Small and medium enterprises are expanding rapidly, and those in their early-stages are often the first to receive mass funding. But what about start-ups who are well ahead in the game? Whitehall is now bringing a £2 million cash fund enabling SMEs to test new ways in improving technology and increasing productivity.
The funds will be allocated to small businesses giving them the tools to simplify invoicing, payment and credit management in a bid to improve overall efficiency in work administration and HR.
Up to £1 million will be targeted on the issue of late payments with the aim to bring an end to the common practise in work places.
Established in 2018, The Business Basics programme aims to test innovative ways in encouraging small and medium sized enterprises to adopt new technologies and management practises.
The fund has three competition rounds with £2 million awarded to companies running trial projects in business and administrative functions, helping them to develop their innovative ideas.
Cambridge Judge Business School; the Bournemouth, Christchurch and Poole Council; Northumbria University; and Tenshi Consulting Ltd. were among the 12 winners who were awarded funding last week.
“As a former small business owner, I know how important it is to harness technology to make your business more productive. This is why we’re awarding another £2million from our Business Basics Fund and backing 12 more exciting new projects to develop their innovative ideas,” Small Business Minister Kelly Tolhurst said.
“I am particularly pleased that we are making up to £1million available to target the issue of late payments, which I know can have a real negative impact on SMEs and their cash flow. I look forward to seeing the innovative ideas that this Fund competition produces.
“Research shows that boosting productivity could unlock £100billion for the economy, and helping small businesses make better use of technology will enable them to seize the opportunities of scaling up in new markets when we leave the EU.”
As technology continues to take over, it is essential that SMEs are equipped and provided with the necessary tools to improve their efficiency and keep up with the economy’s rapid pace.