THE ￡94 BILLION ACTION PLAN

Today saw the release of the Be the Business G7 Productive Business Index Report. IMHO this is excellent work from Anthony Impey MBE and team at Be the Business . ??

It's sobering, stark and not completely unexpected reading. Feels somewhat like reading an end of year school report. Well, it is that time of year!

?? I'm going to be bold here. This report should be compulsory reading for all business leaders. ??

There's lots of food for thought and it should provide the inspiration to each and every one of us to carefully reflect AND then take action to seek out the 1% improvements possible in each of our businesses. Like a constructively scripted school report, it's even got the actions to take to drive up the improvement needed all itemised (with examples!) - there's no room for excuses.

I said I'd be sharing this report widely with my peers, and encouraging business leaders in my network to read it and benefit from it. So, here I am doing just that.

When you ('not if' you) read the report (& please don't just read the executive summary) you'll note as I did:

?? There's room for improvement in all business - and thankfully there are many clear starter suggestions outlined how to improve in the report to get us thinking.

??It's deeply motivating - who wouldn't want to see us as a nation rise in the ranking, as well as achieve the valuable direct win and much needed societal benefits that a 1% productivity increase over a 5 year period could bring?

(?? Spoiler alert it's suggested that could be worth ￡94 billion to the UK economy.)

??There's a bonus in the report in that there's an actionable and potentially highly proven plan included - let's learn from those ahead of us in the ranking, they've deployed many of those starter suggestions and are getting good results.

To help guide and shape thinking, the report highlights 5 key drivers of productivity, and helpfully offers up questions. A great place to start is to ask these questions.

Now don't be thinking this is just for big business. It's easy to assume reports like this are for big enterprises, so much out there so often is out of reach for SMEs. This is for SMEs . In fact I'd say it's for all businesses, and we need it to be for all businesses (solo, micro, SME, big enterprise). It's readable, insightful and actionable.

My own business is a micro business and I've been inspired by what I've read in the report, I'm going to start to sharpen up my own act - there's always room for improvement. All of my clients and suppliers and partners are in the 99.9%, I can see them each benefitting from taking the approaches and actions mentioned in the report. I can also see how big business can improve and benefit too.

Working with our SME clients at YUnique Marketing Limited and the The Bloom Consortium Limited where we get to help them them launch, grow and transform their businesses is a constant reminder of the importance to take a step back from working 'in the business' to 'working on the business'. The importance of carving out time to pause, reflect, reconnect and action plans.

I've long been a fan of the concept of marginal gains - small gains adding up to deliver remarkable results - that keeps the overwhelm at bay, and everything manageable.

Of course, different businesses at different stages of maturity will have different needs, considerations and strategies - and there's a lot to be said for flying in the face at time of convention but don't dismiss the principles and foundations that underpin good business practice. As ever, the art is in how and when you deploy those sound business principles and build the foundations to serve you and your objectives best.

Refreshingly there's also several suggestions and ways how businesses can support each other (and a nice link up between big and small business). Speaking at business events you'll often hear me say "we're all part of the one ecosystem and we need each other to succeed, we're reliant on each other and we should seek ways to offer each other support."

This report seems to pack so much in!

Now, let's select one easy to implement approach and action from the report, just to show how practical the report is to demonstrate why you should read it.

Let's focus on 'its good to talk':

?? Statistics: "We know that since 2010, there has been a steady decline in the number of UK business leaders who look outside their firm for advice and support...On openness to advice, the UK severely lags when compared to other G7 countries: only 22% regularly speak to a business adviser, compared to 31% in US; and 18% don’t get any regular advice or support at all... And,?fewer than a quarter of UK businesses (24%) plan to form relationships with external parties to drive innovation in the next 12 months, half as many as the US (48%)."

?? Reality: "Running a business can often feel isolated, making it challenging to address certain issues with your employees. Engaging in conversations with fellow business owners can help combat imposter syndrome and lead to actionable steps that enhance productivity. By tapping into external perspectives within your network, you can foster the diffusion of best practices, confront common challenges head-on, and celebrate collective successes."

?? Suggestion: "Business leaders must not be afraid to reach out to others. Seeking advice and support from others is a strength. It not only allows a business leader to get ideas, tips, and new ways of doing things, it allows one to look up; to take a step out of the everyday machinery of running a business, and to spot the chances on the horizon."

?? Proofpoint: "We also know from analysis of our most recent UK Productive Business Index, that businesses which seek help report stronger performance and are doing more to build capabilities linked to higher productivity."

?? There's a reason top performers invest not just money but time in having a mentor or coach to support them achieve their goals.

Not sure where to go to find someone to talk to, especially if you'd value an outside fresh perspective? Well there are many organisations and programs available offering mentoring support including Be The Business, and in the market you'll find a mix of free and paid for services - great to experience the benefits of mentoring and coaching and seek out the right mentors and coaches for you. You may have people in your existing network or business trade organisations you could approach too! Finding a mentor is within reach.

And, now for the report...

Grab a coffee, and download the full report here ???https://www.bethebusiness.com/our-thinking/be-the-business-g7-sme-productive-business-index/

This thought should entice you to read the whole report, and please do read it to the end:

And, I hope this final thought will encourage you to then take immediate action:

? 'a year from now, you'll have wished you started today.

Let me know your lightbulb moments from the report, pop a comment below.

And, if you want to talk get in touch.

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National Mentoring Day Association of Business Mentors (ABM) Institute of Directors (IoD) IoD South British Chambers of Commerce Surrey Chambers of Commerce Federation of Small Businesses (FSB) Enterprise Nation Small Business Britain f:Entrepreneur Virgin StartUp Peter Jones Foundation Enterprise M3 Hampshire Growth Hub Surrey Heath Borough Council Surrey County Council

Credit: The "quotes" in the article above have been taken from the report.

*Full disclosure:

I'm an advocate of business support organisations & trade bodies and mentoring, having benefited from their support over the years I now pay it forward being an active member in their groups and I am a registered mentor. I'm thankful especially to those that produce quality actionable reports such as this one, campaign for positive policies to support all sizes of business, and who also facilitate business mentoring - they are simply the best! ?? The mission of these organisations matters, they collectively make a huge positive difference. Thank you! ??