Small- and medium-sized enterprises (SMEs) make up the majority of businesses around the world – over 95% – and are a vital source of job creation, accounting for around 90% of employment in some countries.
However, the productivity gap between small and large companies is becoming more of a productivity chasm, according to McKinsey. Boosting the productivity of the UK’s five to six million SMEs could add up to £100bn to the country’s economy, for example.
The latest roundtable discussion for CMI Companions dug into this topic, exploring how smaller businesses can boost their productivity.
Anthony Impey MBE, who chaired the discussion, is CEO of Be the Business, a not-for-profit organisation set up in 2017 to help address the UK’s productivity challenges. He says that there are two major things that can help small businesses tackle this longstanding issue: improving businesses’ adoption of technology; and improving their leadership and management capabilities. Research conducted by Be the Business found that there is opportunity to improve productivity by these means in every sector and region.
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