Recent research commissioned by the City of London shows that 63% of Small Medium Enterprises (SMEs) buy from other firms within the City and 68% sold to other firms in the City, highlighting the importance of those local trade relationships. But the majority (70%) of those firms who purchase within the City spend less than a quarter of their total purchasing budget in the City. More can be done to encourage greater trade between businesses in the local ecosystem.
Some of the key reasons given for purchasing within the City included the proximity of businesses, speed of delivery and the expertise and reputation of the firms found in the concentrated industry clusters around the business district. An additional environmental benefit from locally sourced suppliers is a reduction in emissions from deliveries of products and/or emissions associated with travel for face-to-face meetings.
Projects such as Sustaination have made an excellent start for developing local networks for the food industry to connect but nothing as yet has been done for SMEs. 99% of businesses in the UK are SMEs and since 2008, nine out of ten unemployed people who have found work in the private sector have been employed by SMEs.
Our tool will allow SMEs thoughout the UK to input what products or services they are interested in buying and will return contact details for their nearest companies for them to follow up.