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The latest study looking at how small and medium-sized enterprises (SMEs) in the UK plan to respond to the productivity crisis has found that investment is the solution many have settled on.

This study was by Nucleus Commercial Finance, and it shows that the average amount that UK SMEs plan to spend during 2022 to enhance their productivity is around £35,000. In total, 80% of the SMEs participating in the study said that this was their strategy for the year.

There was a considerable amount of variance based on the size of the companies though. Small firms with between 10 and 49 employees are looking at investing £38,000 on average, while medium-sized ones with between 50 and 249 employees are intending to spend an average of £48,000. Among micro businesses, the figure is £20,600, while for sole traders, it is £7,400.

The study did not ask where the money for this investment would come from. Accountants in Goole and other parts of the UK can help SMEs find money to improve their businesses, either through outside financing or restructuring.

When it comes to ways that the companies in the study plan to increase their productivity, 27% said that they would put the money into training their staff in digital skills. Another 32% cited flexible working as the key, while solutions for time management and new machinery or equipment were cited by 19% and 20%, respectively.

Chirag Shah from Nucleus Commercial Finance told Fintech & Finance News that it was good that SMEs have ideas for addressing the crisis.

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