SMB Case Study
Small and medium-sized businesses (SMBs) drive innovation, job creation, and economic growth. However, to maximize your impact, implementing a modern IT system is essential. Advanced IT systems streamline operations, enhance productivity, and offer robust security against cyber threats. They are scalable, flexible, and help reduce operational costs. Modern IT also improves customer engagement, supports remote work, and provides valuable data for informed decision-making. Discover how other SMBs have leveraged IT for growth in our detailed case study. Embrace technology, protect your business, and unlock your potential.
SMBs like yours contribute to economic diversification by offering unique products and services that larger corporations might overlook. This variety fuels innovation and competition, driving overall economic growth. SMBs are often at the forefront of introducing new technologies and business models, keeping the economy dynamic and resilient.
Small Business Economy Statistics
UK business size statistics
As of October 2023, there were just under 5.6 million private sector UK businesses – an increase of roughly 0.8% (or 54,000) from the previous year. The private sector is largely made up of self-employed owner-operators, sole traders, and small business employers. In fact, SMBs account for more than 99% of all the businesses in the UK.
Source(www.money.co.uk)
How many jobs are created by small businesses?
The latest UK small business statistics found that, in 2023, SMB' employment stood at 16.7 million. This figure represents a 1.7% rise (+0.3 million) from 2022 and accounts for 61% of all private sector jobs. This means SMBs account for more than three in every five people employed in the UK private sector.
Source(www.money.co.uk)
Employee size band | Businesses | Employment (in thousands) |
|---|
How many UK businesses have cyber insurance?
Despite cyber-attacks posing threats to businesses of all sizes, the latest UK business statistics found that many SMBs do not protect their business with cyber insurance. Of the different sizes of SMBs, more than half (56%) of medium-sized businesses had invested in cyber insurance, along with 40% of small businesses and just 17% of micro businesses.
Though cybercrime has been traditionally seen as a problem affecting large companies, a recent UK business report found that 96% of all cyber-attacks are directed at SMBs, with the risks for many businesses increasing since they moved more of their operations online during the pandemic
Source(www.money.co.uk)
UK SMEs: Number, Employee Headcount And Turnover Details
-
As of October 2023, there were 5.6 million businesses in the UK.
-
5,547,000 qualify as either small or medium businesses, meaning that 99.05% of UK businesses are Small to Medium Enterprises
-
A small business has between 0 and 49 employees, and a medium business has between 50 and 249 employees
-
Since 2010, the number of SMEs in the UK has grown by 1,070,000, from 4,477,000 to 5,547,000.Of the 5,547,170 SMBs in the UK, 4,110,145 have no employees, meaning they are “sole proprietorships” or partnerships, where only the owner or owners work for the company
Source(www.gov.uk)
Small Business Technology Statistics
Lack of IT Support:
-
27% of small businesses do not have any IT support, indicating a significant gap in technological management and cybersecurity preparedness (SMB Group).
Manual Integration Tools:
-
A staggering 80% of small businesses still use manual integration tools, which can lead to inefficiencies and errors (SMB Group).
Website Presence:
-
Only 53% of small businesses have a website. This shows that nearly half of small businesses may be missing out on the digital presence crucial for reaching customers (Statistic Brain).
Mobile App Utilization:
-
Mobile apps save small business employees approximately 725 million work hours annually. This underscores the importance of mobile technology in increasing productivity (CNBC).
Technology Spending:
-
Small business technology spending saw a 18% increase in 2023, reflecting growing recognition of the importance of technological investment (Microsoft).
Cloud-Based Solutions:
-
92% of small businesses are using one or more cloud-based solutions, showing widespread adoption of cloud technology to enhance flexibility and efficiency (SMB Group).
Mobile Device Management:
-
66% of small business owners rely on mobile devices to manage their operations, illustrating the trend towards mobility and remote management (Constant Contact).
Workload Reduction through Cloud Solutions:
-
Cloud solutions decrease small business workloads by at least 42%, making it clear that cloud adoption can significantly boost productivity (Microsoft).
Our Thoughts
At Levy&Co M365 Technology Solutions, we understand the critical role that small and medium-sized businesses (SMBs) play in the UK economy. The data shows that SMBs not only form the backbone of the private sector but also drive innovation and job creation. However, we are deeply concerned by the statistics that reveal significant gaps in technology adoption within this vital sector.
For instance, the fact that 27% of small businesses lack IT support is alarming. Without proper IT infrastructure, these businesses are exposed to operational inefficiencies and are vulnerable to cybersecurity threats that could have devastating consequences. Cyber-attacks targeting SMBs are on the rise, with 96% of all attacks directed at this sector. The absence of robust IT systems can leave these businesses at a high risk of data breaches, financial loss, and reputational damage.
Moreover, the finding that only 53% of small businesses have a website highlights a missed opportunity for growth. In today's digital-first economy, having an online presence is not just a luxury but a necessity. It’s crucial for reaching new customers, engaging with existing ones, and staying competitive.
At Levy&Co M365 Technology Solutions, we believe that every SMB should have access to the tools and support they need to thrive. We specialize in helping businesses establish and maintain secure, efficient, and scalable IT systems. Whether it's setting up a secure domain, deploying cloud solutions, or providing ongoing IT support, our goal is to ensure that your business is equipped to handle the challenges of today and the opportunities of tomorrow.
We are particularly focused on helping SMBs leverage the power of Microsoft 365 to enhance their operations. From streamlining workflows with cloud-based tools to protecting sensitive data with cutting-edge security features, our solutions are designed to meet the unique needs of SMBs. We also understand that each business is different, which is why we offer tailored IT solutions that align with your specific goals and budget.
By partnering with Levy&Co M365 Technology Solutions, you're not just investing in IT support; you're investing in the future of your business. We are committed to helping you navigate the complexities of modern technology so you can focus on what you do best—growing your business.
We invite you to explore our services and discover how we can help you build a strong, secure, and scalable IT foundation. Let’s work together to ensure your business is not only protected but also poised for success in the digital age.