In a new regular feature for Caerphilly Observer, Caerphilly Business Forum and its partners offer their business Insight. This week the Federation of Small Businesses explains why its sponsoring this year’s Caerphilly Business Forum Awards.
Recent years have not been easy ones for many small businesses, which means there is all the more reason to celebrate those who have done well.
That’s something that we at the Federation of Small Businesses are doing by sponsoring the Young Business of the Year (High Growth) category at this year’s Caerphilly Business Forum Awards.
This particular award recognises innovative and creative small businesses that have achieved exceptional growth, or who have potential to achieve high growth. Crucially the business must be less than three years old.
To achieve strong growth in these difficult times is something that requires something a bit special. Those of us who run small businesses know all too well the difficulties that face many small businesses.
For those setting up retail businesses, such as my own business in Caerphilly, you have to face the costs of rent and business rates before you have made your first penny in profit.
We should also bear in mind that recent years have arguably been the most difficult for many decades when it comes to raising the money to set up and expand small businesses. Banks have not appeared keen to lend to small firms and start-ups in particular.
But despite all the challenges that small businesses face it is testament to the entrepreneurial spirit of people taking the plunge into business that there are those firms that succeed.
People achieve success in a new business venture sometimes as a result of a good idea, sometimes through spotting a gap in the market, and sometimes through more than a little luck. But the one thing that you cannot achieve success without is a lot of hard work.
So, I really look forward to seeing the entrants for this category, and hearing about the challenges they have faced in their young businesses, and how they faced up to them.
There is no doubt that we need more people to take the plunge into starting their own businesses. People in Wales are a third less likely to start a business than people in the UK as a whole.
But successful young businesses are vital to the local economy and are essential when it comes to creating prosperity for the Caerphilly area.
One will be named as a winner at the forthcoming awards, but everyone who starts a business and works hard to make it a success deserves our recognition, especially in these challenging times.
Eddie Talbot, Chairman, Federation of Small Businesses, South East Wales Branch