Unlocking Growth: How Small and Medium-Sized Businesses Can Fuel the UK’s Productivity
Whatever the Chancellor announces in the budget, one of the biggest challenges for the UK economy is growth, and for business that often means productivity. In recent years, UK business has had to deal with many challenges related to a series of significant socio-economic events impacting costs, productivity and growth. In a turbulent and uncertain market, how can small and medium-sized businesses (SMEs) not only survive, but also thrive?
hgkc works with business owners and directors to tackle this challenge head-on, through a holistic approach that focuses on leading with clarity, growing sustainably and building effective support mechanisms.
The Interrelationship of Growth and Productivity
For any business, achieving growth can come in a variety of forms.
One of the most direct forms is boosting turnover, which can be achieved by quick scaling through increased sales, entering new markets, or expanding the range of products offered. These approaches focus on outward expansion and capturing new opportunities.
Alternatively, growth can be realised by enhancing productivity. This route centres on refining the internal workings of the business, such as clarifying goals and objectives, nurturing a positive organisational culture, strengthening leadership, and streamlining processes and systems. Improvements in productivity often result from making the business more efficient and effective in its day-to-day operations.
As the business landscape evolves, the adoption of automation and artificial intelligence (AI) is becoming an increasingly important factor in driving productivity gains. These technologies can support businesses in optimising their performance and achieving sustainable growth in a competitive marketplace.
Regardless of the strategy though, clarity is essential. Particularly for SMEs, being clear on your goal(s) and how you will achieve them will help the business to prioritise and achieve results in one or two areas at once. hgkc’s framework encourages companies to assess these priorities by developing a clear, tailored growth roadmap (based on an Outcomes Map, a tool that has been evolved by hgkc for use with SMEs). It also enables leaders to agree a clear vision for the business, and to set and pursue achievable growth targets. These can then be cascaded through the business, ensuring alignment across the team.
Nurturing the Capabilities and Ambitions of Business Leaders
hgkc emphasises that strong leadership is a catalyst for innovation and growth and is at the heart of every successful business. Developing leadership skills that reflect modern challenges - such as leading in a hybrid working environment and fostering inclusive, transparent cultures - can have profound impacts on productivity and staff engagement.
Through our leadership development initiatives, and supported by DiSC behavioural insights tools, hgkc has helped many leaders understand their unique management styles and equipped them with the skills needed to inspire teams, embrace innovation, and lead effectively in dynamic environments.
The Crucial Role of Skilled Business Advisors
Skilled business advisors play an essential role in helping businesses navigate complex landscapes. They offer more than just technical knowledge; hgkc’s business advisors understand the pressures that SMEs face, from seasonal cash flow issues to scaling challenges, and they’re able to provide practical advice that’s rooted in experience.
We understand the critical role that experienced business advisors play in growth. By building trusted connections, advisors help businesses make informed, impactful decisions. We work closely with our clients to tailor support that directly address their business context and challenges. This hands-on guidance builds confidence and resilience, allowing businesses to make courageous, informed decisions, and to be agile and competitive in a changing market. We also provide fractional advisory support, to keep you on track and act as a critical friend when needed.
Conclusion
Increasing productivity and achieving growth can be difficult in an uncertain world but doing nothing is no longer a sustainable option – certainty is not coming. hgkc acknowledges this challenge and understands how to navigate it. Our approach underlines the value of personalised, sustainable business support. By combining clear and actionable growth strategies, strategic leadership development, and trusted advisor support, we help businesses not only grow but also build a resilient foundation for long-term success.
For more information, visit our website, or book a free, no-obligation call with us to talk about your challenges and ambitions.
