Tesco today is a far cry from its humble roots

Tesco is a company that has roots dating back to the early 20th century and the company began as a man who was selling groceries that were left over from a market stall. During his first day he sold £4 of products and made a profit of £1.

This is far removed from the huge annual revenue that Tesco generates today of about £50 billion. The company have also expanded into an enormous operation that employs around half a million people. If you break the profit figures down for Tesco into minutes, they make around £6000 profit every single minute, 24 hours a day.

In recent years it has become even more clear that small companies are going to be essential to the growth of the UK economy and help significantly in its recovery. Small businesses make up over 99 percent of all companies in the UK and they are responsible for around half of the public turnover seen every year.

Around half a million new small companies registered last year which is a significant increase on the previous figures for 2010. Interestingly, many companies when they are first founded do not realise the risks that they run by starting a company and don’t know how to protect themselves.

A recent survey by Axa showed that many business owners could not name a single risk about running their company and around 50 percent of them did not have a contingency plan in place in case things went wrong.

Just under 40 percent of companies said that they don’t have any insurance to cover interruption to trading which is something that affected a great many companies during the London riots last year. It would be wise for small companies to realise the importance of protecting themselves in case something goes wrong.