*Collaborative Post
Small businesses can have a significant impact on the economy overall. From job creation to innovation, exports and more, small businesses contribute to their growing industry.
However, there are moments where small businesses will struggle. Often, they need the assistance of a large company to help them in their plans to grow their business.
As a well-established, larger company, there are numerous ways in which your business can help smaller businesses looking to make a name for themselves in the industry. These are just a few of those ways.
Utilise Their Service
The list of fastest-growing industries in the UK covers a vast range of sectors. If your company collaborated with a small, growing business, there is an extensive choice available. If you were looking into expanding your own company, consider seeking the service and support of a smaller firm.
Aside from providing them with work, it will also help to boost their portfolio. Having a large company, such as yours, could help in attracting potential customers to their business. It will also provide them with experience working with an established business, potentially enabling them to work with companies of a similar size in the future.
Help Small Businesses Financially
Today, there is a selection of small businesses in some of the UK’s rising industries that need the support of individuals. Government schemes are available, like the Enterprise Investment Scheme, providing investors with tax relief if they’re interested in gaining exposure to early-stage companies. An EIS investment is a unique opportunity for those looking to invest in a business that has the potential to grow.
These tax-advantaged investment schemes are an excellent opportunity to support these small businesses in their respected emerging industries. There are various ways to invest. For instance, Oxford Capital has a diverse portfolio of UK early-stage technology companies from a range of sectors. You can utilise the EIS investment scheme to invest in one of these upcoming businesses.
Act As A Mentor
Investing in a small business is one way to help them. Another way is by mentoring them. If you have invested in a business, you want that company to do well and succeed. Use the knowledge and expertise you have accumulated over the years and share it with the small business owner. Your experience will be invaluable to them. It could help them to move their own business forward. Additionally, you can collaborate on ideas and ways that they can boost their business.
Every company starts small. During those early stages is when you set the standards for the upcoming years. It is at this time that you take risks, learn lessons and build stability for later on. These factors, combined with the variety and innovation each one brings, is how they have been able to have a successful start. With the support of a large company, the possibilities of what a small business can achieve are endless.
