UK’s family-owned SMEs record strong growth, both in numbers and revenue

The number of family-owned small and medium enterprises (SMEs) established in the UK is set to grow to 2.65m by 2018, while their revenues will rise from £540bn a year to £661bn in the same time frame, recent research by banking giant Barclays has revealed.

A new report drawn up by the banking group suggests that the number of first generation family SMEs established in the UK has reached 2.42 million, up from 2.32m in 2011. The paper also forecasts that this number is set to rise to 2.65m by 2018.

Furthermore, Barclays' research revealed that family-owned SMEs make a sizeable contribution to UK employment, as they currently provide 5.5m jobs — equivalent to the number of jobs in the public sector. Nevertheless, by 2018 this will increase by nine per cent to 6m.

While the vast majority of family-owned small and medium enterprises typically employ just a few people, including the founders, implementing a very solid time and attendance system is certainly a must, as it can reduce paperwork and cut costs.

Tensor's extensive experience in the field recommends it at the to go company for workforce management systems, regardless of the size of your company. Our solutions deliver total control over the creation of working rules, Access Control, Job Costing and System Security and include European Working Time Regulations checking and reporting, ensuring that your company remains compliant with both regional and national legislation.

If you'd like to find out more about the extensive range of features provided by the Tensor range of workforce management systems and just how it can save you much more time and money, just contact our dedicated team or Book a Demo, we'll be more than happy to answer any questions and queries you might have.