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Nearly two thirds of SME owners lose sleep over lack of productivity

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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 alarming statistic sheds light on the struggles that small businesses face in a competitive market.

The Productivity Challenge

Productivity has been a major concern in the UK since the financial crisis, with levels sitting around 16% lower than peer economies. A recent study even predicted that Britain will be the only advanced economy to experience falling productivity growth in 2019.

Small Business poll

Factors Holding Back SMEs

According to the survey, finding and retaining the right staff is the biggest factor holding British SMEs back. Forty per cent of small businesses cited not having the right staff as a hindrance to growth. Other factors such as old-fashioned processes, out-of-date computer systems, and cramped offices were also mentioned.

Small Business poll part 2

Challenges Ahead

Lack of cash flow to expand is seen as the biggest business challenge over the next 12 months, followed by finding and retaining staff, late payment from clients, and out-of-date IT systems.

Small Business poll - Biggest Business Challenge

Technology Solutions

When asked about technology solutions to boost productivity, respondents mentioned the need for up-to-date business software, the ability to work remotely, storing documents in the cloud, and implementing artificial intelligence for repetitive tasks.

Small Business poll - Technology

Environmental Consciousness

Despite the challenges, British entrepreneurs are keeping up to date with technology and are environmentally conscious. Over 80% of respondents expressed a desire to be environmentally conscious in their business practices.

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Small Business poll - Carbon Footprint

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Further Reading

How to make your office technology work for you

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