One challenge that is a constant for business owners is to increase productivity.
If the turnaround in activity – converting time or a manufacturing process into sales – can be boosted, profits can be increase without any increase in overhead costs.
What the process may involve is a review of training and/or investment in new plant or IT.
UK productivity was badly affected during the worst of COVID disruption, and this will need to be addressed if we are to regain a competitive advantage in overseas markets where we were already behind from a productivity point of view.
Hopefully, the Treasury will get behind this issue and offer further investment and training incentives in the autumn budget.
The old adage that encourages us to work smarter still has relevance, but re-establishing and increasing productivity after recent, unprecedented disruption, may require hard work as well…
Meantime, if you have ideas to increase efficiencies in your business but have concerns how best to finance the investment required, please call.