Over a third of small businesses not driven by profit, new report finds

Over a third of small businesses are not primarily driven by profit, a new report has found.

The Small Business Community Impact report, released by peak b, is the culmination of four months of research, interviews and online surveys with thousands of small businesses.

Sponsored by Indeed and TSB, it found that 90 per cent of small businesses believe they have an important role to play in communities.

The report found that 38.4 per cent are not driven primarily by profit and 36.6 per cent have kept on a member of staff when they didn’t commercially need them any more.

Nearly half, 48.5 per cent, have created employment for an individual to give them an opportunity, above and beyond the business’ needs.

The findings also show that 77 per cent of small businesses actively support local organisations, including charities, schools and food banks, despite the everyday challenges that founders face running their own businesses.

In a trend that shows the people-first approach of the sector, 78 per cent of small businesses say they create training opportunities for their staff, with 28 per cent offering this for the wider community as well and 70 per cent of small businesses offer flexible working opportunities.

Report the full report by Peak b here.