The Government has announced that a £2 million fund is to be distributed in a bid to help address many of the common problems faced by small and medium-sized enterprises (SMEs).
The money forms part of the Business Basics programme and will look to find solutions to common issues including late payments and low productivity.
Half of the funding will be used to encourage businesses to embrace technology which simplifies invoicing, payment and credit management, ensuring they work as effectively as possible.
So far, 26 projects have been backed to run trials and develop ideas which encourage SMEs to use technology and more efficient management.
The remainder of the funding will look to explore online networking, gaming and innovative coaching techniques in a bid to find ways to boost business productivity.
Small Business Minister Kelly Tolhurst said: “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 £2 million from our Business Basics Fund and backing more exciting new projects to develop their innovative ideas.
“I am particularly pleased that we are making up to £1 million 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.”
