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Limited management and leadership skills are impacting productivity, which is holding back many smaller businesses in the UK, according to new research.
The UK economy may be growing faster than any advanced nation, but productivity is a problem: output per hour worked still 2% below its pre-crisis level according to the Office of National Statistics (ONS).
To better understand the SME sector, Warwick Business School research identified a number of reasons the UK SME sector is currently underperforming: poor management skills, especially entrepreneurial skills are the main reasons for hampering their growth.
“The evidence shows under-developed leadership and management skills and widespread failure to adopt management best practices are constraining the performance and growth of a large number of SMEs,” says Professor Hayton of Warwick Business School. “The results indicate skills matter, but not all skills matter equally, given limited resources, especially time, SME owner-managers may benefit most significantly from ensuring that their entrepreneurship skills and leadership skills are well polished.”
The study showed the importance of understanding the benefits of a formal approach to strategic planning, communication, and adaptation, in order to enhance the efficiency. This allows owner managers to develop the sustainability of their organisations.
“Best practice strategic management is also related to the implementation of best practices in human resource management (HRM),” Hayton adds, “which are in turn, positively and significantly associated with turnover and productivity.”
SwitchMyBusiness believes that assistance and insight are key to empowering managers to make better decisions. From thought leadership pieces on important future developments to practical advice on a number of important areas, we are here to help smaller businesses achieve their potential.
Energy is one area where immediate and straightforward improvements can be made. SwitchMyBusiness.com has already helped thousands of small businesses compare and switch business energy, saving them millions of pounds.
Simply complete the form on the top right of this page or call 0800 411 8830. Our expert team can answer any questions you might have.
"Very easy. Bea Luseni very efficient & knowledgeable."This review was posted by Alan Duffy on the 31st of March 2017
Super helpful and easy to work with
"Recommend this company in a heartbeat - Nicole Borneuf was super easy to talk to, was not pushy in the slightest, very helpful and replied with all my questions very professionally and did all she could to help. I had to deal with a few companies to sort my business energy out, all but Nicole were too pushy for my liking and I refused to follow through with them. Thank Nicole - you are a credit to your company, thank you for making the stressful energy change so easy."This review was posted by Mia Drew on the 29th of March 2017
An Extremely Competent Company
"Switch my business has not only helped my SME secure a good energy deal for the second year running but Jessica swiftly found a alternative supplier for me when I was let down on the day of switching by the new contractual provider I had chosen some 4 months previously. Being suddenly out of contract and without provider is everyone's energy nightmare. Greatest thanks."This review was posted by S McMillan on the 29th of March 2017
Helpful, friendly and we saved lots of money!
"Jessica Purnell was helpful and friendly, she made the whole process easy and simple AND we saved lots of money thanks Jess"This review was posted by Melanie Baker on the 23rd of March 2017
Quick & Easy
"Kabibi was very helpful and the whole process was very efficient. The one small reservation I had was that I was phoned up by Kabibi almost immediately having received my online quote - which wasn't enough time for me to finish reading the quotes! Fortunately she was able to assist me in a greater savings on both Gas & Electricity, and so as long as the switchover is seamless I will remain very happy with the service."This review was posted by Amanda Brown on the 21st of March 2017