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The vast majority of businesses in this country are small and mid-size enterprises (SMEs) and employ over 16 million people.
When large retailers fail there’s a lot of media attention, but life for smaller businesses is also tough and in the current economic climate, for many, keeping going is a real challenge.
It was ‘Small Business Saturday’ last week – an initiative which encourages people to shop locally and support small businesses and highlights their invaluable contribution.
I often pop round to my local corner shop, and it won’t come as a great surprise, given that Watford Labour Party’s office is in St Albans Road, that councillors, colleagues and I are often in and out of local businesses. We encourage visitors to support the independent shops where possible too.
Whether there’s a need for stamps, something to eat from Eats and Treats, the prescription from the chemist, or getting your hair cut as I did in my lunch break last week, there’s an amazing variety nearby and that’s the same across town.
But there is always more that can be done to help besides patronage. One of the bugbears I hear from retailers is the late payment of invoices, so I am glad that the Labour Party has a plan to tackle that by introducing new laws. Cash flow is extremely important.
We will also help by scrapping business rates in favour of a fairer more modern system providing a much-needed boost to our vital SMEs.
Small businesses are the beating heart of the economy, creating jobs for local people and bringing shopping areas to life. We must nurture and cherish them.
- Cllr Matt Turmaine is Labour’s Parliamentary candidate for Watford
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