The Compxny Business Summit empowers SMEs for a prosperous year, followed by the UK Government's bold move, declaring 2024 the "Year of the SME."
On January 7th - The Nxtion Fxmily, powered by The Compxny, kicked off the year with a dynamic business summit in the vibrant city of London, with over 140 small and medium enterprises (SMEs).
The event featured hundreds of young entrepreneurs eager to gain insights into navigating the entrepreneurial landscape. Featured as a keynote speaker, Pastor Tobi Adegboyega, delivered a compelling address on the crucial role SMEs play in nation-building. He emphasised, "SMEs build nations; any nation without the strength of their SMEs is going to fall."
The agenda was packed with valuable sessions tailored to address the specific needs of budding startups.
This included "Ways to Supercharge Your Startup's Finances" and "How to Upscale Your Business," highlighting the practical aspects of business growth. The value of collaboration was highlighted, emphasising the need for SMEs to work together to succeed in a competitive market.
The overarching goal of the summit was to create an environment conducive to the cultivation and success of SMEs, driven by the energy, creativity, and innovation of young entrepreneurs. The Compxny aimed to provide a platform for networking, learning, and fostering partnerships that could propel these SMEs to new heights.
Fast forward to February 1st 2024, the U.K. government announced the Small Business Council, created to unite leaders of SMEs nationwide, providing them with a tailored platform to voice their concerns and needs directly to the government.
With nearly every business in the country classified as a small business (99.9%), supporting a staggering 27 million jobs, and contributing £4.5 trillion to the annual turnover, the government has declared 2024 the "Year of the SME."
In addition to the formation of the Council, the Help to Grow campaign and website have undergone a revamp, transforming into a comprehensive one-stop shop for SMEs seeking essential information for growth and scalability. This will include offering assistance in identifying accessible funding, hosting webinars, and providing fundamental guidance for those embarking on the journey of starting a business.
Recognising the challenges faced by first-time entrepreneurs, the government's refreshed website features a step-by-step guide, offering practical advice for setting up and growing a business in the UK. The consolidation of government support into a centralised hub aims to streamline access to resources crucial for business leaders and budding entrepreneurs.
One notable addition from the Autumn Statement is the Help to Grow management scheme, a 12-week intensive programme designed to enhance SME leadership and management skills. The scheme, which is 90%-subsidised by the government, has already bolstered nearly 8,000 businesses, with ambitions to support up to 30,000 throughout its lifetime.
Business and Trade Secretary Kemi Badenoch highlighted the significance of small businesses, stating, "Small businesses are the lifeblood of our local communities and drive the UK’s economy." The Small Business Council is seen as a means to ensure SMEs have a direct voice in decision-making processes, addressing their key needs for sustainable growth.
The confluence of The Compxny's recent business summit and the UK government's strategic initiatives signifies a profound commitment to nurturing and elevating the role of small and medium enterprises (SMEs) in both local and national contexts.
The Compxny summit in London is an example of a private sector-led effort to empower young entrepreneurs, providing them with invaluable insights into financial strategies, business upscaling, and the transformative power of collaboration. Pastor Tobi Adegboyega's emphasis on the pivotal role of SMEs in nation-building resonates as a guiding principle, aligning with the sentiment echoed by the UK government.
On a governmental level, the creation of the Small Business Council and the refreshed Help to Grow campaign underscore the recognition of SMEs as the economic lifeblood of the UK. The council, set to launch next month, serves as a direct conduit for SME leaders to have their voices heard in decision-making processes. The comprehensive Help to Grow initiative, featuring a revamped website and a subsidised management scheme, further solidifies the commitment to providing SMEs with the tools, guidance, and support needed for success.
As the private and public sectors work together to support SMEs, the entrepreneurial landscape in the U.K. looks positive. The Compxny and the U.K. government help to set the groundwork for a dynamic and resilient economic future by encouraging collaboration, providing critical resources, and amplifying the voices of SMEs.
At the junction of these endeavours is a beacon of opportunity for aspiring entrepreneurs and small business owners, forging a story of growth, innovation, and prosperity in the ever-changing business world.
“The Compxny believes in the concept of the commonwealth. It’s impossible to have a thriving society without our SMEs. They are proof of life that our policies and rules enable people to further build the economy through employment and finances.” Onyi Nwike - The Compxny
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