workouts for the gym or home.
The London based startup that has safer home care provision as its mission
Published on: 5th August 2015
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- IAG’s Hangar 51 takes flight with latest innovation programme 31st Jul 2019 The latest Hangar 51 innovation programme is on the hunt for tech startups with a broad range of aviation industry solutions.
- 10 FMCG startups selected for first Seedrs accelerator 24th Jul 2019 10 FMCG startups selected for the 1st Seedrs FMCG accelerator, which aims to help FMCG startups raise capital on the platform
- Startup Leadership Program invites applications for its 9th London cohort 12th Jul 2019 The Startup Leadership Program continues to grow, inviting applications for its 9th London cohort to join the six-month program.
- Latest Zinc Company Builder Programme to transform the quality of later life 9th Jul 2019 Do you want to build a new purpose-driven startup with support from a world-class network of experts?
