May 18, 2023
Incentives from local or national government and other partner organisations, can give businesses the help they need in tough economic times. However, the right type of targeted and strategic package is needed to ensure that any support has its intended impact.
The Covid-19 pandemic had a significant impact on businesses across the globe. Whilst many thrived through this tricky climate some businesses have had to shut down operations, lay off employees or reduce their services to stay afloat. As a result, there is growing need for support from local and national governments to help organisations manage labour market challenges.
Business survival, job retention, economic recovery and social benefits are just some of the areas where support can make a real impact.
These solutions include:
- Financial Support: This can include additional grants, low-interest loans and tax relief. The Government should offer targeted financial support to businesses in sectors that have been hardest hit by the pandemic or are struggling due to other economic challenges.
- Training and Development: The Government can also offer funding for training and development programmes outside of existing apprenticeship levy model to help businesses develop their skills and knowledge of existing employees who need upskilling over shorter time periods. This can include management, digital skills, and industry-specific training.
- Infrastructure Investment: Investment in infrastructure, such as transportation, energy, and communications, can improve connectivity and accessibility for businesses. This can lead to increased economic growth and job creation.
- Regulatory Support: The Government can also it simplifies regulations and reduces bureaucracy for small and medium-sized enterprises (SMEs). This can help SMEs to focus on growing their businesses instead of dealing with unnecessary administrative burdens.
- Networking Opportunities: The Government should facilitate networking opportunities for businesses, connecting them with potential clients, partners and investors. This can help to expand their customer base and attract new investment.
- Innovation Support: Encouraging innovation and R&D is also important to support businesses in the UK. The current system of obtaining funding for research and development and tax incentives for businesses that invest in innovation is complex and burdensome, especially for SMEs so any move to support business with this would be welcome.
- Regional Support: The Government can provide targeted support to businesses in specific regions of the UK enabling them to scale up. This can include infrastructure investment, training and development programmes, and networking opportunities that are tailored to the specific needs of each region.
Any support needs to be targeted and strategic to have the intended impact. By working together, governments and businesses can create a more resilient and sustainable economy for the future.