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SMB Series: Why is growth for SMEs so important?

Curious about the reasons behind the organisation of the SMB Growth Summit? Becs Newton, the Milner Browne Group Marketing Lead, has given us a quick rundown of the reasoning that sparked its beginnings.

The importance of SMEs for Ireland and the UK:

SMEs are particularly important for the labour market in Ireland. They generate more than 70 % of all jobs in the non-financial business economy, approximately 4 percentage points more than the EU average. SMEs have contributed substantially to growth of the Irish non-financial business economy in recent years. In 2012-2016, SME value added increased by 25.2 % and SME employment rose by 9.8 %. Most recently, in 2015-2016, SME value added grew by 5.3 % and SME employment by 2.7 %. Over the next 2 years, SME value added markets is expected to rise by 5.4 %, corresponding to approximately 9 500 new SME jobs. *

Value added of SMEs in Ireland compared to the value added of SMEs in the European Union from 2008 to 2019

The UK’s decision to leave the EU is likely to have major implications for Irish SMEs. Britain is Ireland’s biggest trading partner, with business between the UK and the Republic supporting 400 000 jobs and generating EUR 60 billion. The precise impact of this vote will depend on the outcome of the negotiations. *

We will be talking about Brexit! It’s an area that affects all of us, we will have a session dedicated to Brexit hosted by an independent economist.

*2018 SBA fact sheet

Why is the SMB Growth Summit so important for Milner Browne?

SMB Growth Summit logoWe are an SME, facing similar challenges and opportunities as our customers and partners. We recognise a huge part of us being here today, after 14 years in business, is down to partnerships. Working with each other, identifying mutual win:win opportunities to grow, tackling challenges head on with the support of experts and a desire to make a difference for our employees and our customers.

The SMB Growth Summit is hosted by Milner Browne, in partnership with a number of leading Industry organisations that we work with. We want to open up our network to our customers and partners. This allows them to build new partnerships, identify new opportunities and tackle new markets. Ultimately, create new growth opportunities, together.

We are excited about the SMB Growth Summit. It’s the first of its kind in UK & Ireland, we have an incredible line up of speakers, exhibitors and panel discussions for you and your team to meet and hear from.

Our hope is the day will spark new relationships and new ideas for taking your business forward.

Final Thoughts:

The high proportion and impact of SMEs on the Irish and UK economies highlight more than ever the need to focus on their development and well being.  Whether they are from the government, third parties or partnerships built between SMEs, it’s important to be aware of the kind of support and paths you, as part of an SME can take to develop it.

We hope to make these solutions easier to access at the SMB Growth Summit and look forward to seeing you then. In the meantime, you can register here

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