A study released today by TSB reveals that the West Midlands is one of the biggest champions of small businesses in its local areas. Three-quarters (75%) of those surveyed support small businesses in their communities, and 70% believe they help fuel their local economy.
The study, a OnePoll survey of 20001 participants across the UK, examined the importance of SMEs to local communities. It found that those in the West Midlands spend on average £37.70 per week – the third highest spend across the UK, following closely behind London (£42.22) – in a bid to help support local communities, with 83% of people convinced that small businesses have a positive impact on their local community.
However, there is a growing concern for almost 70% who think small businesses will struggle to stay afloat without more support from the Government (75%), their bank (78%) and the general public (78%).
Richard Davies, TSB’s SME Banking Director, comments: “Small businesses are the heart of our local communities, but more needs to be done to help them thrive. We believe that better banking will ensure that small businesses get the support they need to start, run and grow. That’s why TSB has a multi-million pound investment underway to build a new business banking offer for small businesses right across Britain.”
The West Midlands recognises the increasing need for small businesses to embrace new technology, with almost 57% agreeing that small businesses need to embrace new technology, and 52% believing that they are falling behind.
Earlier this year, TSB partnered with Enterprise Nation, the UK’s most active small business network, to help boost the digital capability of small businesses and entrepreneurs across the UK – giving small businesses access to the advice and support they need to help them grow.
A recent report by ‘peak b’, the campaigning organisation for small business, supported by TSB and Indeed2, also found that over a third of small businesses (38%) across the UK are not driven by profit, and an overwhelming number are playing a hugely active role in local communities.
In the West Midlands, 87% believe small businesses have a role to play in supporting community organisations while almost three-quarters (73%) of small businesses believe this is a responsibility as a member of the community.
Richard Davies says: “Peak B’s report is the first research to look at the social value of local businesses in communities, which we believe is critical to recognise alongside the much-needed focus on helping improve business productivity.”
TSB recently appointed a local team of four Relationship Managers in the West Midlands dedicated to supporting small businesses and entrepreneurs in their local communities. The recruitment forms part of TSB’s commitment to small business banking, with a multi-million-pound investment programme already underway to build new banking services for small businesses, launching later this year.
The local team will give business banking customers simple, clear and fairly-priced banking products and services that will ultimately help local businesses and communities thrive. The initial team of four is the first step in the Bank’s expansion plans for SME Relationship Managers within the area.
