FuseMetrix’s approach to productivity reflected in Government press release
Productivity can be famously hard to measure, but the ONS recorded the April to June quarter as producing the fastest falling figures for five years. Measured by output per hour these numbers are always relatively crude, but the two quarters prior to this one had also seen zero growth.
Naturally, the government has been looking at ways that it can help to remedy this. In the 2018 Budget, £56 million of funding was allocated towards improving productivity across the UK economy, which was confirmed by Business Minister Kelly Tolhurst on the fifth of November.
The press release on www.gov.uk details that the money should help businesses to:
- Enhance leadership skills and drive up good management practices in SME business leaders;
- Harness the benefits of technology, such as on-line accountancy software and customer relationship management (CRM) software;
- Seek external support and advice from peers; and
- Benchmark their performance against their competitors using Be the Business’ benchmarking tool to find out how to improve performance.
Much of the direction of this funding comes from the findings of a joint report by the Department for Business, Energy and Industrial Strategy and HM Treasury, and will come as no surprise to many SMEs, some of whom have made their name as professionals in exactly these fields.
FuseMetrix Group, founded and run by Matthew Ballinger, sprung from Ballinger’s desire to improve the administrative capabilities of companies across the UK, or as he penned in his best practice article for The Parliamentary Review, to ‘make them more efficient and to help them gain some of the competitive advantage that larger companies had achieved’.
When starting his company, a business that helps centralise the variety of administrative tasks faced by SMEs into one navigable platform, these systems ‘cost millions of pounds and were therefore unobtainable’ for this target market. Now, with the continued development of the product, Ballinger works with companies ‘ranging from start-ups to household names’.
FuseMetrix is a strong start in increasing the productivity of British business, but there is still plenty of room for more work in the field. Ballinger says that ‘shockingly, we see this sort of inefficiency in companies almost daily when we visit new prospects’ and that this ‘inhibits the UK economy because we have a predominantly SME business sector’.
Government announcements like this one may well be a key element in ensuring that very achievable improvements are implemented in the companies that could use them the most.