Interview: Martin McTague: Three big problems facing small businesses and how to solve them Written by Emma Molloy Monday 21 August 2023 Share Share to LinkedIn Share to Facebook Share via email The chair of the Federation of Small Businesses gives his advice to small business owners on how to navigate the volatile current climate they are facing Numbers don’t lie. And the numbers confirm what we might already anecdotally know: small businesses have been hit incredibly hard by the pandemic and subsequent energy crisis. It’s been “a really tough time for small businesses,” explains Martin McTague, the national chair of the Federation of Small Businesses (FSB). “A lot of businesses were seriously in danger of failing [during Covid] because of the exceptional circumstances that were around at the time.” 2020–21 saw the biggest decrease in the small business population since the millennium – of 6.5%. In 2022, it fell another 1.5%, decreasing the population by further 82,000 businesses. To put this in context, prior to this (ignoring a small blip in 2017) the number of small private sector businesses had only ever increased year-on-year. This could spell trouble for solving productivity and growth issues in the UK, highlighted Martin in a recent conversation with CMI’s CEO, Ann Francke OBE. “If you’re looking for growth, it isn’t usually the big incumbents that generate that growth. It's the smaller businesses, the fast moving, innovative businesses, the disruptors that do that.” Want to learn more about the issues facing small businesses? Login or register below for Free Instant Access Login If you are already registered as a CMI Friend, Subscriber or Member, just login to view this article. Confirm your registration Login below to confirm your details and access this article. Sign in with email Email remember me remember Forget? Please confirm that you want to switch off the "Sign in with email" remember me feature. Yes No Register for Free Access Not yet a Member, Subscriber or Friend? Register as a CMI Friend for free, and get access to this and many other exclusive resources, as well as weekly updates straight to your inbox. You have successfully registered As a CMI Friend, you now have access to whole range of CMI Friendship benefits. Please login to the left to confirm your registration and access the article. Interview At CMI, we’re hugely privileged to have contributed to many people’s management and leadership journeys. Take a look back at some of the people we’ve interviewed for some top tips and exclusive insight. Members See More CMI Members have access to thousands of online learning and CPD resources. Learn more about our membership benefits Join The Community CMI offers a variety of flexible membership solutions, tailored to your needs. Find out more and get involved in the CMI community today.
