In a climate where both the UK and Welsh Governments have put economic growth front and centre, the role of business support is not just important – it’s critical. The UK Government’s plan for SMEs suggests that accelerating SME growth by just one percentage point a year could add £320 billion to the UK economy by 2030.

Wales has a real opportunity to be part of that story – but only if we ensure the right support is in place to unlock ambition and innovation across our business communities.

At Business in Focus, we exist to release entrepreneurial potential and enrich lives. We've been doing that for four decades now, and I believe the depth and breadth of business support in Wales – particularly through services like Business Wales – is something we should be proud of. That said, we also recognise that we can’t stand still. Just as we encourage businesses to innovate and evolve, so too must we adapt and improve how support is delivered.

Business support in Wales operates in a complex landscape, with funding and programmes coming from UK Government, Welsh Government, local authorities and commercial providers. For a startup or SME, navigating this system can be daunting. That’s why we always encourage businesses to begin with Business Wales, where we can help them find their way through the options available. And crucially, this support is free – something we should not underestimate. It’s a strength that sets Wales apart from many other parts of the UK.

Through the Business Wales service – delivered by Business in Focus in partnership with Menter Môn and M-SParc – we’ve seen what is possible when support is properly resourced and targeted. Since 2016, Business Wales has helped scale up 11,000 SMEs, brought £130 million of investment into Wales, and supported £710 million in contract wins. These figures speak for themselves. But behind them are real businesses and real people, whose ideas and ambitions are being turned into economic growth.

We’ve also learned a great deal about what businesses need in this moment. Confidence is in short supply, and many firms – particularly those we speak to through Business Wales and other services – are focused on sustaining what they have. It’s not that ambition has gone, but that conditions are uncertain. That’s where business support becomes most vital – to provide clarity, capability and confidence in equal measure. Sometimes, the most valuable thing we offer isn’t a specific answer, but a third-party view, a sounding board, or the reassurance that a leader isn’t navigating these challenges alone.

In that context, I welcomed the recent Cultivating Small Business Growth report from FSB Wales. Its call to restore business support funding to pre-Brexit levels reflects what we’re seeing on the ground. Demand is there – in fact, our waiting list for industrial units across South Wales is evidence of a real appetite to start and scale. But access to suitable property is acting as a brake on that growth. If we had the funding and permissions to build tomorrow, we could fill dozens more units. There is clearly untapped potential, if only we can unlock it.

The report’s recommendation for improved user journeys and better access to specialist and scaleup support also strikes a chord. And while the support landscape may be complex, the response doesn’t need to be. With stronger collaboration between providers, funders and policymakers, we can simplify how businesses engage with support while still offering the tailored help they need.

Within Business in Focus, we’re also reflecting on our own role. As a social enterprise, our focus is not on profit but on purpose. That means challenging ourselves to keep evolving – not just in what we deliver, but how we do it. We’re already a hybrid organisation, with staff based across every county in Wales, and a national approach that never loses sight of local needs. But we know there is more we can do to innovate, to respond to the pressures businesses are facing now, and to be ready for what comes next.

There are more than 240,000 SMEs in Wales. Many won’t need support at any given time – but when they do, it’s essential they know where to turn, and that the help they receive is high quality, timely and relevant. Whether a business is starting out, scaling up or seeking to adapt, the combination of confidence, capability and connections remains key.

Business support should never be about ticking boxes. It should be about unlocking potential – in people, in places, and in Wales as a whole. I’m optimistic about what can be achieved. But that optimism has to be matched with ambition – not just from our entrepreneurs, but from those of us who are privileged to support them.

Phil Jones talks about this and more in the Business in Focus podcast episode Why Business Support is More Vital Than Ever in a Changing Wales. Listen to the podcast here.