For the first time, government departments have set individual targets for how much they will spend with small and medium-sized businesses (SME). In total, the government plans to spend £7.4 billion a year with SMEs by 2028.
The targets are part of the government’s Plan for Small Business and aim to help businesses and the economy grow.
To hold government departments accountable, they will be required to publish yearly progress updates. Departments that fall behind will need to show how they will improve.
Small Business Minister Blair McDougall said: “These new targets will ensure thousands of smaller businesses have greater opportunity to win lucrative government contracts and grow their businesses.”
Most businesses don’t need big ideas or complicated plans to improve profit. In practice, profits will usually increase by tightening up a few everyday things and being more deliberate about how time and effort are applied.
The government has announced it has signed a new partnership with Wayve, a British company that is developing self-driving vehicle technologies.
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