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Lord Digby Jones Speaks Up for SMEs

sme small businessLong Live the SME

Lord Digby Jones, former Director General of the CBI has thrown his weight behind improved support for SMEs and an acceptance that failure is not to be feared but exploited to take businesses with potential to greater heights.

Digby Jones believes commercial culture changes are required if SMEs are to continue to thrive and new entrepreneurs created.

Jones said:

“With any small business, especially one in its early stages, there are obstacles to overcome and calculated risks that must be taken in order to generate wealth. Too often the emphasis is put on failing businesses – without the appreciation that there always exists a risk-reward aspect to growth and generating profits.

“We understand that not all businesses will succeed, and when they do not, they need skill, courage and capital to give them the time necessary to review options, take advice from others and turn around their fortunes.

“The livelihoods of the many, the tax receipts for Her Majesty’s Government and the very vibrancy of local communities can depend on the quality of such advice, on the clarity of planning and the efficacy of execution”

Indeed Lord Jones underlined the critical impact that a failure to grow and support SMEs has on the wider economy and which provides a threat to a sustained economic recovery.

Crucially Jones believes more effort and support is required to help turnaround struggling businesses.

From our own experiences in supporting businesses of all shapes and sizes it is the tenacity and determination to overcome setbacks that marks out the truly great businesses.

We know from our work the important roles that SME businesses play in the engine room of the UK economy and the contribution they make to the competitiveness of the country.

Often SMEs simply have to fight for themselves with little or no support externally and so Lord Jones’ comments are gratefully received and one can only hope the words echo around government chambers and build confidence amongst struggling companies to brush themselves off and try again.

Long live the SME.

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