Small and medium-sized businesses (SMBs) power the UK economy, representing over 99% of all businesses. It’s clear their economic impact is anything but small. They are the innovators, the local employers, and the cornerstones of communities across the nation. Yet, they often face many challenges to success and often aren’t included in policy discussions.
They need champions to help them power prosperity. As a company, Intuit is committed to helping our small business customers beat the odds and to making sure their voices are included at the policymaking table.
Giving small businesses a voice at the policy table
The UK Department of Business and Trade (DBT) will publish their Small Business Strategy later this year and, alongside it, launch the new Business Growth Service in service of the Government’s plan to grow and support small- and medium-sized businesses. To help inform these initiatives, DBT recently hosted a flagship three-day Small Business Policy Conference at Wilton Park, to hear directly from industry and small businesses about the challenges and opportunities they face. The Secretary of State for Business and Trade, The Rt Hon Jonathan Reynolds MP, and the Minister for Small Business, Gareth Thomas MP, also participated in these vital discussions.
Intuit was proud to be one of just two sponsors for the conference and have our small business customers attend. We’re committed to ensuring small businesses have a seat at the policy table as the UK government develops its two flagship small business programmes.
Here’s what Intuit’s small business customers had to say on the issues that mattered most to them.
Driving digital adoption
UK small businesses that integrate digital tools into their business are more likely to report increased productivity. Digital tool adoption is proving transformative for small businesses across the UK. As Claire Witz, Owner of Chimpology in Tunbridge Wells and Kent, said, ‘My business operates entirely around digital tools. Digital tools allow me to find the right solutions and integrations for all my clients’ needs.’ And Carly Straughan, Director of QLINE Consulting LTD, noted, ‘I’ve seen firsthand: digital tools aren’t just about efficiency, they’re about unlocking potential, for my team and my clients.’
The more that policymakers can provide educational resources, accelerate digital adoption through private-sector collaboration, and modernise government programs for SMBs, the more digital tools will help level the playing field.
Democratising access to AI
Governments around the world are exploring regulatory frameworks to prevent harmful AI outcomes, but small businesses are often an afterthought in these debates. James Vincent, Co-Founder & CEO of Hot Source Creative in Bath, shared the impact AI tools have on his business: ‘AI has been a game-changer in our business, particularly in content creation, audience segmentation, and campaign optimization. Tools like AI-powered analytics and automation have allowed us to provide more data-driven marketing strategies for clients.’ Emma Thomson, Founder of Gemz by Emz in Romford, also stated, ‘I’m all for AI. Intuit AI’s tools especially have led to me getting a lot more sales, a lot more engagement, and a lot more customers. AI can be really good for small businesses.’
AI has the potential to tip the scale in favor of small businesses, but they need a seat at the table to ensure that regulation works for them and not just for larger businesses. James Vincent also shared, ‘Tax incentives for AI adoption or funding for AI training, would level the playing field and help small businesses compete in an increasingly digital marketplace.” Without additional support, James believes that, ‘We risk seeing a widening gap between AI-enabled businesses and those unable to access these technologies.’
Unlocking the small business data
Initiatives like Open Banking have enabled better financial management, improved forecasting, and faster payment of invoices. Unlocking more data across the UK economy could help small businesses to access alternative lending, boost e-commerce revenue generation, and simplify net zero reporting.
As Simon Groom, CEO of MagnifyB in Warrington, said: ‘We need a funding ecosystem that values potential over rigid metrics. To encourage innovation, invest in platforms that empower small businesses with real data and insights, and champion organizations that truly amplify our small business voices.
Powering prosperity for small businesses
Intuit will continue to empower small businesses to share their thoughts directly with policymakers. With robust government support, UK SMBs can overcome obstacles and achieve sustainable growth, contributing to a thriving national economy. After all, the impact small businesses have on the economy is anything but small. Intuit is also excited to announce more exciting plans in store for our customers in April 2025 to ensure they’re included in policy conversations. Be sure to stay tuned!