Small business export growth is set to receive a major boost with the UK government’s latest initiative. A newly revamped Board of Trade has been introduced, bringing together industry experts to support small businesses and drive exports worldwide.
A Strategic Move for SME Growth
Announced by Business and Trade Secretary Jonathan Reynolds, the new Board of Trade is a key part of the government’s Plan for Change. The goal? To supercharge economic growth by helping the UK’s 5.5 million SMEs expand internationally.
The Board consists of top CEOs and business leaders handpicked for their expertise. Notable members include:
- Mike Soutar – Entrepreneur and former Apprentice star
- Allison Kirkby – BT Group Chief Executive
- Michelle Ovens CBE – Founder of Small Business Britain
These advisors will serve as industry ambassadors, ensuring small businesses can navigate global markets with confidence.
Tackling Key Challenges for SMEs
A major Call for Evidence has been launched alongside this initiative to assess SME access to finance. Many small businesses struggle to secure funding, limiting their ability to scale up. This research will explore:
- Current demand for finance
- Private sector solutions to boost funding
- Barriers faced by underrepresented groups, including ethnic minorities and those with disabilities
Small Business Minister Gareth Thomas emphasised that funding is critical for start-ups and expanding SMEs. “Access to finance is one of the biggest challenges small firms face,” he noted, stressing the importance of government intervention.
SME Summit: Shaping Future Policies
Coinciding with the Board of Trade’s launch, a flagship SME summit at Wilton Park is bringing together business leaders, policymakers, and industry experts. The event focuses on:
- Encouraging entrepreneurship and digital adoption
- Developing business support services for growth
- Enhancing access to finance
- Boosting SME exports
Speakers include Export Champions like Laura Ward MBE (Exeat), Julianne Ponan MBE (Creative Nature), and Bob McDonald (Burren Balsamics). Representatives from business groups, local government, and the finance sector will also provide insights.
Strengthening Small Business Support
The government has already rolled out several measures to aid SME growth, including:
- A major consultation to combat late payments
- Tax relief extensions protecting one million small firms
- The Business Growth Service, streamlining SME access to government support
This multi-pronged approach aims to create a thriving environment where SMEs can flourish.
Industry Reactions and Future Outlook
Many business leaders have welcomed the initiative. Michelle Ovens CBE expressed excitement about the Board’s potential, stating: “Supporting small businesses to export and grow benefits the entire UK economy.”
Entrepreneur Mike Soutar echoed this sentiment, highlighting the UK’s world-class talent and the need to transform it into globally competitive businesses.
With expert guidance, financial support, and stronger policies, the government’s new Board of Trade is set to make small business export growth a reality.
