An independent report published this week contains a number of ‘significant and bold’ recommendations for the Welsh Government to support the sustainable growth of micro businesses in Wales.
They include a call for the introduction of a network of ‘One Stop Shops’ for micro-businesses, the creation of a pan-Wales mentoring and coaching scheme and cutting red tape which is overwhelming micro businesses. The Micro-Business Report for Wales was prepared by a Task and Finish Group, appointed by Business Minister Edwina Hart to provide strategic guidance on the development of a micro business strategy for Wales.
The report highlights the importance of micro businesses – enterprises that employ up to nine people – which account for 94.5% of all businesses in Wales in 2011 and responsible for 33.2% of private sector employment – 331,400 jobs.
The five key priority areas and recommendations include:
Raising awareness and access to business support
- Streamline and reduce the number of public sector deliverers of business support
- Develop a one-stop-shop for micro-businesses across Wales
- Proactively promote access and awareness of business support services
Access to finance
- Facilitate accessible finance of between £1000 and £20,000 that are simple and reflect the level of investment required
- Support micro businesses to access appropriate finance options
Mentoring and coaching
- Develop a pan Wales mentoring and coaching scheme.
Public sector procurement
- Simplify public sector procurement processes and regulations
- Introduce a Wales bill on public sector procurement
- Establish a procurement commission/commissioner for Wales
- Specify local sourcing as part of public sector procurement
Regulatory burden
- Lobby for change in non-devolved matters
- Simplify regulations within Welsh Government power
- Provide support for micro businesses with regulations that impact on their business such as health and safety, staff recruitment
The full report is available here.
