sme business plan

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work, but I’ve got bad news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

What are the types of small businesses?

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

• Sole Proprietorship — The simplest type of business structure is a sole proprietorship, which is also the easiest to start. As a sole proprietor, you are personally responsible for the business's liabilities and profits, and you have complete control over your business. If you are a solopreneur, you are automatically considered a sole proprietor.
• Partnership — A partnership is a business model involving two or more individuals who agree to share the business‘s profits and liabilities. Each partner contributes to the business and shares the risks and rewards. It’s essential to have a partnership agreement that defines each partner's roles and responsibilities to ensure clarity and prevent potential misunderstandings.
• Limited Liability Company (LLC) — An LLC, or limited liability company, is a common option for small businesses because it protects its owners by separating personal assets from the company's liabilities. To form an LLC, the business owner must file the required paperwork with the state.
• Corporation — A corporation is an independent legal entity distinct from its owners. It provides limited liability protection to its shareholders, who are not held personally accountable for the company's debts. Corporations have formal requirements and often raise capital by issuing stocks or shares.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

It's crucial to seek advice from legal or accounting professionals to determine the best business structure based on your unique needs and objectives. Each structure has advantages, legal requirements, tax implications, and flexibility considerations.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What resources or tools can I use to refine and validate my business ideas during the brainstorming process?

Online market research tools like Google Trends, Keyword Planner, and SEMrush can provide insights into market demand, competition, and keyword trends related to your business niche. Industry reports and market analyses from reputable sources such as IBISWorld, Gartner, Statista, and industry-specific publications can offer valuable data and trends to inform your decision-making. Ensure you know the industry risk before embarking on your small business venture.

→ Download Now: Market Research Kit [Free Download]

Additionally, joining entrepreneurial communities, forums, and social media groups can provide opportunities to seek feedback, network with like-minded people, and gain insights from experienced entrepreneurs. Finally, consider conducting surveys or interviews with potential customers to gather feedback and validate your business concept before investing significant time and resources.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe postnatal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

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7 Proven Principles For A Strong SME Business Plan Blog Business Plan 7 Proven Principles For A Strong SME Business Plan 7 Proven Principles For A Strong SME Business Plan

• Blog , Business Plan

Business planning is the backbone of every successful business. Having a strong SME business plan is crucial whether your small or medium enterprise is trying to launch a new product.

Fabricating a business plan for your small or medium enterprise is the prime step that propels a business in the direction of success. As we said previously in our blog , a business plan is a guide . It’s a guide with power to keep your business on the right track during growth and when asking for funding from investors. A business plan is what keeps companies focused on their goals and what moves them through hurdles.

Surprisingly enough, small businesses are still having difficulties in business plan consistency. That is the case for larger markets too, given the fact that more than one-quarter of UK small businesses don’t have a business plan at all. And they’re missing out on a £25bn of revenue in the process.

It doesn’t have to be like that for the small business and enterprise industry. And we’re here to help. Every small business and medium enterprise can develop a strong SME business plan by the following principles:

1. A strong SME business plan has to be easy to read

This one is a general rule of thumb, but it works perfectly for a solid business plan. A business plan must be well designed and easy to comprehend as well. This is the case for the introductory statement as one of the key parts of the business plan, typically in one or two pages. It doesn’t matter if investors are with two decades of industry experience. Your business plan must be written in a straightforward language so everyone can understand what you want to achieve.

2. Present Market Analysis in your business plan

Let’s face it, you probably are not the only one that wants to offer a product in the market . Not just investors, but your potential customers as well want to know what’s in your business plan and how the market will react to your products or services. Even as a small business, you must present research for your target market . By showcasing how you understand your market and what makes your product a market fit, your potential customers will notice the benefits of using your product or service. Because you know, everyone wants to know what’s in it for them. That includes your customers too.

3. A business plan must have a distribution plan too

You have to be exact on how your business can sell and distribute its product or service. The methods that you’re planning to use have to be comprehensibly described in your business plan. You also must describe the number of costs that you need to deliver your product or service in your target customer’s arms. This includes logistics to warehousing and delivering process arrangement.

4. You need to have a unique competitive advantage

This is the part of a business plan where you shouldn’t be modest if you’ve found your advantage in the market. What gives you that competitive edge? You can position yourself by presenting some distinctive traits.

You may have a unique patent, trade secret, copyright, strategic alliance or a brand new technology that you want to showcase to the world. Competitive advantage is one of the main ingredients of a strong SME business plan. Of a strong business plan in general, really.

5. For a strong SME business plan, highlight your team strengths

If your SME includes a management team or other skilled workers that are highly qualified, you need to showcase them too. This will give you a massive advantage when pitching your small business idea to investors. Furthermore, it will further cement the trust that your potential clients have for your business.

Everyone wants to work with experienced experts in their field or have industry experience in general. That’s why it is important to point out what keeps your team in place, and what qualities does your management team own.

6. Provide realistic expectations for your small business

It’s easy to dream of business success. Everyone can do it. But it’s not easy to estimate the necessary stages and timeframe that can map out your business growth.

We should always aim to see and paint the real picture of our businesses if we want a strong SME business plan. When we get realistic, then we can articulate some plausible assumptions. But again, we have to back up those assumptions with some insights to prove that we did a good market research in the first place. Every stage of your business plan must be within reach.

7. Have more versions of your business plan ready

Small businesses and enterprises should develop more versions of their business plans. Because you’ll have different evaluations of your business plan.

For example, you need to construct your business plan in a different manner when you approach the bank for a loan. Bankers want to know what your business stability is, how you secure your business and cash flow. But venture capitalists expect and want to see high returns .

Everyone that wants to invest in your small business or enterprise wants to know your exit strategy too. These people want to know how you are planning to use their funding. You must show that you’re capable of securing their funds and covering their interest in the process.

We certainly hope that the principles described above will help you with a strong SME business plan for your small business or enterprise. We care about small businesses and enterprises and we don’t want to see potential success out of place and focus whether you’re in the UK, USA, and Asia or in other markets. Make sure that you stick to the principles above to makes sure that your business goes in the right direction.

Still don’t have a business plan for your SME? Don’t enter your market without following these 6 steps first .

Having a business plan is important because it will help you set realistic goals for your startup. It will serve as an excellent tool to secure investor funding and to establish the financial forecasts for your business and ROI (Return on Investment). To be a strong candidate for receiving investment funds, you must prove that you thoroughly understand every aspect of your business. And to prove that you know how to create a profit from it.

As a first-time entrepreneur that has a great new idea, we advise you to not jump into business waters without a plan. There are important questions that need to answer first before you even start the company. The BizzBee team of experts is  here for you  to help you answer all those questions and guide you through the process of successful  business planning .

Dancho is a serial entrepreneur, founder & CEO of BizzBee Solutions, proud father of two boys, and a ‘kafana’ enthusiast. He’s also the author of Amazon’s bestseller,  ‘Sweet Leads.’  Dancho believes in building relationships with people and is inspired by growth. His ‘ZZ framework’ and formula for growth have brought 500+ clients the results they sought. Eager to learn more? Follow Dancho on LinkedIn and Facebook.

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BUSINESS PLANS

Business Plans are important in today’s world of business. It is one of the business tools that every business should have, whether it be a multinational company or a startup SME.

That does not mean that every business should access loans. It is however, a tool that can stimulate growth in many ways.

If you would like to grow your business and make it successful, you will have to plan for the growth by setting your goals and the strategies to achieving those goals.

What are Business Plans?

A business plan is a very important document for growing a business. It is a document that;

• describes the nature of your business;
• the sales and marketing strategies;
• the financial background; and
• the projected profit and loss.

A Business Plan (proposal) is different from a Project Proposal . The former is prepared specifically for loan or financing purposes and the latter is for grant purposes specifically to develop or improve communities. [We provide both services].

Loans are repayable while grants are for community projects and are not repayable.

We design Business Plans that conform to generally accepted guidelines, formats and contents so that the recipients of your proposal can be amazed, convinced and positively moved by the quality and essence of the document.

We have assisted thousands of businesses and community groups by writing and producing business plans and project proposals over the past 13 years.

Business Plans are Requirements for the SME Loans

Banks and financial institutions such as BSP or NDB require business plans as an important requirement for loans.

Read about the SME Loans .

We have also raised a number of millionaires who have started from scratch.

We can help you too.

For important documents including SME Proposal Format in FDF, check our Downloads section .

Please, contact us .

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• Business and industry
• Business regulation
• BEIS small and medium enterprises (SME) action plan: 2022 to 2025
• Department for Business, Energy & Industrial Strategy

BEIS small and medium enterprises (SMEs) action plan: 2022 to 2025 (accessible webpage)

Published 26 January 2023

© Crown copyright 2023

This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected] .

Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.

This publication is available at https://www.gov.uk/government/publications/beis-small-and-medium-enterprises-sme-action-plan-2022-to-2025/beis-small-and-medium-enterprises-smes-action-plan-2022-to-2025-accessible-webpage

Foreword by the Minister for Enterprise, Markets and Small Business

As we come out the back of the COVID -19 pandemic, the impact on businesses in the UK has been stark. The number of businesses in the UK fell by 6.5% between 2020 and 2021, only the second time the number of businesses has fallen since 2000. 99% of businesses in the UK are SMEs so it has never been more important to support those businesses to achieve sustainable growth. SMEs offer innovation, responsive customer service and fantastic employment opportunities. This is economic and social value that BEIS is actively trying to tap into. Despite the current economic difficulties many SMEs are justifiably optimistic about the future, and we are committed to enhancing the UKs reputation as the best place in the world to start and grow a business.

I am pleased to publish this SME Action Plan, that commits BEIS to finding new ways to reduce the barriers for SMEs when it comes to being part of the Department’s supply chain. Through the activities outlined in this Action Plan, we aim to be a customer of choice for SMEs , to give all potential suppliers the same opportunities, and to be transparent in our procurements.

There will always be opportunities to improve, and this Action Plan gives a flexible structure for the Commercial function within BEIS to continually seek new opportunities, to hear feedback directly from SMEs , and to action that feedback in the pursuit of creating a fair and level playing field for SMEs to be able to compete against larger organisations for BEIS contracts.

This is our commitment to SMEs .

Kevin Hollinrake MP Minister for Enterprise, Markets and Small Business

Foreword by the Small Business Commissioner

The 5.6 million small businesses in the UK (0-49 employees) really are the backbone of the UK economy. They’re agile, creative and entrepreneurial, whether they’re freelancers, sole traders, micro firms (0-9) or small. They’re innovative and talented. They’re risk takers and employ half of the UK’s workforce. These are the people who help medium sized and large businesses hone their competitive edge and flourish. If you aren’t procuring goods and services from this powerhouse, you’re missing out on opportunities to boost your local economies and communities.

A local authority procurement professional told me about his excitement on receiving 200 expressions of interest for one contract, and his subsequent disappointment at finding only three lacklustre bids at the final count. ‘We’ve missed out on all that talent’ he said.

We owe it to our small firms, their families, communities and the UK economy to create a system that releases the potential of small (and medium-sized) firms and removes the barriers that stop them putting themselves forward. This BEIS Action Plan sets out a robust commitment to doing just that. I look forward to working with the department in any way we can to help bring this plan to life and ensure the economy’s backbone is robust and resilient enough to drive forward recovery.

Liz Barclay Small Business Commissioner

Foreword by the Small Business Crown Representative

Across public sector procurement, working with SMEs brings value to contracting authorities through their innovation, service and social value for the local communities that SMEs are based in. Too often, SMEs encounter barriers to competing for public procurement opportunities. These barriers stop SMEs from being able to find the right opportunities for them, they fail to create a level playing field that allows SMEs to compete fairly, and they make the working relationship difficult through poor contract management and payment performance.

In my role as Small Business Crown Representative, I encourage all contracting authorities to consider specific actions they can take to reduce and remove these barriers to SMEs . These plans need to be ambitious and comprehensive, addressing the wide range of challenges that SMEs encounter. It is not just the SMEs that benefit from this, but the contracting authorities who gain access to new and competitive suppliers who offer fantastic value.

The themes identified by BEIS in this new SME Action Plan capture the broad challenges that SMEs face. The steps that BEIS are committing to will help to open new opportunities, new supply markets, and smooth the relationship between the Department and SMEs in their supply chain. I welcome BEIS ’ commitments and look forward to continuing to work with the Department to champion SMEs .

Martin Traynor OBE Small Business Crown Representative

Introduction

The government is in the process of shaking up and transforming our procurement system by changing existing procurement rules in the Procurement Bill which is currently being debated in Parliament. This will lead to cutting red tape, simplifying and speeding up procurement processes and making it easier for smaller businesses to win government contracts. BEIS stands ready to implement this new regime when it comes into force.

The government has committed to create and maintain more diverse supply chains, accessing the numerous benefits that result, such as improved resilience, access to innovation, and levelling up the country by sharing government procurement opportunities with more organisations.

A key part of creating more diverse supply chains is directly and indirectly engaging the Small and Medium Enterprises ( SMEs ) around the country. These businesses offer unique capabilities, products, and services. Collectively, SMEs offer huge employment opportunities and produce a significant part of the economic output of the UK.

To better access this potential, BEIS has produced and published this SME Action Plan. Through it, we set out our plans to continue to reduce the barriers that SMEs face when doing business with us, and how we will seek their feedback to continuously improve our processes, opening more opportunities for SMEs to be part of BEIS ’ value chain.

Definition of an SME

The Companies Act 2006 defines a large company being determined by its staff headcount threshold: over 250 staff, and either its annual turnover exceeding £36m or its balance sheet total exceeding £18m. However, in relation to its procurement activities, the UK Government currently defines Small and Medium Enterprises ( SMEs ) in accordance with the table below.

SMEs make up an essential component of the private sector business landscape. According to the 2021 Business Population Estimates there were almost 5.6 million businesses in the UK at the start of 2021. SMEs accounted for 99.9% of the total number. Importantly SMEs employed 61% of the private sector workforce which was 16.3 million employees. They also earned 52% of the turnover of UK plc which is equivalent to £2,300 billion.

BEIS Group overview

BEIS is the government department responsible for energy security and delivering net zero; unleashing innovation; boosting enterprise; and helping businesses. We are committed to building a stronger, fairer and greener future - fostering shared prosperity, growth and levelling up across the UK - through our mission: Leading Britain’s Recovery.

While addressing the risks posed by the wider economic and international context, our priorities are to:

• generate cheaper, cleaner, homegrown energy and deliver on this government’s commitment to net zero greenhouse gas emissions by 2050
• unleash innovation to make the UK a science superpower
• boost enterprise to level up the country, while supporting families with the cost of living
• drive economic recovery from coronavirus

The core department is made up of around 5,600 people with regional offices across the UK. Core BEIS is supported by 43 agencies and public bodies - which we call our Partner Organisations – to form the BEIS Group. These range from HM Land Registry and Ordnance Survey to the Insolvency Service and UK Research & Innovation. Through this network of Partner Organisations, BEIS Group delivers services to thousands of businesses and individuals every day – delivering weather reports by the Met Office, registering new businesses at Companies House and protecting intellectual property at the UK Intellectual Property Office. The UK Atomic Energy Authority carries out leading edge fusion research whilst the Coal Authority and Nuclear Decommissioning Authority ( NDA ) restore and protect our environment. BEIS also works closely with other government departments.

In Financial Year 2021/22, BEIS was responsible for a total budget of £29.7bn, of which £17.4bn related to the Core Department and Agencies, and £12.3bn related to our Partner Organisations and designated bodies.

For a full analysis of BEIS expenditure and financial information, including information relating to spend by BEIS Partner Organisations, please refer to the BEIS annual report and accounts 2021 to 2022 . The diagram below provides a breakdown of that expenditure.

This SME Action Plan is focused on Core BEIS . Many of our Partner Organisations have their own programmes of work to support SMEs . Across the BEIS group Partner Organisations actively seek opportunities to collaborate and share best commercial practices. While each organisation has its unique spend profile, and therefore its own challenges to reduce barriers for SME participation, areas we have been able to share best practice on include raising awareness of BEIS ’ own Help to Grow SME grant programmes, and in implementing high standards of prompt payment performance for our primary contractors.

Where we spent our money in 2021-22: diagram data

Actions and progress to date

BEIS published our last SME Action Plan in 2019. Since then, we have made good progress, working with our Partner Organisations, to reduce barriers for SMEs to work with us. Notable improvements include:

• BEIS has created a dedicated web page that provides an overview of our procurement processes. This gives prospective suppliers insight into what will be expected of them when they bid for work and has a dedicated section for SMEs
• implemented a new eProcurement platform to standardise the BEIS Procurement process. This creates a consistent experience for all suppliers participating in tenders, and the registration process for the platform gives us the insight into which suppliers we contract with are SMEs
• championed the importance of SMEs with the BEIS Commercial function, ensuring that SME engagement is considered as part of all projects. This opens opportunities for SMEs to work with BEIS as Tier 1 suppliers, and further through our supply chain as we assess potential Tier 1 suppliers for their own efforts to work with and encourage SMEs in their own supply chains
• further nurtured and developed the relationship between BEIS ’ Commercial and Policy teams to provide holistic insight in both functions as we engage with businesses. Recent examples include BEIS Commercial presenting at the Ethnic Minority Business Group chaired by Minister Scully, and the dedicated section below that highlights the broader policy landscape as it affects SMEs

BEIS commitments and planned future actions

We set out below 18 actions, across 4 different themes, that we plan to undertake over the next 3 years, covering the financial years 2022-2025. This action plan will be reviewed annually to consider progress against these actions and make any necessary changes to the plan resulting from emerging developments.

Theme: Improving SME engagement and visibility of opportunities

Theme: supporting smes to do business with beis, theme: developing our systems to streamline the supplier experience, theme: promoting sme awareness in the department, beis group spend with smes targets.

Across the BEIS Group the total amount of procurement spend with SMEs has increased steadily over recent years. The value of contracts placed directly with SMEs has risen by over 40% in 4 years. Over the same period the reported value of indirect spend placed with SMEs , through sub-contracts further down the supply chain, has not noticeably changed.

The substantial national investment in the COVID -19 vaccine development in 2020-21, which was necessarily focused on major pharmaceutical companies, has dramatically impacted the % SME share. The Vaccines Task Force ( VTF ) was established in BEIS in 2020-21 soon after the pandemic took hold. As can be seen this caused a doubling of procurement spend in the final year, creating the substantial fall in SME share. The table also shows the underlying position for SMEs once the exceptional VTF spend is stripped out – a further increase in SME share.

Compared to other government departments, in 2019-20, BEIS ’ Total SME Share of 32.3% put us joint 7th out of 18 Departments (5.6% above the average). In 2018-19 we were 5th (9.5% above average). Due to the above impact of the introduction of the VTF , BEIS dropped to 15th out of 17 Departments (9.0% below the average). Excluding the VTF , BEIS would have positioned 2nd. It is our intention, through this Action Plan, to continue to build on our progress and target to consistently be in the top three government departments for our share of spend awarded to SMEs .

BEIS ’ policy delivery and SMEs

BEIS recognises the value that micro enterprises and small businesses bring to the economy, through their creativity and entrepreneurial spirit, in helping to deliver our ambition to make the UK one of the best places in the world to start and grow a business. BEIS is developing an Enterprise Strategy which we plan to publish in due course. The Strategy aims to create an enterprising culture where everyone that wants to start a business has the confidence to become an entrepreneur, where we widen opportunity to all places and parts of society to engage in enterprise, and where every business that wants to invest and grow has the means and know-how to do so. The Strategy encompasses a number of different areas including:

• boosting enterprise by making the UK one of the best places to start and grow a business, taking advantage of the UK’s departure from the EU to build the UK’s competitive advantage, creating jobs and encouraging investment
• increasing opportunity by levelling up economic activity across the country, creating a more resilient, fair and flexible workforce
• driving up productivity and creating high-value, better paid jobs, by boosting our world class sectors
• strengthening our national security regime, protecting against hostile actors while retaining investment in strategic sectors

We have several programmes and schemes that support this ambition, including:

Help to Grow: Management is an intensive national training programme that looks to improve SME leadership and management skills. This programme aims to support 30,000 SME business leaders to increase productivity, seize investment opportunities and grow their business. This 12-week programme, which includes 1:1 mentoring, is designed to fit around full-time work, is delivered by leading business schools across the UK and is backed with a 90% government subsidy. Visit Help to Grow: Management for more information.

The British Business Bank , which was established by and is sponsored by BEIS , increases the supply and choice of finance for SMEs . They are providing the opportunity for SMEs to invest and grow, creating additional jobs and economic activity.

• Start Up Loans provide new and early-stage UK businesses with access to affordable finance and mentoring support. Over 93,000 loans have been delivered with an average size of nearly £10,000 and this comes with 12 months free access to an expert business mentor, to help with every aspect of setting up a business
• British Patient Capital helps UK businesses with high growth potential to access the long-term financing they need to scale up. By co-investing with the private sector, they de-risk the investments for venture and growth capital funds

We are tackling the culture of late payments which harms so many small businesses through a number of mechanisms.

• the Small Business Commissioner addresses complaints from small businesses about late payments by large businesses. The Office of the Small Business Commissioner has recovered over £8 million owed to small businesses
• the Payment Practices Reporting duty requires large companies to report on their payment practices every 6 months through the gov.uk website. Over 50,000 reports have been submitted by 9,000 large businesses
• the Prompt Payment Code now requires that 95% of invoices for SMEs are paid within 30 days, to ensure they maintain good cash flow and enabling them to grow. This is setting standards and best practice in UK payment culture. The voluntary Code now has over 3,700 signatories committed to paying their suppliers fairly

BEIS is providing Net Zero support for SMEs that wish to reduce their carbon emissions. We aim to empower businesses to make green choices through government communications and engagement. In the run-up to COP26 (the UN international climate change conference hosted by the UK government in Glasgow) we promoted the Race to Zero Campaign. Through the UK Business Climate Hub over 3,200 SMEs have made the commitment to reach Net Zero by 2050.

The Business Climate Hub sets out practical advice on how businesses can cut emissions, including sector-specific tips in 6 pilot sectors, including retail, manufacture and construction. It also presents case studies from different parts of the UK, spotlighting small businesses who are already making great progress.

Almost £5 billion of funding is available to help UK businesses become greener as part of the government’s commitment to reach net zero emissions by 2050. Businesses can keep up to date with funding opportunities to help them become greener

At national level, funding schemes currently open to small businesses include the Boiler Upgrade Scheme, offering grants of up to £6,000 towards heat pumps; the Workplace Charging Scheme, which provides support towards the upfront costs of electric vehicle charge-points and their installation; and the Cycle to Work Scheme which allows employees to hire equipment via salary sacrifice and can enable tax savings for both the employee and employer.

BEIS has teamed up with BSI and is sponsoring 100,000 free copies of the BS ISO 50005 Energy Management System standard , to support SMEs to manage their energy performance. The standard provides SMEs with a means to develop a practical, low-cost approach to energy management, to reduce energy consumption, energy bills and greenhouse gas emissions.

BEIS hosts the Energy Technology List website, which is a leading source of truly independent and trustworthy advice for business, enabling them to save energy and costs by investing in high-performance, energy-efficient equipment.

Useful links

Procurement at BEIS provides information for suppliers about how procurement works in the department.

BEIS Commercial Pipeline provides summary information of potential commercial procurements that are being considered for the next 3 years.

Notices of BEIS procurement tender opportunities valued over £10,000 are published on Contracts Finder .

Central government spend by department with SMEs in recent years both directly and through the supply chain.

Check when large businesses pay their suppliers and the proportion they do not pay on time.

Business population estimates , produced by BEIS annually.

For any questions about this SME Action Plan, please email: [email protected]

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How medium-size enterprises can better manage sourcing

It is an age-old question that has confounded companies big and small: how can we reduce external spending without harming supply chains or sacrificing the quality of our products and services? The question becomes more relevant in times of economic uncertainty and high inflation as large companies take drastic cost-cutting measures such as reducing office space or scaling back on investments. 1 Mark Maurer and Jennifer Williams-Alvarez, “Companies weigh fresh cuts as operating costs go up,” Wall Street Journal , August 3, 2022.

While large companies can usually drive procurement cost savings with relative ease, small and medium-size enterprises (SMEs) typically lack the necessary scale despite being the backbone of many economies around the world (see sidebar “The critical role of SMEs”). When it comes to procurement, SMEs often do not have the same purchasing power with suppliers that larger companies do because SMEs lack scale and often have a single source of supply, rendering them unable to seek pricing that is more competitive. Moreover, SMEs sometimes lack focus or the wherewithal required to rein in spending—and when they do, value capture is often slow, prone to stagnation, and mostly ad hoc, resulting in incomplete, suboptimal, or even unintended outcomes.

The critical role of SMEs

Small and medium-size enterprises (SMEs) include a broad range of businesses that have revenues, assets, or a number of employees below defined thresholds. Each country has its own definition of what constitutes an SME. In the United States, the Small Business Administration (SBA) classifies small businesses according to their ownership structure, number of employees, earnings, and industry. For example, in manufacturing, an SME is a firm with 500 or fewer employees. SMEs generally exclude large multinationals, state-owned enterprises, and conglomerates.

Despite their size, SMEs play an important role in the economy, employing large numbers of people and helping to shape innovation. According to the SBA, SMEs contributed 43.5 percent of US GDP in 2023, paid 39.4 percent of the country’s private payroll, and created seven million more new jobs than large businesses did from 1995 to 2020. 1 “Frequently asked questions about small business,” US SBA, March 2023. Governments regularly offer SMEs incentives, including favorable tax treatment and better access to loans, to help keep them in business.

So what factors prevent SMEs from undertaking a procurement transformation that goes beyond spending cuts—one that helps simplify, realign, and strengthen the organization to help it grow and provide a better customer experience? Is there an approach or framework that SMEs can use to regain control of their budgets and external spending in a way that doesn’t harm productivity or diminish morale? There is—as long as CFOs, chief procurement officers (CPOs), and COOs are willing to be innovative, make hard and timely decisions, and take necessary steps to transform their businesses.

What stops companies from reining in external spending?

In the United States and Canada, according to McKinsey analysis of data from S&P Global, companies with less than $3 billion in revenue represent 86 percent of total enterprises and 26 percent of total revenue (Exhibit 1). Perhaps unsurprisingly, the largest corporations (those with annual revenues of more than $5 billion) contribute the biggest chunk of revenues, while those with annual revenues of less than $1 billion make up the largest group of companies.

But while SMEs account for a significant slice of total revenue, a broad range of factors are limiting their ability to implement meaningful procurement cost savings in a way that not only boosts profits but also transforms companies along functional lines and prepares them for future shocks and economic downturns. Overcoming these limiting factors would be prudent, given the precedent set from 2017 to 2022, when smaller companies struggled most to maintain margins (Exhibit 2). The COVID-19 pandemic and the subsequent inflationary period have created challenges for companies of all sizes, but in aggregate, the biggest companies saw a much less dramatic drop in net income in comparison and have fully recovered or even exceeded prepandemic margin levels.

With the benefit of hindsight, it would have been optimal for SMEs to have had cost-cutting and procurement strategies in place before the pandemic, cushioning the blow from disruption in supply chains. However, the following example of a midsize company that produces residential components and fortuitously initiated a cost transformation program right before the COVID-19 outbreak illustrates how SMEs can mitigate risk by using better procurement strategies.

In this case, the company had long-term contracts in place for most of its business-critical external spending and reserved dedicated capacity with its top suppliers. It renegotiated better payment terms, identified and developed additional supplier sources to derisk its supply chain, and dynamically optimized sourcing decisions and logistics operations. These measures helped the company avoid some of the supply chain issues experienced by many SMEs during the pandemic. It also helped after COVID-19 containment measures were eased, when demand spiked and supplies ran short.

Overall, we find that five major drivers often hold SMEs back: a lack of spending transparency, a myopic focus on the short term, talent gaps, underused digital tools and automation, and exclusion of procurement and supply chain in business decisions.

A lack of spending transparency

Spending transparency means having full visibility into all relevant external expense information, revealed in a timely and systematic manner. While spending transparency is not new to the business sector, few SMEs adequately track and regularly reassess their spending. They often aren’t equipped with a dynamic spending database to serve as the single source of truth for functions such as procurement. This is partly because small and midsize companies often underinvest in process improvement, have a plethora of legacy enterprise-resource-planning systems, or find implementation cost prohibitive. As a result, SMEs often fail to identify basic price variances, hurting competitiveness and margins. For example, margins for a midsize industrial company that operates in North America and Europe plateaued 30 to 40 percent below peer companies; inefficient sourcing was one of the major contributors to the company’s margin reduction.

Competitive procurement has its foundation in full spending transparency. Poor spending transparency can lead to value loss and ineffective budget management. With greater spending transparency, CPOs can effectively manage external costs, exercise greater control as the situation demands, and better understand risks to supply chains.

SMEs often fail to identify basic price variances, hurting competitiveness and margins.

A myopic focus on the short term

Unlike large companies, which employ long-term strategies for most major spending categories, SMEs often fail to strategically align their business functions with procurement categories. Buyers focus the most on transactional efforts and work with single supplier sources with limited leverage and low committed volumes. As a result, supplier relationships tend to be transactional in nature as well and not focused on long-term partnerships, making suppliers reluctant to offer contracting discounts to SMEs. Moreover, the lack of a reliable demand forecast creates challenges for establishing longer-term cost savings. However, the deeper problem is centered on inefficient sales and operations planning, which directly affects supply chain strategy. SMEs could put more effort into planning and forecasting, which can enable long-term category and supply chain risk management.

Talent gaps

It’s not uncommon for procurement managers at SMEs to spend most of their time dealing with supply disruptions. The cause of supply chain issues can be partially ascribed to a lack of the entrepreneurial or strategic mindset required to help derisk the supply chain. These issues can also be attributed to a lack of strategic direction at the executive level—for example, in setting target KPIs for the share of spending that is dual sourced or for average miles traveled for supplies. First and foremost, however, SMEs often face challenges in attracting the right talent.

While a lack of brand recognition could hinder hiring, SMEs often source talent without a strategic mindset. When it comes to hiring for a procurement function, the experience and skill sets required to make a strategic impact are often not part of the job requirements. The traditional mindset of SMEs is that experience or exposure to a category family is the main requirement for category manager job candidates. To hire the best team, however, companies might consider candidates with track records of bringing about change at the organizations they’ve worked for or candidates with more diverse profiles that have skill sets outside traditional category management, such as data scientists, to find ways for procurement to drive broader business value.

Procurement managers could also be empowered with greater analytics capabilities to address the complexities of their job. Along with buying roles, various other support roles could be introduced to best manage external spending. Data analysts, for example, could perform activities such as category analytics, spending intelligence, predictive analytics, and running advanced-analytics models of business relevance. Procurement organizations that are more advanced can even look to include software engineers and scrum masters to help develop customized automated business solutions, such as commodity indexing and forecasting supply chain disruptions.

Underused digital tools and automation

High-performing category managers at large organizations spend much of their time finding ways to propel value for the business through negotiations and supplier-sourced innovation. In contrast, category managers at SMEs tend to spend their days handling transactional work and managing disruptions. Inefficient workflow patterns at SMEs often evolve because repetitive processes are still carried out manually rather than being automated. In contrast, large companies have often digitalized procurement, thereby effectively managing costs and avoiding value loss. Legacy systems are still commonplace in SME organizations, and smaller companies often lack resources to continuously improve system infrastructure and tools.

Exclusion of procurement and supply chain in business decisions

The role of CPO at many SMEs is still limited to category and supplier performance management. Accordingly, the CPO’s role in an organization should evolve to become that of business enabler and driver of customer value. The CPO should be a partner to engineering and marketing functions from early product development stages. The evolution of the role will require new skills, including strategic thinking and problem-solving abilities. A minor change in roles and responsibilities can not only help better manage cost of end products but also get an organization ready for the future.

An action plan for procurement cost savings

Further actions to enable next-gen procurement transformation.

To regain control of spending and create cultures of continuous improvement, small and medium-size enterprises (SMEs) need to overcome several major hurdles, which can take significant time. Successful SMEs often take several actions that span structure, operations, and strategy.

Transformation office. A dedicated central team can help ensure cost transformation is realized. This team can manage an idea bank, set up idea generation sessions, organize regular troubleshooting meetings, organize governance meetings, conduct implementation follow-up sessions, and closely track achievement.

Cost control cell. A cost control cell is a governance team that reviews and approves all price changes.

Governance. Implementation remains key to any transformation. We recommend holding regular governance sessions with middle and senior management.

Cost savings targets. Continuous improvement requires a change in culture. Setting year-over-year cost savings targets is an important step on the transformation journey, helping to update the workflow of category managers, which involves moving from day-to-day management to proactive contract negotiations.

Incentive plan. An incentive plan acts as a key motivator for timely execution and helps justify the additional responsibility for managers.

Central data repository. Effective data management is critical to sustainable cost improvement. Organizations can miss out on opportunities if a central repository is not maintained.

Upskilling. With continuous changes in technology, it is important for teams to understand and leverage all available skills and resources.

No easy fix exists when it comes to external spending optimization—and addressing just one challenge is unlikely to make a transformative difference. However, five interconnected strategies can help SMEs identify procurement cost savings opportunities: establishing center of excellence (CoE) teams, improving forecasting, expanding the use of digital procurement tools, gaining greater market intelligence, establishing a culture of and processes for continuous cost optimization, and incorporating supplier-driven product improvements. In addition, SMEs can consider several structural changes—some that would echo those of their larger corporate counterparts, and others that would capitalize on the strengths of SMEs (see sidebar “Further actions to enable next-gen procurement”).

Establishing CoE teams

Establishing a CoE team to support sourcing teams is now the norm at advanced procurement organizations. The focus of CoE teams is to empower buyers with deep category analytics and negotiation support. They perform category market analysis and supplier profiling, create fact packs and negotiation playbooks for supplier discussions, and develop component “should cost” models to provide greater cost transparency and buying leverage. One reason for value loss at procurement organizations is a lack of understanding of the full opportunity potential for a supplier and supporting facts during price negotiations. CoE teams can lay the groundwork for establishing short- and long-term strategies at the category and commodity levels.

Improving forecasting

A dedicated centralized planning team that works with the procurement team can be another value add and can forecast demand at the SKU, business unit, or product levels, with input from operations and marketing. Furthermore, they can provide transparency in future award timing and volumes. Suppliers become long-term partners with a stable forecast of business and are more willing to collaborate with companies to find cost opportunities. The planning team can also answer questions about minimizing risk through dual sourcing versus single sourcing of components, request-for-quotation strategies and frequencies, annual negotiations, and local sourcing versus best-cost country sourcing.

Expanding use of digital procurement tools

Digital tools can help make processes more effective and efficient by improving communication and efficiency across operations while reducing the manual workload on procurement managers. Digital procurement tools are also affordable and can elevate the standards of SMEs to match large corporations in terms of internal capability. While there is no one-size-fits-all approach to digital procurement, successful organizations are experimenting with digital innovation, sometimes designing custom solutions. Examples of leading digital procurement tools include spend intelligence tools, e-sourcing solutions, e-auctions, parametric should-cost models, automated contract analysis and management, and negotiation simulation for capability building.

Investment in digital tools can also prepare SMEs for long-term sustainable operational efficiencies while keeping their spending in check. Taking a more data-driven approach, especially for SME manufacturing organizations, has exponential benefits because digital applications can play a major role. For example, e-auctions—online auctions with potential suppliers—help eliminate the need for multiple rounds of negotiation with suppliers and increase transparency of the business award process for both buyers and suppliers.

Gaining greater market intelligence

Market intelligence can include product changes, supplier market dynamics, material price changes, tariff changes, global and national policy changes, total capacity utilization, currency fluctuations, and other variables. For example, by carefully tracking market fluctuations, SMEs can prepare buying strategies that are more resilient in the face of external disruption. Market intelligence can also lead to greater transparency with core supplier partners, empowering buyer organizations and providing greater visibility to suppliers, which are focused on growth and future readiness.

For instance, a North American SME used market intelligence to develop a cost savings model to aid in the procurement of steel for fabricating products, sourced from countries across Asia and Latin America. The model used different indexes (such as freight and raw material) to provide data on the best total landed cost for steel products from various suppliers and is now considered by category managers to be a robust solution for making informed supply chain decisions.

Establishing a culture of—and process for—continuous cost improvement

Large organizations work to generate cultures that encourage continuous cost optimization. SMEs could start by holding internal workshops at regular intervals to create “idea banks” that map out opportunities. These workshops can be run at the product family or supplier level.

Companies will likely find it necessary to work closely with their long-standing supplier partners to find procurement cost savings, given the impact of component price on margin and, ultimately, what the customer pays.

At the same time, SMEs could define their own procurement cost-cutting programs and communicate these programs to internal stakeholders, including product design, manufacturing, and quality teams, to identify potential opportunities to reduce costs. Companies will likely find it necessary to work closely with their long-standing supplier partners to find procurement cost savings, given the impact of component price on margin and, ultimately, what the customer pays. SMEs have limited resources available, so prioritizing efforts to capture the value identified is necessary. SME leaders might also consider a five-step “escalatory ladder” to generate fast procurement savings with minimal effort (Exhibit 3).

Developing an “external spend cube”—that is, a structured data set of the firm’s spending patterns with external suppliers—and a specification library for top procurement categories could also help when establishing a cost savings performance baseline, generating cost-saving ideas, shaping category strategy, and identifying synergies across business units. Companies can define short-term and long-term opportunities by category and develop an understanding of the effort required to carry them out. As savings accrue, companies can focus their attention on the sustainability of savings through cost control cells and governance mechanisms dictated by upper management.

Incorporating supplier-driven product improvements

More SMEs could work with their suppliers to drive product improvement. As many companies look to outsource their manufacturing and maintain only key process steps in-house, suppliers now have a significant stake in the end product. Therefore, it is important to involve suppliers in product development and enhance the free flow of ideas about product improvement. SMEs can entice supplier participation in product optimization programs through an incentive program, which shares the gains of supplier-driven initiatives with the supplier.

Not only can a program optimize specification, but overall, products can also be improved by supplier-side innovations. For example, suppliers for an industrial-machinery manufacturer suggested that the manufacturer adopt new compressor technology. Newer compressors were energy efficient but came at a slight premium. But in the long run, the new compressors helped the company to differentiate its product offering and entice new customers.

Cost transformation is never easy, especially for SMEs. It requires a concerted effort on the part of CFOs, CPOs, and even CEOs. However, if done correctly—focused particularly on procurement automation, strategic sourcing, and structural changes—cost transformation can generate significant savings and boost profits. But for organizations to make meaningful, effective change, they must stay ahead of the curve. Simply responding to crises and wielding the budget knife, without ensuring business units are aligned and implementing improved processes, will only postpone what needs to be done.

Deepanshu Chawla is a knowledge expert in McKinsey’s Gurugram office, Ryan Fletcher is a partner in the Southern California office, and Stijn Tollens is a partner in the Stamford office.

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Marketing tips marketing for smes: a worthwhile investment.

Marketing is essential for a company’s success and sustainable growth – regardless of its size. Effective marketing is also possible on a smaller budget. We explain how.

The key points in brief:

• Marketing boosts brand awareness, generates customer interest, and helps to increase sales.
• Sometimes, SMEs underestimate the importance of marketing.
• Effective marketing doesn’t always need a big budget.
• Measuring the impact of marketing measures is a strategic tool for success.

A marketing strategy is a long-term plan that a company uses to pursue and define its own marketing objectives. However, what is known in theory is often neglected in practice. 

SMEs in particular frequently have a rather lax approach to marketing – for understandable reasons: many small firms have limited financial and personal resources and are kept very busy by their day-to-day business. Faced with the stress of their daily work, SMEs like to concentrate on short-term goals and revenues. And as long as they continue to be successful without extensive marketing, investments in marketing seem more unnecessary to them than ever. 

Last but not least, there is also a certain skepticism towards new marketing trends. Companies that have very traditional business models and are unfamiliar with modern digital marketing techniques tend to be somewhat conservative in this regard. 

Today, however, it is crucial for an SME’s long-term success to address the topic of marketing and company presentation . Don’t know where to start? Then you’ve come to the right place.

1. The power of marketing: more than just ads

Marketing is just as important for small businesses as it is for large corporations. The principle is the same for all companies: marketing helps them to reach their target groups and gain exposure . Without marketing, many potential customers might never hear about the company and its offering. And there are many other factors that demonstrate the importance of marketing. Here are a few of them: 

Competitive advantage: In a market that is often dominated by larger companies, targeted marketing enables smaller firms to set themselves apart and draw attention to their unique offering or their exceptional customer service. Choosing not to do this basically means you are giving away your market share to your competitors. 

Understanding the market and customers: If you actively engage in marketing, the issues of market research and customer analysis are practically impossible to avoid. Both of these help to give you a better understanding of the needs, preferences and actions of the target group. These insights are crucial for the development of successful products and services and pave the way for an increase in sales. 

Adaptation to trends and changes in the market: Market trends and movements affect SMEs just as much as they do large corporations. With marketing, it is possible to react flexibly to such changes in the market and adapt to new developments. This adaptability can be crucial for the company’s long-term success. 

Digital presence: In today’s digital world, an online presence is indispensable. However, the online presence of many SMEs is out of date or unsuited to current circumstances – be it because of the website’s age, a lack of social media channels or the failure to advertise online. Yet online marketing offers small businesses in particular the chance to become visible and reach their customers directly, many of whom use digital channels. 

Customer loyalty: With effective marketing, small businesses can both win new customers and keep existing ones, securing their loyalty to the brand and the company. This is far more cost-effective than acquiring new customers, as it is usually easier to generate higher revenues with customers from the existing customer base. 

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The latest information, specialist articles and tips for SMEs and young companies.

2. Effective marketing on a small budget – how it works 

We should always remember that marketing isn’t just an additional expense – it’s an investment. That said, many SMEs clearly don’t have the budget for large-scale marketing campaigns. That does not mean, however, that marketing cannot be effective with less money. Here are a few strategies for generating profits from smaller investments: 

Social media marketing 

Platforms such as Facebook, Instagram, LinkedIn, Twitter and – depending on the target group – TikTok offer free ways of setting up and maintaining an online presence. The focus should be on high-quality, authentic content. Ideally, the content should encourage customer engagement – i.e. likes, comments and shares. A good way of achieving this is with competitions or challenges in which the community shares photos or videos in order to win attractive prizes. 

Important: SMEs can advertise their posts on social media in a very targeted and relatively cost-effective manner. On platforms like Facebook,  for example, it is possible to define a precise target group for marketing measures (e.g. by age, region, interests). Since advertising on social media can be done on a very small budget, these platforms are ideal for companies that have little cash to spare for marketing.

Websites are companies’ calling cards on the Internet. When we are looking for a product or service or somebody has recommended a certain company to us, the first thing we do is usually to search for it on Google. Yet many SMEs – especially those that do not offer digital products – still underestimate the importance of their website. 

A website does not have to be very extensive. But it should give an impression of the company and provide visitors with the most important information about the SME and its offering as well as a way of contacting it. It is also advisable to keep the website up to date in terms of content, design and functionality. For a small company this means a regular expense – but one that is very much worthwhile because a high-quality, professional website makes a good first impression.  

Content marketing

The creation of useful, informative and entertaining content that is really relevant for the target group does not have to be expensive. Blogs, simple videos, infographics and podcasts can all help to establish a brand as an authority in its particular industry. This content is usually placed on the website or the company’s social media channels. 

Search engine optimization (SEO)

The easier something is to find, the more attention it will attract. Website content should be adapted so that it is given preferential treatment by search engines like Google. Search engine optimization includes keyword research, the upgrading of on-page elements and the creation of high-quality content. SEO can be complex and time-consuming, but it is worthwhile in most cases. 

Search engine advertising (SEA)

An alternative – or, in an ideal scenario, an addition – to SEO is search engine advertising. It can also be interesting for small companies to purchase one of the top Google spots for specific search terms. 

Customer ratings and referral marketing

Satisfied customers who share their experiences with their community – both online and offline – are worth their weight in gold. It is worth collecting positive ratings and testimonials from satisfied customers and using them for marketing communications. Ask satisfied customers to advertise your company or your services on Google or other platforms. 

Alongside online marketing measures, local campaigns for SMEs are also a good way of raising awareness on a limited budget: 

Regional partnerships and networks

The role of strategic partnerships and networking for marketing purposes can be further expanded for SMEs. Partnerships can make it easier to access new markets and increase market efficiency.

Local events and sponsorship initiatives

Having a presence at local events such as the village fête or sponsoring local sports clubs, schools or charities not only helps to make the company better known – it also promotes its positive image in the community, region or – depending on the size of the event – even the whole canton.

Depending on which sector the company operates in, the products and services may be presented at an open day in order to generate interest and curiosity among potential customers. Activities could include live demonstrations, company tours, product tests and interactive sessions, for example. 

Local media presence

By distributing press releases via local media such as newspapers, radio stations and online platforms, companies can cost-effectively draw attention to themselves and inform target groups about special events or successes.

Customer appreciation events

Special events or campaigns can be organized in order to thank and reward customers. Exclusive special offers and little gifts as a token of your company’s gratitude to its customers are ideal ways of showing your appreciation for their loyalty and reinforcing it.

Guerilla marketing

This term refers to particularly creative marketing methods in which products or brands are publicized in surprising ways. These unusual techniques attract a large amount of attention and can often be implemented on a low budget. 

3. More efficient marketing thanks to impact measurement

Not only does impact measurement give companies certainty about how effective their marketing measures have been, it also helps them to save money and deploy marketing techniques in areas where they generate profit. To assess the impact of marketing measures effectively, the first thing you have to do is define clear objectives. This enables you to choose relevant metrics and track the success of your efforts in a targeted manner. Here is a selection of effective techniques for measuring the success of your marketing activities:

• Sales increases: One way of measuring the success of marketing activities is to observe increases in sales – for example by comparing sales before and after a marketing campaign in order to assess how effective it was.
• Lead generation: For B2B companies and service providers, the number of leads generated is a key indicator of success. It makes sense to measure the number of qualified leads generated by the campaign.
• Customer acquisition: How many new customers were gained during or after a marketing campaign? Information like this provides insights into how effective the campaign was in terms of customer acquisition.
• Website traffic: The measurement of website traffic is essential for online marketing activities. Tools like Google Analytics can help to analyze the growth in traffic, the sources of the traffic and visitor behavior on the website. 
• Social media engagement: With social media campaigns, it is possible to look at engagement rates, including likes, shares, comments and increases in follower numbers. These metrics provide insights into the interaction with and reach of the content.
• Customer satisfaction and feedback: Gathering customer feedback through surveys or ratings provides information on customer satisfaction, which in turn is an important indicator of the success of marketing strategies.
• Return on investment (ROI): ROI is one of the most important key figures for assessing the financial profitability of marketing activities. It is calculated from the ratio between the profit (or the sales generated by the campaign) and the cost of the marketing measures.

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Romina Lukas-Luccarelli

Project manager in live marketing.

Romina Lukas-Luccarelli is an experienced project manager at UBS in live marketing. A marketing expert, she has been designing and developing national and regional marketing campaigns and events for companies both large and small for over 15 years. Her affiliation with the topic of marketing for SMEs goes beyond her professional career – she too comes from a family with its own SME. 

Content marketing specialist

Ilona Fäh has been designing and developing online and offline marketing campaigns for companies of various sizes – from SMEs to large corporations – for more than 10 years. At UBS, she is responsible for content marketing for business customers. She has a Master’s in Marketing and Communications from the University of St. Gallen and a Diploma in Business Journalism.

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UAE: ADIB Business Banking unveils nationwide geographical expansion plan

Abu dhabi islamic bank (adib), a leading financial institution, announced its expansion plan to better serve its business banking customers across the uae. adib business banking is expanding its presence in key business ecosystems to support smes as part of its commitment to fostering their growth and success..

• United Arab Emirates

Abu Dhabi [UAE], May 13 (ANI/WAM): Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced its expansion plan to better serve its Business Banking customers across the UAE. ADIB Business Banking is expanding its presence in key business ecosystems to support SMEs as part of its commitment to fostering their growth and success. This expansion includes strategic collaborations with key partners specialising in serving the SME sector and leveraging its extensive network across key locations in the UAE to better serve businesses.

Currently operating nine dedicated business centres across Abu Dhabi, Al Ain, Sharjah, and Dubai, ADIB Business is poised for further growth. ADIB Business Banking offers a diverse model tailored to various preferences, providing SMEs with the convenience of digital banking while ensuring access to physical business centres, particularly for customers who prefer traditional banking services. This expansion not only facilitates increased volumes of business operations but also exemplifies ADIB's commitment to providing holistic banking solutions tailored to SMEs. By combining digital empowerment with human expertise, ADIB Business ensures ease of banking for SMEs, offering seamless self-onboarding options and access to dedicated relationship managers through both digital channels and physical business centres.

Amit Malhotra, Global Head of Retail Banking at ADIB, stated, "By synergising our physical expansion with digital capabilities, we aim to provide a comprehensive banking experience to all our customers. This underscores ADIB's commitment to supporting SMEs, recognising their pivotal role as the driving force behind the UAE's economy. As we continue to grow and innovate, we remain dedicated to empowering SMEs and driving economic prosperity across the UAE." In addition to its physical expansion, ADIB Business has made significant strides in digital innovation. Leveraging Emirates Face Recognition (EFR) technology, ADIB enables SMEs to instantly open business accounts digitally, eliminating the need for physical visits or document submissions. Moreover, ADIB Business revamped its small business solutions, introduced ADIB Business Souq--a B2B digital marketplace--and embraced paperless operations for account opening and customer services, aligning with its sustainability and ESG commitments. (ANI/WAM)

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UAE: ADIB Business Banking unveils nationwide geographical expansion plan

Abu Dhabi [UAE], May 13 (ANI/WAM): Abu Dhabi Islamic Bank (ADIB), a leading financial institution , announced its expansion plan to better serve its Business Bank ing customers across the UAE. ADIB Business Bank ing is expanding its presence in key business ecosystems to support SMEs as part of its commitment to fostering their growth and success.

This expansion includes strategic collaborations with key partners specialising in serving the SME sector and leveraging its extensive network across key locations in the UAE to better serve businesses.

Currently operating nine dedicated business centres across Abu Dhabi , Al Ain, Sharjah, and Dubai, ADIB Business is poised for further growth. ADIB Business Bank ing offers a diverse model tailored to various preferences, providing SMEs with the convenience of digital banking while ensuring access to physical business centres, particularly for customers who prefer traditional banking services.

This expansion not only facilitates increased volumes of business operations but also exemplifies ADIB's commitment to providing holistic banking solutions tailored to SMEs. By combining digital empowerment with human expertise, ADIB Business ensures ease of banking for SMEs, offering seamless self-onboarding options and access to dedicated relationship managers through both digital channels and physical business centres.

Amit Malhotra, Global Head of Retail Bank ing at ADIB, stated, "By synergising our physical expansion with digital capabilities, we aim to provide a comprehensive banking experience to all our customers. This underscores ADIB's commitment to supporting SMEs, recognising their pivotal role as the driving force behind the UAE's economy. As we continue to grow and innovate, we remain dedicated to empowering SMEs and driving economic prosperity across the UAE."

In addition to its physical expansion, ADIB Business has made significant strides in digital innovation. Leveraging Emirates Face Recognition (EFR) technology, ADIB enables SMEs to instantly open business accounts digitally, eliminating the need for physical visits or document submissions. Moreover, ADIB Business revamped its small business solutions, introduced ADIB Business Souq--a B2B digital marketplace--and embraced paperless operations for account opening and customer services, aligning with its sustainability and ESG commitments. (ANI/WAM)

PRESSR: ADIB Business Banking Division unveils geographical expansion plan across the UAE

Abu Dhabi – Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announces its expansion plan to better serve its Business Banking customers across the UAE. ADIB Business Banking is expanding its presence in key business ecosystems to support SMEs as part of its commitment to fostering their growth and success. This expansion includes strategic collaborations with key partners specializing in serving the SME sector and leveraging its extensive network across key locations in the UAE to better serve businesses.

Currently operating nine dedicated business centres across Abu Dhabi, Al Ain, Sharjah, and Dubai, ADIB Business is poised for further growth. ADIB Business Banking offers a diverse model tailored to various preferences, providing SMEs with the convenience of digital banking while ensuring access to physical business centres, particularly for customers who prefer traditional banking services.

This expansion not only facilitate increased volumes of business operations but also exemplifies ADIB's commitment to providing holistic banking solutions tailored to SMEs. By combining digital empowerment with human expertise, ADIB Business ensures ease of banking for SMEs, offering seamless self-onboarding options and access to dedicated relationship managers through both digital channels and physical business centres.

Amit Malhotra, Global Head of Retail Banking at ADIB, stated, "By synergising of our physical expansion with digital capabilities, we aim to provide a comprehensive banking experience to all our customers. This underscores ADIB's commitment to supporting SMEs, recognising their pivotal role as the driving force behind the UAE’s economy. As we continue to grow and innovate, we remain dedicated to empowering SMEs and driving economic prosperity across the UAE."

In addition to its physical expansion, ADIB Business has made significant strides in digital innovation. Leveraging Emirates Face Recognition (EFR) technology, ADIB enables SMEs to instantly open business accounts digitally, eliminating the need for physical visits or document submissions. Moreover, ADIB Business revamped its small business solutions, introduced ADIB Business Souq—a B2B digital marketplace—and embraced paperless operations for account opening and customer services, aligning with its sustainability and ESG commitments.

ADIB is a leading bank in the UAE with AED 193 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day.

ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

ADIB has a strong presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq.

Named World’s Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.

For media information, please visit www.adib.ae or contact:

ADIB                                                                              Edelman 

Lamia Khaled Hariz                                                      Simon Hailes 

Head of Public Affairs                                                   Director of Financial Communications 

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ADIB Business Banking unveils nationwide geographical expansion plan