Business schools are a leading source of support for SMEs, according to a new report from The Small Business Charter (SBC).

More SME business owners are now turning to business schools than trade associations or their accountants, new research has found. One in three SME leaders look to business schools as a first port of call for support, compared to one in four that seek help from a trade association or an accountant.

Only peer networks and mentors rank higher, with two thirds speaking to their peers, and half asking a mentor for advice.

Almost all (96%) small business leaders reported that the support, education and other services provided by business schools had a positive impact on their business. Eighty-four percent said this support had improved strategy and decision-making within their business.

A strong majority of respondents (96%) also said that working with the business school had positively impacted them on a personal level. Four out of five said it had boosted personal development by enhancing their leadership skills.

The findings come from a new report by The Small Business Charter (SBC), ‘Empowering Small Business Success: The Gateway to Knowledge, Innovation and Growth’, which highlights how business schools are a trusted source of insight, strategy, and help for the UK’s small businesses.

The report highlights the important role SBC-accredited business schools play in supporting the UK’s small business community.

For 81% of respondents, their first interaction with a university was through a business school. Government-backed initiatives, such as the Help to Grow: Management Course, are the most common first point of contact.

Commenting on the findings, Byron Dixon OBE, Chair, Small Business Charter and Founder and CEO, Micro-Fresh said: “This report highlights the valuable role business schools play in supporting growing businesses. By connecting entrepreneurs with the wider university network, business schools help unlock new opportunities for growth, innovation and networking. The key message is simple: if you’re a business going for growth, your local business school is a great place to start.”

The businesses that go on to interact with their business schools again have an average of 4.5 further engagements, unlocking further value for the businesses and their leadership teams.

Case study example:

Rachael Halstead is founder of Rachael’s Kitchen and Help to Grow: Management Course alumni. She has recently worked with undergraduates at University of Brighton, School of Business and Law to measure, manage and reduce carbon emissions. The hands-on project offers practical support to businesses while equipping students with critical skills in sustainability, consultancy, and data analysis.

She said “Reducing our carbon emissions is important to me as a business leader but as an SME we’re always busy juggling all the day-to-day business needs. Having the opportunity to work with the students at the University of Brighton, School of Business and Law has provided us with the resource and knowledge that a small business struggles to find to do this type of project. The opportunity to work on projects like this with our local business school is one of the ongoing benefits of the Help to Grow: Management Course; it opens the doors to local collaboration that benefits both small businesses and the next generation of workers who are able to gain real-world experience.”

To date over 11,000 small business leaders have enrolled on the Help to Grow: Management Course at 60 business schools across the UK.