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Wednesday Insight: What SMMEs in the creative industries should know

Wednesday Insight: What SMMEs in the creative industries should know

The UK’s creative industries sector encompasses everything from film and television to advertising and design services, yet its contribution to the economy is often overlooked.

In this article, we take a look at what businesses in this sector can expect in the coming months, and how they can respond to challenges on the horizon.

Key figures

  • As many as one in six jobs in London are in the creative industries
  • The creative industry is the fastest growing sector of the UK economy, and has been since the 2008 financial crash
  • The sector is worth more than £84 billion
  • 9 million jobs are in the creative industries- equivalent to one in 11 jobs

Continuing growth in uncertain times

Given its recent performance, it seems surprising that this should be an issue for the creative industries. Film and television grew by an impressive 16.4% in the three months after the EU referendum, a time when many sectors slowed or declined slightly. However, continuing to attract investment could prove challenging for small businesses in the riskier corners of the sector, such as advertising. Ensuring you have a continuous pipeline of new business is essential: our upcoming training on new business generation can give you the tools to do this.

Attracting talent

Human resources are vital for the growth of the creative industries- and the recent experience of the sector suggests that the skills needed are not there. A recent House of Lords enquiry found that the increased prioritisation of science subjects in schools is making it harder for the arts to recruit enough people. Further, the number of art, music and drama teachers has fallen by 3,500 since 2010, placing the future viability of the arts under threat.

Boosting smaller players

A huge part of the creative industries are made up of small, medium and micro enterprises and freelancers. Despite the number of these players in the market, they often struggle to access the finance and support needed to thrive at the early, and risky, stages of development. The Creative Industries Federation believes this is holding back small businesses in the sector from exporting to other countries and boosting their business network.

The tailored support on offer in the Building Legacies programme can support SMMEs in the creative industries in boosting their competitiveness. For more information about the range of support on offer in the Building Legacies programme please contact info@buildinglegacies.co.uk or call the office on 020 7537 6480.

 

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