4 Drives That Could Boost UK Productivity
Productivity is important to the growth of all businesses. At Fascia Graphics® we manufacture membrane switches, graphic overlays and screen printed labels, we utilise a number of tools to improve our productivity, such as lean manufacturing and funded initiatives.
In the UK, productivity levels are 17% lower than the G7 average; rebounding at a lower rate from the economic crisis.
Though research from Federation of Small Businesses (FSB) has shown that small business productivity started to bounce back at the end of last year, more needs to be done.
The All Party Parliamentary Small Business Group recently released a report detailing recommendations designed to help improve productivity in the UK’s small businesses.
Below are just four of the recommendations they made:
Universal access to high quality, affordable broadband
Digital technology has fundamentally altered the nature of business; the need for high quality, affordable broadband for small businesses is essential if they’re to grow. Digital technology has impacted on small businesses so much, that if a small business fails to be ‘connected’ they could ultimately flop, and cease to exist.
If the UK is to compete in the global market and close the productivity gap with its competitors, then ‘connected’ businesses are vital.
Invest in regional growth
More investment should be put into the infrastructure to connect the UK’s regions and create an abundance of new opportunities for local businesses. Furthermore Local Enterprise Partnerships need to be made more locally accountable and strengthened so they can become better agents of economic growth in Britain.
Address skills and training shortfalls
The skills shortage facing many businesses is a key influencer on UK productivity. By businesses and the government working together to increase the number of high quality apprenticeships, this skills shortage can begin to be addressed.
Businesses should also forge closer connections with local schools and university, investing more in training to up-skill their workforce.
Get more businesses by exporting
Exporting is the key to growth and productivity in most businesses; therefore the UK Trade and Investment should be supported for the long-term. This way it can better support small and start-up businesses’ ambitions to export. The British Business Bank should also play a greater role in providing tailored export finance to small businesses.
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