Micro-, Small and Medium-sized Enterprises Day

Micro-, Small and Medium-sized Enterprises Day

Micro, Small and Medium-sized Enterprises (MSMEs) Day is an awareness day celebrated in the United Kingdom to showcase the contributions of these businesses to the economy, society and culture. The day aims to raise awareness about the challenges and opportunities faced by MSMEs in the UK, and encourage support for their growth and development.The UK government recognizes the important role played by MSMEs in driving economic growth, creating jobs and promoting innovation. As such, various policies and initiatives have been implemented to support their development and expansion, including access to funding and business support services.

MSMEs in the UK make up over 99% of all businesses, and account for over 60% of private sector employment. They operate in a wide range of sectors, including manufacturing, retail, hospitality, IT and creative industries. MSMEs face numerous challenges, including limited access to finance, skills shortages, and competition from larger firms. The day was first observed globally in 2017, following a United Nations General Assembly resolution adopted in 2016. In the UK, the day is celebrated on June 27 each year, with events and activities organized by various organizations, including government agencies, business associations and chambers of commerce. MSMEs Day provides an opportunity to celebrate the achievements of these businesses and promote their continued growth and success in the UK.

Facts about Micro-, Small and Medium-sized Enterprises Day

• According to the International Council for Small Business (ICSB), formal and informal micro-, small and medium-sized enterprises make up more than 90% of all firms in the world. They also account for 70% of the total employment and 50% of the global gross domestic product (GDP).
• According to the UN, more than 600 million jobs will be needed by 2030 in order to handle the growing global workforce.
• MSMEs are proving to be more resilient and adaptable to economic shifts and market disruptions, being key drivers in ensuring an economy's sustainability. They have shown their mettle during the economic downturns and the ongoing COVID-19 pandemic.
• According to the UK government, about 1.2 million small and medium-sized businesses are led by female entrepreneurs.
• According to the UK government, there were around 6 million private sector businesses in the UK at the start of 2021, of which 99.3% were small or medium-sized businesses. These businesses provide job opportunities to about 16.8 million people, accounting for over 60% of total private sector employment in the country.

In the News and Trending in the UK for Micro-, Small and Medium-sized Enterprises Day

Top things to do in the UK for this observance

• Learn more about the power of micro-, small and medium-sized enterprises .
• Discover 5 things SMEs need to survive.
• Watch The Best Laid Plans (2018). This short documentary series from the Financial Times showcases various small business owners across the UK and explores their unique ventures and challenges they face.
• Celebrate the achievements of outstanding MSMEs by attending or participating in award ceremonies that recognize innovation, sustainability, and business excellence.