Small to medium enterprises (SMEs) across the North West face a "big productivity and sustainability challenge", according to a new report published by NatWest.
The bank has published the findings of its 2021 Small Business Report, an industry wide review into 海角视频 SME recovery, conducted in consultation with the British Chambers of Commerce (BCC), and the Federation of Small Businesses (FSB).
NatWest conducted research with more than 1,000 海角视频 SMEs, and analysed over 100 reports and support programmes globally to identify the barriers to SMEs reaching their potential.
The report, which will be shared with the 海角视频 Government as it develops the Help to Grow initiative, "identifies that SMEs often struggle to find a support programme that is tailored to their needs".
The bank has said that only one in five SMEs find the right programme and decide to enrol on it and just one in 20 SMEs receive a significant productivity boost by changing their business after taking part in a programme.
NatWest added that "better targeted and personalised support" could unlock a £140bn prize equivalent to c.400,000 new SMEs in the 海角视频 economy.
It said this can be achieved by increasing SME productivity, transforming a greater share into scale-ups, growing female entrepreneurship and productivity of women-led businesses, improving ethnic minority workforce participation and career progression as well as driving a shift towards sustainability.
In response to the report’s findings, the bank announced a series of interventions focused on scaling up micro businesses, unlocking the untapped potential outside London, and boosting skills and technology adoption.
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They include a funding commitment of £6bn to support SMEs to scale and grow with £4bn of that allocated outside London, the creation of 30 local enterprise managers and 20 entrepreneur acceleration managers designed to give businesses the support they need and a commitment to help 10,000 NatWest customers to get the best training or growth opportunity.
NatWest has also announced strategic new partnerships with Business in The Community (BITC), Hatch and Digital Boost, to empower underrepresented entrepreneurs and communities and embed new skills and technology.
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Richard Topliss, chairman of NatWest’s regional board in the North of England, said: "The findings of this report have shown us that SMEs are not a homogenous group, and that support available across the North and the wider country need to be more closely tailored to their specific needs.
"We’re also seeing a continued disparity in the allocation of support and funding by gender, location and ethnicity. It’s the responsibility of our entire industry to help reset this balance to help all SMEs and by extension the 海角视频 economy to thrive again.
"In recognition of that, NatWest is delighted to be partnering with both the 海角视频 Government on the 'Help to Grow' programme, and with partners like Hatch and Digital Boost, to support future and existing SMEs with expertise and advice on how to get to that next level.
"Combined with an additional £6 billion of targeted funding, we are confident that these initial steps will help us unlock the growth for the business success stories of the future."
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Federation of Small Businesses national vice chair Martin McTague added: "This report marks a helpful contribution to efforts to improve small business policy and there are suggestions here worthy of serious consideration.
"It’s encouraging to see NatWest championing the small business cause, and we look forward to it, and all major banks, doing absolutely everything in their powers to help small firms recover from a torrid year.
"Many are emerging with high levels of debt, low levels of cash and shattered confidence as they look to make their way in a trading environment that remains unpredictable.
"We need to see government, big businesses and financial service providers alike pulling out all the stops to help the small firms and sole traders that make-up 99% of our business community get our economy firing on all cylinders again."
Key ways for the hospitality industry to thrive again as businesses return
As measures to tackle Covid-19 ease in line with the government's 'roadmap' out of lockdown, businesses like restaurants, pubs, cafés, hotels and venues can gradually return to serving the public at their establishments, with hopes of the industry being able to thrive once again.
According to Stephen Ramsden, the owner and director of Liverpool-based hospitality recruitment specialists The SV Group, there are ways food and drink focused businesses can prepare and build strength for a successful future. He also believes there are ways the industry as a whole can make a difference.
Adam Marshall, director general of the BCC, said: "SMEs are the engine-room of the economy and their ability to bounce back and grow exponentially will be crucial to the 海角视频 as a whole as it emerges from lockdown.
"It’s great to see the potential of our SMEs reflected in NatWest’s new report, which hits on many of the key drivers that would enable small and medium-sized firms to restart, rebuild and renew.
"To boost productivity, SMEs need to be able to invest more in skills and digital innovation. Mentoring will also allow bosses to understand their companies’ needs and allow them to rapidly adapt to changes in the workplace and the market.
"I’m also delighted to see a clear focus on boosting diversity among entrepreneurs, which has long been recognised as an important factor in improving productivity.
"Of course, all of this must also be placed within the framework of the 海角视频’s commitment to a net zero future. It’s very encouraging to see NatWest place SME sustainability so prominently in its blueprint."