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Striving To Thrive 2022: The State of Play for Micro and Small Businesses

Striving To Thrive 2022: The State of Play for Micro and Small Businesses

Published 12-12-22

Submitted by MasterCard Center for Inclusive Growth

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The Mastercard Center for Inclusive Growth

Micro and small businesses are the backbone of the UK’s economy, making up around 99.2% of all businesses.

Over the past year we’ve asked these businesses about the challenges they face. We’re particularly interested in how technology can help them grow and solve problems, and if there are barriers in their way.

Many businesses told us that they want to use more technology in their business, but more than a third (37%) feel overwhelmed by choice, and a quarter say that technology changes too rapidly to keep up.

To help small businesses access technology and develop digital skills, we launched Strive UK. We work with partners including Be the Business, Digital Boost and Enterprise Nation to offer free guidance, helpful tools and mentoring for small business owners. This can be anything from search engine optimisation (SEO) to social media marketing, e-invoicing and digital payments. In just one year, we’ve supported more than half a million businesses.

“Small businesses are the beating heart of Britain’s economy. For many businesses, simply finding the right digital tools and navigating the myriad choices available remains a challenge. Programmes and partnerships like Strive UK are essential to ensuring the country’s small business owners can fully embrace digital technology.”
Kelly Devine, president of Mastercard UK & Ireland

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About the Mastercard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages Mastercard’s core assets and competencies, including data insights, expertise, and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs and empower a community of thinkers, leaders and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on LinkedIn and subscribe to its newsletter.

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