Consideration of issues for diverse business models
Different business models such as women-led and ethnic minority SMEs, those led by young people or those in rural areas, or micro-businesses, start-ups and social entrepreneurs, face specific challenges when accessing support networks to help them with regulation.
Summit shares research into unique challenges to regulatory growth facing businesses with a difference.
The Department for Business, Innovation and Skills estimates that:
- 15.5% of SMEs are majority women-led - equating to c.690,000 SMEs and contributing £50 billion to Gross Value Added (10% of the UK SME GVA total)
- 6.3% of SMEs are minority ethnic group led - equating to c.280,00 SMEs and contributing £25 billion to Gross Value Added (5% of the UK SME GVA total)
Although such businesses make significant contributions to the UK economy, they receive limited direct attention in business support policies.
Experience has shown meeting their individual needs leads to strong, prosperous business communities, the engine for UK growth and economic recovery.
To succeed, diverse business models require diverse approaches, not least in the area of regulation.
URN: 12/1234 Publication date: 22/10/2012 Pages: 91
This report presents the findings of a research study into the experiences of diverse businesses with local regulation and its enforcement, including a more in-depth examination into the experiences of two diverse businesses that import food and drink.