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        SNP Government accused of failing to rule out 12% rise in water charges

        SNP Government accused of failing to rule out 12% rise in water charges

        SNP and Greens in Edinburgh council coalition talks as historic deal looms

        SNP and Greens in Edinburgh council coalition talks as historic deal looms

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        Blundering Boris Johnson told by Nazanin Zaghari-Ratcliffe how ‘she lived in the shadow of his words’

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        Keir Starmer offers to resign as Labour leader if he is fined over beergate claims

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        SNP MP Anum Qaisar says she was warned which men to avoid in Westminster

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        Anas Sarwar brands SNP Glasgow council leader ‘a Nicola Sturgeon puppet’ as Labour bids to win back city

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          Sector growth slows as rising inflation weighs on demand

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          Scottish job growth eases to four-month low in April

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          Scottish insolvencies hold steady as compounding crises raise pressure

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          Recovery in Scottish business optimism dampened by rising costs

          Kate Forbes welcomes ‘encouraging’ GDP growth of 0.4%

          Kate Forbes welcomes ‘encouraging’ GDP growth of 0.4%

        • Sports
          Gio van Bronckhorst wants Rangers contract answers as he hits back at ‘end of cycle’ claims

          Gio van Bronckhorst wants Rangers contract answers as he hits back at ‘end of cycle’ claims

          What the Rangers pundits said as heartbroken Ally McCoist confesses his shootout hunch missed the mark

          What the Rangers pundits said as heartbroken Ally McCoist confesses his shootout hunch missed the mark

          Ange Postecoglou wants another Celtic midfielder as he reveals the prophetic logic behind 3 January transfers

          Ange Postecoglou wants another Celtic midfielder as he reveals the prophetic logic behind 3 January transfers

          Mark McGhee readies Dundee for fight to the finish as he insists St Johnstone are ‘feeling the pressure’

          Mark McGhee readies Dundee for fight to the finish as he insists St Johnstone are ‘feeling the pressure’

          Scott Brown announces retirement as Celtic hero reveals his management vision and Ange Postecoglou inspiration

          Scott Brown announces retirement as Celtic hero reveals his management vision and Ange Postecoglou inspiration

          Zander Clark set for Dundee United transfer talks as Tam Courts targets pre-contract deal

          Zander Clark set for Dundee United transfer talks as Tam Courts targets pre-contract deal

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          Rangers pundits puzzled by Joe Aribo switch as Fashion Sakala central role queried after late heartache

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          Lewis Ferguson in brutally honest Aberdeen confession but midfielder delivers blunt verdict on Max Stryjek

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          Hearts bounce doesn’t worry Hibs as Ron Gordon issues defiant ‘we’ll be back’ Europa League vow

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          Kyogo ready for Celtic starring role against Rangers as cautious approach is gone now

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          Rangers cauldron of noise will make Braga BETTER as Carlos Carvalhal sets out gung ho game plan

          Ange Postecoglou makes Celtic new contract admission as he vows potential treble is only the start

          Ange Postecoglou makes Celtic new contract admission as he vows potential treble is only the start

          Trending Tags

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            Apple’s ‘hidden setting’ that instantly improves audio quality on calls and video

            Elon Musk puts Twitter takeover on hold – but insists he’s ‘still committed’ to bid

            Elon Musk puts Twitter takeover on hold – but insists he’s ‘still committed’ to bid

            Facebook to axe a number of location-tracking features from app later this month

            Facebook to axe a number of location-tracking features from app later this month

            Urgent WhatsApp warning as users told to delete scam text immediately

            Urgent WhatsApp warning as users told to delete scam text immediately

            Simple household job could make you up to £600 in a matter of minutes

            Simple household job could make you up to £600 in a matter of minutes

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            ‘Beautiful’ woman who complained of back pain tragically died after being diagnosed with cancer

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            Dementia experts share six ways to reduce risks of condition ‘by a third’

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            Cleaning your ears without cotton buds – the three safest methods

            Devastated family’s tribute to ‘kind’ daughter who tragically died from cancer

            Devastated family’s tribute to ‘kind’ daughter who tragically died from cancer

            Breakthrough cancer study finds big ‘clues’ about how disease is caused

            Breakthrough cancer study finds big ‘clues’ about how disease is caused

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            N-Dubz Glasgow 2022 times and dates for pre-sale and general tickets

            N-Dubz Glasgow 2022 times and dates for pre-sale and general tickets

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            Vets in warning over ‘toxic’ rapeseed plants which can cause skin burns in dogs

          • Life Style
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            How To Find a Good Illustrator?

            Many primary heads ‘would have preferred to delay Wales’ new curriculum’

            Many primary heads ‘would have preferred to delay Wales’ new curriculum’

            Panic attacks, anxiety and attendance levels at an all time low – a teacher describes the mood as teens prepare to take the first summer exams for three years

            Panic attacks, anxiety and attendance levels at an all time low – a teacher describes the mood as teens prepare to take the first summer exams for three years

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          Small firms have embraced digital innovation through the pandemic but more is needed

          February 11, 2022
          in Opinion
          Reading Time:4min read
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          One of the most important economic reports that is published annually is also one that is often overlooked by many politicians and policymakers despite its findings being relevant to the vast majority of businesses in the UK.

          The State of Small Business Britain report, from the Enterprise Research Centre (ERC), reviews a range of research and analysis to present an annual review of the trends affecting small and medium-sized enterprises (SMEs) in the UK.

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          For 2021, it is not surprising that the report has focused on the challenges that many small firms have faced in coping with Covid-19, but it also examines the opportunities to strengthen the sector as we finally emerge from the pandemic, especially in terms of what is termed the ‘Triple Transition’ – namely business digitalisation, adoption of net zero practices and the upgrading in productivity.

          What does the report tell us?

          Not surprisingly, one of the major findings is that SMEs have been in financial difficulties during 2021 with an increase in those reporting that they have no cash reserves, especially among microbusinesses employing less than 10 people (and which account for 95% of all firms), although over half reported that they were highly confident of surviving, which was an increase on 2020 and may reflect the reopening of the economy.

          One of the positives from the pandemic is the acceleration towards digital adoption within businesses as a result of an increase in home and hybrid working due to restrictions imposed on employers.

          Unfortunately, some studies have shown that firms in the UK have been slower than those in other countries in adopting digital technologies.

          In terms of the UK Government achieving its aim of net zero by 2050 by decarbonising all sectors of the economy, most small firms are still at an early stage in supporting this objective although the good news is that research shows that they have taken at least one simple action (such as installing smart meters) to reduce emissions.

          More needs to be done in this area over the next few years and whilst the personal motivations of entrepreneurs are important in achieving this, studies show that market and regulatory changes will be the key drivers, including customer demand for low carbon products and services.

          One of the ongoing findings of research from the ERC, especially that in studies of high-growth firms, is that management and leadership skills will continue to be important to improving the UK’s productivity position.

          Yet there has also been a realisation during the pandemic that all employees have faced considerable mental health and wellbeing challenges due to the nature of lockdown.

          And whilst there is evidence of a link between productivity and workplace mental health, employers do need to do more in adopting positive wellbeing practices to maximise the potential of their employees.

          Another key factor in boosting productivity is innovation and whilst UK businesses have traditionally under-invested in R&D and innovation, the Covid-19 pandemic has, paradoxically, forced businesses to become more innovative to deal with some of the challenges they faced, especially in adopting digital technologies, changing management practices and introducing new products and services.

          Therefore, it would seem that whilst the pandemic has impacted businesses severely especially in terms of their financial performance, the one silver lining from the last two years is the way that many have embraced change at the most difficult of economic times.

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          And, follow us on LinkedIn to catch the latest stories and to network with the Welsh business community.

          However, the ERC review does demonstrate where the focus now needs to be over the next few years in supporting economic growth as the threat of Covid-19 recedes.

          Here in Wales, and with the absence of any coherent economic strategy for the future, a focus on the so-called Triple Transition of digitalisation, net zero and productivity upgrading could well be the way in which the Welsh economy can recover quickly.

          In terms of digital innovation, there needs to be a more comprehensive approach to ensuring businesses maximise the opportunities available to them, especially as increased digital adoption can also improve both the net zero and productivity transition.

          Similarly, government support towards net zero transition needs to be more comprehensive and if the Welsh Government is serious about this agenda, then it must embrace the business community as a partner in achieving this, something it has singularly failed to do during the Covid pandemic.

          Finally, and most importantly, improvements in productivity must be at the heart of any serious attempt to improve economic performance although there seems to be little direct focus on this at the Welsh Government level or, more crucially, within the city and growth deals that are driving the regional response to the pandemic.

          Whilst it is always easy to spend money on the same sectors such as fintech, cyber, creative or medtech that every region in the UK is targeting, it is also easy to forget that improving productivity and innovation across all sectors can have a massive impact, especially if the actual interventions then reflect what really makes a difference to productivity, such as the improvement of management skills.

          As optimism begins to flow back into the economy, we mustn’t forget that many businesses will be facing the hangover of the pandemic for a considerable period of time.

          However, the ERC report does highlight where a difference can be made in supporting them to make the changes that will not only improve their performance, but that of the economy as a whole.

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