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There is a lot of talk about the need to support SMEs (in English that stands for Small and Medium Enterprises) who are the engine of growth for the UK economy.

 But what constitutes a small business?  I started to do some research and it depends who you ask and why you are asking. The Government statistics defines small as employing less than 50 staff and Medium fewer than 250.

Interestingly 99.5 per cent of all Norfolk businesses employ less than 200 staff with 85 percent employing less than 10. As an aside in public sector speak businesses employing less than 10 are defined as micro- a term disliked intensely by small businesses who fall into that category.

So does size matter? Well yes and no. If you are after government funding it matters a lot as if you don’t fit the number of employee and turnover criterion set by the different funders you do not qualify.

However what is more important to an individual business is their size in relation to their own sector. A firm of a given size could be small in relation to one sector where the market is large and there are many competitors, whereas a firm of similar proportions could be considered large in another sector with few players and/or generally smaller firms within it.

At the Chamber we feel is it not necessarily the size, shape and age of a business that matters as much as their attitude, although we do realise that the number of employees does often determine the structure of the business.

 Although a small business ourselves, employing 12 staff, Norfolk Chamber due to the nature of our business and the expectations of our members has many of the structures of a larger business i.e. accreditations such as ISO9001 and IIP. This combination of accreditations and versatility works for us as it is a differentiator.

What is clear is that our Norfolk Chamber smaller members are living up to their reputation of being dynamic and successful.  We asked the question recently to our members “What is particularly exciting about your business right now?” The answers came back loud and clear!

There are too many quotes to include them all but comments include  Liftshare: “Signing up some huge new clients like Vodaphone, Serco and nPower” Deltic Training: “Increasing amount of business overseas” Right Angle Events ” We are currently in a state of excellent growth and have taken on new personnel” Paul Robinson Partnership “The implementation of BIM technology and collaboration across all projects is a real step forward. “AFA Projects “Changing delivery methods – we recently delivered training in South Africa from our converted cow shed” Britannia Fire “Double digit growth in turnover and in profit” Tax Assist Direct “International expansion to USA Canada and ANZ” and there were many many more.

As the economy starts to show promise it is really great that Norfolk’s smaller businesses are alive and very much kicking. The future will continue to be challenging but there is no doubt this sector of our business community is up to the challenge.There is a lot of talk about the need to support SMEs (in English that stands for Small and Medium Enterprises) who are the engine of growth for the UK economy.

 But what constitutes a small business?  I started to do some research and it depends who you ask and why you are asking. The Government statistics defines small as employing less than 50 staff and Medium fewer than 250.

Interestingly 99.5 per cent of all Norfolk businesses employ less than 200 staff with 85 percent employing less than 10. As an aside in public sector speak businesses employing less than 10 are defined as micro- a term disliked intensely by small businesses who fall into that category.

So does size matter? Well yes and no. If you are after government funding it matters a lot as if you don’t fit the number of employee and turnover criterion set by the different funders you do not qualify.

However what is more important to an individual business is their size in relation to their own sector. A firm of a given size could be small in relation to one sector where the market is large and there are many competitors, whereas a firm of similar proportions could be considered large in another sector with few players and/or generally smaller firms within it.

At the Chamber we feel is it not necessarily the size, shape and age of a business that matters as much as their attitude, although we do realise that the number of employees does often determine the structure of the business.

 Although a small business ourselves, employing 12 staff, Norfolk Chamber due to the nature of our business and the expectations of our members has many of the structures of a larger business i.e. accreditations such as ISO9001 and IIP. This combination of accreditations and versatility works for us as it is a differentiator.

What is clear is that our Norfolk Chamber smaller members are living up to their reputation of being dynamic and successful.  We asked the question recently to our members “What is particularly exciting about your business right now?” The answers came back loud and clear!

There are too many quotes to include them all but comments include  Liftshare: “Signing up some huge new clients like Vodaphone, Serco and nPower” Deltic Training: “Increasing amount of business overseas” Right Angle Events ” We are currently in a state of excellent growth and have taken on new personnel” Paul Robinson Partnership “The implementation of BIM technology and collaboration across all projects is a real step forward. “AFA Projects “Changing delivery methods – we recently delivered training in South Africa from our converted cow shed” Britannia Fire “Double digit growth in turnover and in profit” Tax Assist Direct “International expansion to USA Canada and ANZ” and there were many many more.

As the economy starts to show promise it is really great that Norfolk’s smaller businesses are alive and very much kicking. The future will continue to be challenging but there is no doubt this sector of our business community is up to the challenge.

When it comes to the economy, it feels like rays of sunshine are breaking out from behind the clouds that have been parked over the United Kingdom ever since the financial crisis of 2008. As the British Chamber of Commerce (BCC) brand-new Q3 forecast suggests, growth is likely to be higher than anticipated over each of the next three years. Recent economic releases, from net trade to retail sales, show an uptick in our national performance. Barring business investment, nearly every indicator monitored in the latest Bank of England agents’ report is trending positive – mirroring the trends the Chamber Network first spotted in the Quarterly Economic Survey this spring.

So there are real, and increasing, reasons for Norfolk business to be cheerful. It’s not just a long spell of warm and summery weather, but a recovery in real world conditions, that underlies the latest trends in the economy. But we’re not completely out of the woods yet. There are a number of factors that we at the Chamber will continue to keep an eye on that could affect the scale and pace of our economic resurgence. As John Longworth Director General at the BCC has said, recovery is precisely the time when the political class must be most alert and attentive, because any slackening of their focus on growth could hurt our prospects of moving the economy from good to truly great. Some of the factors we’ll be watching carefully:

• International shocks. With the potential for conflict in Syria, German elections, and the never-ending Eurozone drama, events overseas could impact us here – from inflation and energy price spikes through to impacts on demand in our key export markets.}  
• The UK’s public finances. Don’t believe the political rhetoric on either side; at best, we’re treading water. The markets have been benign and accommodating to date, but there’s no guarantee this will continue over the medium-term.  
• Monetary policy. Mark Carney, the new Bank of England governor, chose to make his first major public speech at Derbyshire and Nottinghamshire Chamber  this week, and highlighted his commitment to forward guidance on interest rates and stability in monetary policy. Yet interest rates could rise faster than predicted if the recovery continues to gather strength. What’s more, there is an eventual reckoning to be had as quantitative easing is unwound and withdrawn from the market.  
• Business investment. As both our QES and the Bank of England’s figures show, businesses remain reluctant to undertake major investments. Amongst the new and growing, this may reflect tight credit conditions and discouragement.  Amongst established and larger companies, though, this is continued conservatism at a time of perceived uncertainty. Unless investment picks up, rebalancing may be some way behind.  
• Public investment. Our Westminster politicians have an innate ability to wobble at precisely the worst time, as behaviour over HS2 has demonstrated this week. Indecision and uncertainty on road, rail, energy and aviation projects could hurt our medium-term recovery prospects.  
• And finally, the UK’s trade balance. While Chamber exporters continue to power ahead in many markets across the world, particularly in services, we’re not seeing the kind of shift in the UK’s trade performance that meets market expectations (to say nothing of pushing the UK’s dire balance-of-payments track record into the black).

The fine balance between opportunities and threats makes our job at the Chamber complex, to say the least. But I am confident in saying that I feel better about the prospects for Norfolk businesses than for a considerable time. As a very wise person once said, “you can’t stop the waves, but you can learn how to surf”. Norfolk businesses are starting to hone their surfing skills – and we’re here to help.