ONLY 30 per cent of small and medium sized enterprises (SMEs) advertise their services, despite every £1 spent on advertising being estimated to have eight times the impact on growth as £1 spent by larger firms.
SMEs represent just 18 per cent of total advertising spending in the UK but account for 40 per cent of UK revenues and 50 per cent of jobs, according to a report by Deloitte and the Advertising Association out today.
“Advertising gives all sectors of our economy the opportunity to grow by allowing firms to promote their goods or services and is now one of the biggest sectors within the UK’s booming creative industries,” said business secretary Vince Cable.
Of the one in three SMEs that have advertised, over 60 per cent say it has been a success for their business as value for money.
“Small businesses are the lifeblood of the UK economy and we want to make it easier for them to grow,” added Cable.
“Access to high-quality business support and advice at the right time can make the difference for entrepreneurs.”