SME Strategy: A Major Milestone for City-Based Businesses

This summer, the City of London Corporation launched its first-ever SME Strategy, marking a pivotal step forward in supporting small and medium-sized enterprises (SMEs) across the Square Mile. This five-year strategy sets out a bold vision to strengthen the Square Mile’s reputation as the UK’s premier location for entrepreneurs, fostering a thriving business ecosystem for SMEs.

The launch event, held at the historic Guildhall, included the official signing of the Federation of Small Businesses (FSB) Local Leadership Pledge. Policy Chairman Chris Hayward, Apprentice 2022 winner Harpreet Kaur, SME Policy Lead Common Councillor Paul Singh, and FSB London Regional Chair Michael Lassman gave inspiring speeches emphasising the importance of SMEs to the local economy.

Supporting SMEs in the Square Mile

SMEs make up over 98% of businesses within the Square Mile, with 22,000 businesses driving innovation and providing essential services. Recognising their economic significance, the SME Strategy aims to offer tailored support to each and every SME, enabling them to flourish in a competitive landscape.

By delivering accessible, practical training, Heart of the City empowers businesses to take meaningful steps toward becoming more responsible and environmentally conscious, helping to drive long-term success.

The SME Strategy reviews and renews the City of London’s offer to small business. It sets that offer in the context of the City Corporation’s wider ambitions for the Square Mile.

Heart of the City’s role

As a key delivery partner for the City of London Corporation’s SME Strategy, Heart of the City provides SMEs with access to expertise and networks through workshops, masterclasses, and mentoring to help them on their responsible business journeys. Programmes such as our Net Zero Accelerator, equips businesses with expert guidance, tools and master classes to provide SMEs with practical skills and better understanding of sustainable practices to help drive long-term success. We help SMEs integrate sustainability into their business models, ensuring they remain competitive while aligning with the UK’s and the Square Mile’s broader environmental goals.

Since the launch of our first climate programme, ‘Climate for SMEs: 4 Steps to Action’, in 2021, we’ve partnered with over 200 businesses in the Square Mile alone to help them understand net zero and identify actions to reduce carbon emissions. As of 2024, 63 of these businesses have measured their carbon footprint, which will result in a collective reduction of 46,000 tonnes of CO2e when they reach net zero.