Micro-business Report for Wales launched

An independent report published today 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.

Business Minister Edwina Hart thanked the group for their work: “I welcome the report and will now be considering the recommendations.  I am keen to ensure that this important sector of the economy can grow and that businesses can access the type of support and advice they need to grow.

Launching the report, Robert Lloyd Griffiths,  Director-Wales Institute of Directors, who chaired the group said their recommendations are significant and bold.

“This is rightly so as the micro-business sector is a vital, dynamic and integral part of the success of the Welsh economy and has the potential to be a driving force for economic recovery.

“We believe that micro-businesses in Wales have immense potential to maintain, improve and increase the contribution that they can make to their communities, the economy and to the life of the Welsh nation.”

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 on www.wales.gov.uk/businessandeconomy