London Growth Plan Consultation Highlights Vital Support Needs for SMEs

Small and medium-sized enterprises (SMEs) remain the beating heart of London’s economy, responsible for around 60% of private sector jobs. This week, business leaders, policymakers, and support organisations came together to explore how London can better help these firms grow as part of the London Growth Plan Business Support Strategy Consultation workshop.

Making Business Support Simple and Effective

Opening the session, Howard Dawber OBE, Deputy Mayor of London for Business and Growth, stressed the importance of keeping support for small businesses simple, accessible, and time-efficient. He noted that when advice and funding are easy to access, demand and impact are far greater.

The workshop, held in partnership with WPI Economics, was facilitated by Laura Osborne, who led a major evidence review into business support across the capital. The research drew on more than 70 evidence submissions and feedback from over 800 stakeholders, offering one of the most detailed snapshots yet of the challenges and opportunities facing London’s SMEs.

What London’s Small Businesses Are Saying

The findings painted a clear picture: London’s entrepreneurs want to survive, grow, and scale, but many face significant barriers. The most common needs identified were:

• Access to finance and talent, with 90% of firms reporting skills gaps

• Support with sustainability and AI adoption

• Confidence to navigate uncertain markets and global change

Different types of businesses also have distinct priorities. Early-stage SMEs often need practical guidance on business basics, while smaller firms are increasingly seeking help with business development. Medium-sized companies tend to focus on innovation and leadership development, and scale-ups require more advanced support — from blended finance and later-stage investment to clearer regulation.

Funding Uncertainty and the Need for Collaboration

The consultation also acknowledged an increasingly challenging funding environment. With reductions in the UK Shared Prosperity Fund (UKSPF) and little indication of new growth funding in the Chancellor’s upcoming Budget, participants agreed that collaboration between funders will be vital.

Speakers called for an evidence-based, inclusive business support strategy that unites public, private, and third-sector funders — and ensures resources reach minoritised founders and communities most in need.

Building a Fairer and More Resilient Business Ecosystem

The London Growth Plan aims to simplify access to support, align funding and programmes, and make sure no entrepreneur is left behind. The next steps include a Funders Roundtable hosted by Deputy Mayor Howard Dawber OBE later this month, ahead of the publication of the consultation’s evidence base in November and the launch of the Business Support Strategy early next year.

As one participant noted, “It’s not enough to listen to small businesses — we need to act on what they’re telling us.”