Business Studies with FoundationTASK DESCRIPTION – ASSIGNMENT 1TASK 1The usual definition of s

Business Studies with Foundation

TASK DESCRIPTION – ASSIGNMENT 1

TASK 1

The usual definition of small and medium-sized enterprises (SMEs) is any business with fewer than 250 employees. The number of private sector businesses in the UK at the start of 2021 was 5.6 million. which was over 99% of all businesses. Among them 5.5 million businesses were small (0 to 49 employees) and 35,600 businesses were medium-sized (50 to 249 employees). The employment contribution of SMEs to the total population was 60.6% at the start of 2021.

Focusing on SMEs in the UK, you are required to examine the key challenges that impacted the internal environment of organizations and their strategies of interaction with the external environment during the last two years. Furthermore, examine the role of the UK government in supporting the SMEs during the Covid-19.