Small and Medium-Size Enterprises (SMEs) are vital for the boost of UK economy

Small and Medium-Size Enterprises (SMEs) are contributing more than large firms to the growth of the UK economy, a recent study commissioned by the Federation of Small Businesses (FSB) has revealed.

As Source Marketing Direct reports, the study reveals that a much larger proportion of the money spent with small businesses by local authorities is reinvested back into the local economy.

In fact, local authorities spent £8.7 billion on goods within their local area last year; for every £1 spent with SME 63 pence was reinvested in the local area, which compares with just 40 pence for every £1 spent with large local businesses.

In total, £500 million less was spent with SMEs than large businesses, yet SMEs contributed £746 million more for the local economy, the report concluded.

Workforce management represents one of the specific areas of interest where investments can be made, since effective and efficient processes implemented in this field can lead to superior, leaner management and also significant savings.

This is where Tensor plc can help, given our extensive level of experience in the field of Time and Attendance, Human Resources Management and Access control.

If you’d like to find out more about the comprehensive workforce management solutions Tensor plc has in store and the ways in which they can help your company become more efficient and save money, just contact us or Book a Demo, our team of dedicated representatives will be more than happy to answer all of your questions and queries.