There is no index which tracks SME productivity in the UK or across G7 countries. A recent study from the University of Gloucestershire found that many UK SMEs are unsure whether their productivity has increased or decreased in recent years.
Our survey of over 1,400 SMEs across the UK, France and Germany, suggests there is a productivity measurement gap across all countries. Nearly three in ten are not measuring it all, while one in twenty SMEs don’t even know what productivity is. When it comes to the reasons why, 28% of SMEs that do not measure productivity, say they don’t know how to.
In the UK, 95% of SMEs think it’s important to improve productivity, yet three in ten are not measuring it currently. Of those who don’t measure productivity, a third say they wouldn’t consider doing so in future. This equates to nearly one in ten UK SMEs not interested in measuring productivity, which is concerning as without measuring productivity it is difficult to know what is working and which levers to pull to increase output. As the adage says, ‘If you can’t measure it, you can’t manage it’.
To learn more read our report, ‘The Power of Productivity: Measuring, understanding and improving productivity for SMEs’