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Firms advised to benchmark productivity

A government review into business productivity has urged firms to benchmark their performance against competitors using a new online tool from Be the Business.

A government review into business productivity has urged firms to benchmark their performance against competitors using a new online tool from Be the Business.

The Business Productivity Review, published on 5 November, is a culmination of extensive research and engagement with academics, business groups and business leaders to identify what actions firms can take to boost their productivity.

The UK has a longstanding productivity gap with international competitors. Boosting the productivity of the country’s 5.9 million SMEs to match that of Germany, for example, could add up to £100 billion to the economy.

Unsurprisingly, the review found that the most profitable and productive businesses are those that embrace the best management techniques and adopt tried-and-tested technologies. The report advises businesses to:

  • Enhance leadership skills and drive up good management practices
  • Harness the benefits of productivity-boosting technology, such as online accountancy and customer relationship management (CRM) software
  • Seek external support and advice from peers and support organisations like GC Business Growth Hub
  • Benchmark productivity performance against competitors.

Companies can measure their performance by using a dedicated benchmarking tool on the government-backed Be the Business website.

Further support being made available to businesses includes the Be the Business mentoring programme for SMEs, which is being delivered by GC Business Growth Hub.

Sir Charlie Mayfield, Chairman of Be the Business and the John Lewis Partnership, said:

“Boosting business productivity is the single biggest issue facing the economy. Getting the economy match fit for the decade ahead requires business leaders to work smarter, not harder, so I welcome the review’s focus on firm-level change, especially in developing leadership and technology adoption.”

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The Review found the most profitable and productive businesses are those embracing the best management techniques and advise leaders to seek support from organisations like the Hub

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