Mid-sized scaling companies drive UK productivity, says new CBI report
A new report published by the CBI, in partnership with Lloyds Bank, Aston Business School and the ScaleUp Institute, calls scaleup medium-sized businesses as “the entrepreneurial heroes of the UK economy” and critical to solving the UK’s productivity puzzle.
Based on data from companies across the UK and interviews with over 30 scaleup businesses, the report highlights new research on the impact of scaleup businesses on UK productivity and profiles their insights and strategies into raising competiveness and efficiency within firms.
The report highlights that a small number of entrepreneurial firms make a large contribution to UK productivity. Scale-up firms, in particular those rapidly increasing sales, have higher productivity rates:
- In 2013, four per cent of firms contributed 17 per cent to total UK productivity
- Between 2012 – 2015, over 18,500 businesses rapidly scaled-up their turnover – 650 of these were mid-market firms
- Within the scale-up community, highly productive firms are twice as common
- 8 out of 10 of the UK’s most productive businesses are located outside London
Through interviews with scale-ups across the UK, the report shares practical insights into boosting productivity on a range of different issues – from adoption of technology to employee engagement.
The full report, Lifting the Trophy: Scale-up insights into the productivity prize, can be downloaded from this page.