The UK economy is in a strange place. Employment figures are at a record high, but overall growth remains sluggish. Rosier figures for the long-term health of the economy come along, then they’re downgraded. Small businesses are flourishing, but major high street retailers are going out of business on a weekly basis.

One clear and strong success story, however, is the UK tech industry. Showing amazing growth and proving attractive to investors, there seems to be no slowing the sector.

The Facts

Fresh figures from Tech Nation have echoed other sources in showing the tech industry is growing 2.6 times faster than the rest of the UK economy. In 2016, it was worth £170 billion, in 2018 this figure has grown to £184 billion. The report also showed that, outside of London, there are 16 ‘silicon suburb’ towns across the UK with a much higher than average tech employment rate, with towns like Bristol leading the way.

The report also underlined how fast tech firms in the UK are growing. UK GDP grew by 1.7 percent in 2016-17, but over the same period the tech sector grew by 4.5 percent. Alongside this was a five-times rise in the number of jobs in the tech industry, making it one of the healthiest and fastest growing employment sectors.

The Investment

All of this growth inspires, and in turn is fuelled by, a great deal of investment. International investors were particularly enthused by the UK tech industry, pouring money into firms in the hopes of finding the next Deliveroo or Zoopla. In 2016-17, British tech companies raised a total of £4.5 billion from venture capital sources, a doubling of the previous years total.

This could be, in no small part, due to the fact that many of the UK’s tech firms have an international reach and investors see great technology with an in-built global reach. A full third of London tech businesses, for example, have foreign clients, which outstrips the reach of California’s Silicon Valley. Domestic and foreign investors are seeing companies that have a bright future, very healthy growth and international reach. So, it should come as no surprise UK tech companies represent an attractive investment.

This has been shown in a number of high profile exits. Machesterfashion.com was sold for £750 million to a private equity investor and Leeds firm CallCredit was purchased for £1 billion. The incredible growth and underlying base for UK tech firms is providing fertile ground for firms with good ideas and the drive to succeed, with buyers and investors on hand to capitalise.

If you’re an ambitious tech firm, take a look at our business finance and capital investment options, we can help you get your hands on the money you need to move forwards in one of the most vibrant, successful sectors in the world. 

When you’re running an SME, one of the biggest things that you are trying to achieve is high levels of productivity. Being productive means that your workforce is hitting targets and is producing high levels of work, which will in turn ensure that your SME can continue to grow.

With the benefits of productivity being so widely-known, it will probably come as a surprise that research conducted by The Close Brothers Group found that one in 20 SMEs don’t actually know what it means and one in 10 would rather not measure it at all.

So, why is productivity so important and how can you ensure that your SME is practicing it? Read on to find out more. 

Time management

This is perhaps the most important thing for SMEs when it comes to remaining productive, especially if you are a start-up. It’s likely that you have a lot to do on any given day, and in order to ensure that you don’t fall behind, you will need to dedicate a certain amount of time to specific tasks and also think about what is the most pressing matter that needs to be dealt with first. Try writing out everything you need to get done and setting yourself a time limit for each one.

Don’t rush your work

When your workload is mounting, it can be tempting to start to rush through tasks in order to get things done quicker. It’s important to realize that this is counter-productive and is likely to slow you down in the long run. Rushing work is more likely to lead to mistakes which will mean that work will need to be redone. This can also have a negative impact on staff morale, which will in turn affect productivity, and the vicious cycle continues.

Consider the culture of your company

In most cases, happy workers are productive workers, so you’ll need to carefully consider the type of environment that you want to create within your company. Generally speaking, organizations that promote communication and encourage staff to interact with each other will have higher levels of productivity.

Collaborate 

The benefits of running an SME is that you will have the ability to target a large, growing market. Unfortunately, however, it is also likely that you won’t be able to access as many resources as you would like to in order to reach your targets. To overcome this, consider the benefits of using shared infrastructure, shared services and complementary sales partnerships.

55% of SMEs in the UK are unable to secure the appropriate finance to meet their individual needs. 

Unfortunately, many SME owners lack the confidence and awareness that is needed to properly look for the finance they need and obtain it as well, and without the relevant guidance, many could find themselves running into financial difficulty. 

SMEs are the bread and butter of the UK economy, providing millions of people with jobs and services across a plethora of different sectors.

Accounting for 99.3% of all private sector businesses, it’s easy to see why SMEs are held in such high regard and are continuing to get the recognition that they rightly deserve.

The work that many UK-based SMEs are doing at present is inspiring, so read on for our round-up of some of the most influential examples of small businesses in Britain.

Talon

This forward-thinking media agency works with a variety of different partners to plan and manage successful projects and has scored a top place in the Best Companies Awards. Spreading across offices in both London and Manchester, the SME employs 84 members of staff and has an employee satisfaction rate of 84%, showing that they aren’t just getting the job done, they’re enjoying the work as well. Their main goal is to produce creative campaigns that challenge the traditional methods of advertising.

A campaign that they produced for PlayStation 4 saw the company light up London’s Oxo Tower with the gaming brand’s famous symbol, which is just one example of how they are working in an innovative way to raise the profile of household companies.

ThirdWay Interiors

Committed to rising above the poor practice that can be seen elsewhere within their industry, ThirdWay Interiors offer office design for commercial landlords and tenants with a focus on tailoring their services to meet the needs of each individual client.

The company employs 59 members of staff and is continually growing its payroll, demonstrating just how successful they really are. Their staff are reaping the rewards too, with 95% agreeing that they feel that they are personally contributing to the development of the firm.

Personalised financial planning is what this company is famous for, and their thorough and diverse approach means that they are able to give each and every one of their clients confidence both now and in the future. Their head office is based in Cheshire, and perhaps one of the most inspiring things about this company is the way that they build a rapport and boost morale amongst staff. Every morning kicks off with a breakfast meeting, meaning that goals and plans can be discussed, while the office is locked every evening at 6 to ensure that no member of staff is working too late. 

Need to grow your SME? Check out our services here.