Helping SME’s Thrive Post-COVID: The Role of Big Business | IPT
Speaker: Kevin Craven, Strategic Partnerships Director, Serco UK
Speaker: Martin McTague, Policy & Advocacy Chairman, Federation of Small Businesses
Virtual Event

Date:

Monday 26 April 2021

Venue:

This is an online event

Start Time:

16:30

End Time:

17:30

Small and medium sized businesses account for 50% of the total revenue generated by UK businesses and 44% of the labour force. Prior to the pandemic SMEs faced barriers such as reduced access to public sector contracts alongside fewer financial advice and loan options. They are also disproportionately affected by late payments, with SMEs on averaged owed £6,142 by larger firms, resulting in restricted cash flow. A McKinsey survey found 80% of SMEs were concerned about their revenues declining and one in four worried about defaulting on loans and the ability to retain staff and supply chain networks. Boosting SME productivity is the key aim of the Government’s Industrial Strategy and will be a crucial part of the recovery. It has also been cited as a solution to reduce regional disparities. As the UK economy looks to recover following COVID, how can government and larger businesses help SMEs remain solvent and rebuild?

This event will:

  • Consider how to assist SMEs to emerge from COVID successfully
  • Discuss approaches to tackle issues such as late payment, including the powers of the Small Business Commissioner
  • Explore opportunities for SMEs to export abroad post-Brexit and be involved in public sector contracts