Last week marked the seventh celebration of Small Business Saturday UK, and FSB supported the campaign urging all shoppers to get out and spend with independent firms.
The event was celebrated against a backdrop of a rise in the number of smaller businesses operating across the UK to 5.8 million last year; combined turnover and proportion of private sector workforce employed also rose to £2 trillion and 60% respectively.
Meanwhile, high streets across the UK face challenging conditions, with retail sales growing by just 0.2% in October, the slowest increase since April 2018.
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FSB’s latest Small Business Index shows that just one in three (33%) smaller retailers expect their prospects to improve over the coming three months – well over half (58%) expect performance to worsen.
FSB National Chairman Mike Cherry said: “When you back a small business in your local community, you’re much more likely to see your money re-spent nearby than if you handed it over to a big corporation – through local job creation, purchases from other businesses and investment."
Small Business Saturday Founder Michelle Ovens said: “Small Business Saturday celebrates the huge contribution that small businesses play. Yet again, this year’s event was an opportunity for communities to show their support for these businesses across the UK.
"The lead up to the big day was incredibly exciting, with our bus travelling the length and breadth of the country and so many amazing small firms being highlighted through the Small Biz 100."