The Federation of Small Businesses Wales (FSB Wales) have published a new report which outlines their recommendations regarding the future of small businesses which operate in the creative industries sector in Wales.
According to FSB Cymru, the creative industries is a growth sector which has the potential to make a big contribution to the Welsh economy. In 2022 the sector produced £3.8 billion in turnover, worth around £5.3% of Welsh GDP.
The report makes recommendations for the Welsh Government, the UK Government and Local Authorities to consider in order to encourage growth in the sector. These recommendations are split into five key areas:
- Parity of esteem: The report argues that policy makers should ensure that policy interventions recognise that the creative industries in Wales is a vital growth sector in order to guarantee that there is a growth in investment and to facilitate the development of a workforce with the required skills.
- Access to funding: It notes that policy makers should work to give a boost to investor confidence by providing finance and loans to partners in the sector in the long term.
- Connecting businesses: The report outlines the need to create cross industry networks through the support of Creative Wales and by encouraging microclusters.
- Common framewroks: The report notes that procurement, tendering and contracting opportunities should be available to small and medium sized businesses, not larger companies only.
- Brand Wales – small and medium sized businesses in the industry should be used to create a ‘Welsh’ brand that is distinctive and strong.
To read all of FSB Cymru’s recommendations and to read the report in full, follow this link.
