Business Minister Kelly Tolhurst has announced a £56 million funding boost for UK businesses in a bid to drive up productivity across the economy. The funding will support the Department for Business, Energy and Industrial Strategy (BEIS) and HM Treasury’s recommendations which aim to help businesses become more productive.
According to the recently published Business Productivity Review, firms that embrace and adopt the best leadership and management models, techniques and technologies are more profitable and productive.
The Review suggests that firms could improve productivity by harnessing the benefits of technology, such as customer relationship management (CRM) software. Other suggestions for small firms include seeking advice and support for benchmarking their performance against their competitors.
To drive this forward, the BEIS is making £11 million available for a Small Business Leadership Programme that will provide small firms with leadership training, as well as £20 million to strengthen local networks to focus on business improvement. These support networks will be locally focussed to ensure local needs and priorities are considered.
Meanwhile, there will be a further £25 million to expand Innovate UK’s Knowledge Transfer Partnerships (KTP) programme, getting over 200 additional graduates with relevant skills placed into businesses with complex management issues to translate their research insights into business growth. There will be a dedicated management KTP round which will open on 12 December 2019 and close on 19 February.
As Simon Clarke, Exchequer Secretary to the Treasury said, the Business Productivity Review forms a crucial part of the Government’s efforts to boost the UK’s productivity and will help to unlock the potential of people and places across the UK.
Nigel Fry, General Practice Partner at Milsted Langdon, said: “Funding has been allocated in a bid to boost the productivity for UK businesses nationwide, therefore, it is important that businesses take full advantage of these opportunities.
“For advice on matters relating to corporate funding, contact our expert team today.”