The UK has launched an incentive program designed to encourage SMEs to invest more in software to improve their productivity. The program, called 'Help to Grow: Digital scheme', offers discounts of up to £5,000 for SMEs to adopt new or upgraded software.

From accounting to e-commerce

Initially, the scheme will only subsidise accounting and CRM software, but in the near future it will also cover e-commerce. Technology trade association techUK, which aims to enlist people, companies, and organisations to realize what digital technology can achieve, is working with British government to improve discounts for SMEs by introducing new software options and combining digital services.

Research report

Research by Lloyds Bank found that SMEs using cloud-based IT systems, online accounting software, and digital training can achieve an increase in annual turnover of up to £262,000 compared to those that do not. This would be a huge boost for UK SMEs.

According to the report, digitally adept companies are more confident about recouping lost revenue from the COVID-19 situation in the future: 69% of those with digital capabilities believe they will be able to doing so, compared to 53% of those without.

The researchers conclude: ‘One thing that is certain is that businesses of every size, in all sectors, will need a clear route to digital and tech support. More than half of businesses have been influenced to invest in tech, but three-quarters need help with digitisation. Just over a third (39%) having received help to date.’

Photo credit: Charles Postiaux