Ethnic minority businesses are estimated to contribute £25-£32 billion to the UK economy per year, and women-led enterprises contribute around £70 billion. However, ethnic minorities and women are seen to be under-represented as entrepreneurs, and to have lower levels of business performance.
All those involved in promoting business and jobs growth know that every small or medium sized enterprise (SME) is different. Each SME may be different in many ways, for example, the markets it operates in, its products, its growth potential, the capital it requires to survive and grow, and the skills, experience, networks, gender and ethnicity of the entrepreneur(s) that drives it. Diversity is therefore a feature of any business community. Yet too often support to business growth ignores many aspects of diversity, applying a ‘one size fits all’ policy which results in opportunities being lost through an inability to engage many of the businesses that could benefit.
Take a look at this latest paper by the BBA’s Diversity & Inclusion Business Council (DIBC) and supported by the YTKO Group, which explores the common challenges to growth for under-represented sectors and is designed to inform, shape and help corporate, national and local government policy and support women and ethnic minority businesses. This includes seven key initiatives that relate more effectively to the diversity of SMEs and examples of good practises already in place across the private sector.