Small to medium-sized businesses should not be content with their local markets and should strive to bring their businesses the global market and compete internationally.
This was the statement made by Competitiveness Minister Barry Gardiner, even as he commended the contributions made by small and medium-sized businesses (SMEs) for the UK economy. Speaking at a Business Link London event, Gardiner stressed though that global competitiveness is very important as it will assure the continued success of their businesses.
The minister also lauded the city’s over 300,000 small companies for adding almost £140 billion to the country’s economy in 2004.
Gardiner said that to survive and prosper in business, a business owner’s goals should be to continually be close his customers as well as competitors, constantly innovate his products or service and consistently remain competitive.
He then said that the global market is there for the taking and it is up to the business owners to find their niche in the global market.
Based on recent figures released by the Department of Trade and Industry’s Small Business Service, The number of SMEs that are active in the UK from the beginning of the year 2004 was the highest posted year-on-year growth ever since these records were compiled way back in 1995.
The encouraging words given by Gardiner should spur more enterepreneurs and business owners to heed his advice to be more globally competitive. This could also persuade new entrepreneurs to start forming new companies. Business solutions experts have commented that in the likelihood this happens the effect on the economy will be very positive.