With Covid-19 restricting movement and normal business practices, there’s been a premium on the ability to adopt new ideas and technologies quickly.
This is an area that the UK entered the pandemic on the backfoot, somewhat. As detailed in the report Lifting the Long Tail, by IoD Chief Economist Tej Parikh, Britain has faced a long-running ‘productivity puzzle’, with room for improvement in businesses adoption of technology.
The challenge, though, is how to achieve this in an environment where costs are high and revenues are deeply uncertain.
It’s no walk in the park for Britain’s business leaders right now, and that’s why the IoD has been pressing Government to use the tax system to further support investment. In November, we secured a win on this front, as the increased Annual Investment Allowance cap of £1m was extended through to 2022.
But what can directors do in the here and now to improve their performance? IoD course leaders share some of their ideas in our Small Business Productivity Guide, which IoD members can read here.
There’s also a number of tools and programmes out there to further encourage knowledge sharing and investment. The IoD has launched its own mentoring scheme – if you’d like to learn more or get involved, read about it here.
Meanwhile, the UK-Israel Hub have set up a program with BEIS to help UK SMEs tap into tech best practice from Israel, where directors can access webinars and e-pitching platforms – read more here.
Keep an eye out for IoD newsletters to stay up to date with programmes that could help your organisation harness the technology to thrive despite the challenges.