Nearly two thirds of small business owners losing sleep over lack of productivity
A recent survey conducted by Small Business revealed that sixty-five per cent of SME owners in the UK are losing sleep over their company’s lack of productivity. This worrying trend has been ongoing since the financial crisis, with UK productivity lagging behind peer economies by 16%. A study from the US predicts that Britain will be the only advanced economy to experience falling productivity growth in 2019.
The survey identified that the biggest hindrance to productivity for British SMEs is finding and retaining the right staff. Forty per cent of small business owners cited this as a major challenge. Many expressed the need for additional assistants, sales, and marketing support to drive growth. Other factors contributing to low productivity include outdated processes, computer systems, and office space constraints.
Looking ahead, lack of cash flow for expansion is seen as the biggest challenge for small businesses in the next 12 months, followed by staffing issues and late client payments. When it comes to upgrading IT systems, lack of funds remains a significant barrier, with many businesses struggling to allocate resources for technological advancements.
Technology is seen as a key driver for boosting SME productivity, with a focus on up-to-date business software, remote working capabilities, cloud storage, and artificial intelligence for automating repetitive tasks. Entrepreneurs are keen on improving efficiency through technology upgrades to free up time and drive sales growth.
Entrepreneurs recognize the importance of staying current with technology trends, with a majority investing in technological solutions to enhance productivity. Additionally, a significant percentage of respondents expressed a commitment to environmental sustainability, indicating a holistic approach to business operations.
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Further reading
How to make your office technology work for you